Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Rachel Reeves faces a new risk of having to make spending cuts after the UK government’s fiscal watchdog downgraded its growth forecast, leaving Britain’s finance minister scrambling to meet her budgetary rules when a key report is published next month. (2) UK taxpayers will end up paying £150 billion ($186 billion) to cover the total losses incurred by the Bank of England on its quantitative easing program, according to new estimates. (3) The rise of multi-manager hedge funds poses a threat to financial stability, according to Bank of England Governor Andrew Bailey. (4) Citadel founder Ken Griffin said he’s grateful that Elon Musk is taking time away from his companies to slash government spending but offered blunt criticisms of President Donald Trump’s rhetoric on tariffs. (5) Hamburg, Germany's largest seaport, is a hub of activity, handling two-thirds of the country's goods, but is vulnerable to the global trade war instigated by US President Donald Trump. (6) Federal Reserve Chair Jerome Powell said the central bank doesn’t need to rush to adjust interest rates, again signaling that officials will be patient before lowering borrowing costs further.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 says it will respond to any tariffs the US might impose on it. The warning comes after President Trump pushed forward with his pledge to place a 25% tariff on all US steel and aluminium imports. (2) Despite Trump's insistence that there would be 'zero exemptions'. The US President says he will "give consideration" to a carve-out for Australia. Those comments were also echoed by the country's Prime Minister Anthony Albanese, after a call between the two leaders. (3) The growing prospect of a trade war comes as the the UK's new ambassador to the US -- Peter Mandelson -- says it's important for allies to respect Trump's electoral mandate.(4) A group of investors led by Elon Musk has offered to buy the nonprofit that controls OpenAI for $97.4 billion, escalating a clash between the Tesla chief executive and the artificial intelligence company he co-founded.(5) A Bank of England voting member who backed an outsized interest rate cut last week sees companies struggling to raise prices as consumers pull back on spending.(6) Europe is teetering on the edge of its next energy crisis after natural gas prices soared to the highest in two years.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 ordered a 25% tariff on steel and aluminum imports, escalating his efforts to protect politically important US industries with levies hitting some of the country’s closest allies.(2) President Donald Trump has agreed to consider an exemption for Australia from US tariffs on steel and aluminum following a telephone call with Prime Minister Anthony Albanese, even after he initially said there would be no exceptions from the imposts.(3) The growing prospect of a trade war comes as the the UK's new ambassador to the US -- Peter Mandelson -- says it's important for allies to respect Trump's electoral mandate.(4) A group of investors led by Elon Musk has offered to buy the nonprofit that controls OpenAI for $97.4 billion, escalating a clash between the Tesla chief executive and the artificial intelligence company he co-founded.(5) A Bank of England voting member who backed an outsized interest rate cut last week sees companies struggling to raise prices as consumers pull back on spending.(6) Europe is teetering on the edge of its next energy crisis after natural gas prices soared to the highest in two years.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 plans to impose 25% tariffs on all imports of steel and aluminium into the US, broadening his trade salvo and threatening ties with some of the country’s top trading partners.(2) Donald Trump suggested that Elon Musk’s government efficiency team has found irregularities while examining data at the US Treasury Department, and intimated that may lead the US to disregard some payments.(3) BP's dramatic under-performance compared with other oil majors has reached a crunch point — a looming showdown with one of the world’s most aggressive activist investors.(4) British workers are increasingly worried about losing their jobs, and it’s preventing the economy from benefiting from a potential uplift in consumer spending.(5) France is set to announce a total of €109 billion ($113 billion) in investment in artificial intelligence projects in the country by companies, funds and other sources over the coming years, President Emmanuel Macron said on the eve of a two-day AI summit in Paris.(6) The Philadelphia Eagles are Super Bowl champions. They defeated the Kansas City Chiefs 40-22 in New Orleans. The win denies the Chiefs a third consecutive victory in American Football's showpiece event.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 at U.S CPI and Retail sales data, along with quarterly earnings from McDonalds. In the UK – a look at a summit on artificial intelligence taking place in Paris. In Asia – a look at the potential fallout of Donald Trump's trade war with China.  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Bank of England Governor Andrew Bailey does “very strongly agree” with Chancellor of the Exchequer Rachel Reeves’ plans to boost UK growth. His deputy, Clare Lombardelli, is also “very supportive.” They may well be, but the central bank’s latest forecasts are certainly not.(2) The rush to ship gold from London to the US to take advantage of premium prices is fuelling strong demand for slots to withdraw metal from the Bank of England’s vault, an official said.(3) US Treasury Secretary Scott Bessent said he favors a strong dollar and has no plans to alter the government’s debt-issuance plans, showing a cautious approach toward financial markets from an administration that’s elsewhere rapidly upending the status quo.(4)  The Trump administration’s campaign to root out perceived disloyalty or waste at the Justice Department, the US Agency for International Development and other federal agencies has lawmakers and former senior spy officials worried that the intelligence community is up next for a purge.(5) Amazon warned investors that it could face capacity constraints in its cloud computing division despite plans to invest some $100 billion this year, with most of the money going toward data centres, homegrown chips and other equipment to provide artificial intelligence services.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 allies expect President Donald Trump’s administration to present a long-awaited plan to end Russia’s war on Ukraine at the Munich Security Conference in Germany next week, according to people familiar with the matter.(2) Aides to President Donald Trump sought to tone down his idea of depopulating and taking over Gaza after his suggestion that the US would “own” the war-ravaged territory was welcomed in Israel but widely condemned elsewhere.(3) Alphabet's Google told employees that it will no longer formally seek to improve the diversity of its workforce, marking the latest step in Silicon Valley’s retreat from initiatives that have fallen out of favour during US President Donald Trump’s administration.(4) Treasury Secretary Scott Bessent said the Trump administration’s focus with regard to bringing down borrowing costs is 10-year Treasury yields, rather than the Federal Reserve’s benchmark short-term interest rate.(5) The Bank of England is expected to cut interest rates for a third time on Thursday while downgrading its UK growth forecasts and predicting higher inflation this year in a report that will make uncomfortable reading for Chancellor of the Exchequer Rachel Reeves.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 said the US should take control of the devastated Gaza Strip, shunt the area’s residents to other countries and rebuild it into a new “Riviera,” a proposal at odds with America’s fraught history in the region and that drew sharp opposition from Saudi Arabia.(2) The first volleys in the latest US-China trade war made clear that Xi Jinping is taking a more cautious approach than during Donald Trump’s first term.(3) At least 10 people, including the gunman, were killed Tuesday at an adult education center in what Sweden’s prime minister called the country’s worst mass shooting. But a final death toll, a conclusive number of wounded and a motive hadn’t yet been determined hours later.(4) French Prime Minister Francois Bayrou is set to ride out two no-confidence votes on Wednesday, giving him the stability needed to implement a delayed 2025 budget.(5) Google parent Alphabet Inc. posted fourth-quarter revenue that missed analysts’ expectations after growth in its cloud business slowed, raising concern from investors about the billions the company is spending on artificial intelligence.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) China slapped tariffs on a range of US products and announced a probe into Google moments after President Donald Trump imposed a 10% tariff on goods from Beijing, reigniting a trade war between the world’s largest economies.(2) President Donald Trump agreed to delay 25% tariffs on Canada and Mexico for a month after both US neighbors agreed to take tougher measures to combat migration and drug trafficking at the border, warding off a continental trade war for now.(3) Prime Minister Keir Starmer had hoped to spend Monday marking a new milestone in the UK’s much-promised reset with European Union five years after Brexit. Instead, he received a dramatic reminder of how much harder that will be with Donald Trump back in the White House.(4) French Prime Minister Francois Bayrou forced the adoption of a 2025 budget bill by bypassing the lower house of parliament on Monday, using a constitutional provision that will likely trigger a no-confidence vote.(5) UBS Group for the final quarter of 2024 beat expectations, aiding the Swiss bank in boosting buyback plans for this year to $3 billion. BNP Paribas announced a new share buyback and higher-than-expected dividend after a surge in trading revenue in the final months of last year lifted profit above its targets.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’s upcoming 25% tariffs on goods from Canada and Mexico and 10% duties on products from China are set to ricochet through households, raising prices for a wide range of items including vegetables, fruits and cars.(2) Mexican President Claudia Sheinbaum said she will announce early Monday the details of her government’s “Plan B” to defend the country against US tariffs.(3) As the leaders of Canada and Mexico rushed to respond after Donald Trump started a new trade war, Chinese President Xi Jinping took a breath before his nation announced any concrete retaliation.(4) US President Donald Trump ramped up his tariff threats to the European Union while saying he would speak with the leaders of Canada and Mexico, as stock markets sank following a hectic weekend that saw prospects for a trade war turn into reality.(5) Panama promised free passage for US warships through the Panama Canal and said it will withdraw from China’s signature lending program after Secretary of State Marco Rubio blasted the government during his visit on Sunday.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: We look ahead to the January Jobs report and preview some big tech earnings we're watching In the UK: We look ahead to the BOE rate decision  In Asia: We detail the future of China's DeepSeek AI  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’s renewed pledges to slap 25% tariffs on imports from Canada and Mexico on Feb. 1 jolted foreign exchange markets late in the New York trading session, sending currencies from both countries plunging against the US dollar.(2) The US Army Black Hawk helicopter that collided with a passenger jet over Washington on Wednesday evening was manned by an experienced three-person crew conducting a routine training flight over familiar territory, a service official told reporters Thursday.(3) US officials are probing whether Chinese AI startup DeepSeek bought advanced Nvidia Corp. semiconductors through third parties in Singapore, circumventing US restrictions on sales of chips used for artificial intelligence tasks, people familiar with the matter said.(4) Apple gave a reassuring revenue forecast for the current quarter, helping boost shares of the world’s most valuable company after its holiday results showed jarring declines for China and the iPhone.(5) Women trust the Bank of England less than men and feel more squeezed by cost-of-living shocks, new research shows, underlining the challenge facing the central bank to improve its public reputation.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) A regional jet flown for American Airlines Group Inc. collided in a deadly midair crash with a military helicopter as it flew into Ronald Reagan Washington National Airport, prompting a search and rescue operation for any survivors in the Potomac River.(2) Federal Reserve Chair Jerome Powell made clear the US central bank intends to hold interest rates where they are for the foreseeable future, pointing to a number of reasons why he and his colleagues expect to take their time before lowering borrowing costs again. (3) Tesla has revealed plans to begin robotaxi operations and forecast a sales recovery this year, fueling what Elon Musk predicted would be an “epic” period of growth for the electric vehicle maker.(4) Chancellor of the Exchequer Rachel Reeves threw her weight behind a controversial third runway at Heathrow Airport, part of the Labour government’s effort to revive growth by waving through long-delayed infrastructure projects.(5) Microsoft said its cloud-computing business will continue to grow slowly in the current quarter as the company struggles to build enough data centers to handle demand for its artificial intelligence products.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Rachel Reeves will pledge to go “further and faster” to boost the UK economy by unblocking new infrastructure projects, as she seeks to lure investors and win back business support after a rocky start to her tenure as Chancellor of the Exchequer.(2) Microsoft and OpenAI are investigating whether data output from OpenAI’s technology was obtained in an unauthorized manner by a group linked to Chinese artificial intelligence startup DeepSeek, according to people familiar with the matter.(3) Apple has been secretly working with SpaceX and T-Mobile US Inc. to add support for the Starlink network in its latest iPhone software, providing an alternative to the company’s in-house satellite-communication service.The companies have been testing iPhones with the Starlink. (4) President Trump's surprise announcement to halt trillions of dollars in federal spending sparked panic in Washington and among local officials across the country.(5) Bernard Arnault said a wind of optimism is blowing through the US after Donald Trump’s inauguration as president, in contrast to his native France, where the government is seeking to raise corporate taxes and unemployment is increasing.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) A Chinese AI startup called DeepSeek has released a new open-source AI model called R1 that can mimic human reasoning, rivalling or outperforming leading US developers on industry benchmarks.(2) Nvidia's plunge, fueled by investor concern about Chinese artificial-intelligence startup DeepSeek, erased a record amount of stock-market value from the world’s largest company.(3) President Donald Trump said he wants to enact across-the-board tariffs that are “much bigger” than 2.5%, the latest in a string of signals Monday that he’s preparing widespread levies to reshape US supply chains.(4) The US Senate confirmed Scott Bessent as the next secretary of the Treasury, becoming the chief economic spokesman for President Donald Trump and his sweeping agenda of tax cuts, deregulation and trade rebalancing.(5) The UK plans to allow companies to invest pension funds surpluses in order to unlock billions of pounds to help drive economic growth, Prime Minister Keir Starmer and Chancellor of the Exchequer Rachel Reeves will tell executives at some of Britain’s biggest firms on Tuesday.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 and US President Donald Trump discussed trade in their first conversation since Trump re-entered the White House. They also agreed to “meet soon.”(2) Business activity has slumped at British firms and profit warnings have risen, according to two reports that say each trend is the worst it’s been since the pandemic.(3) The Colombian government has agreed to all of President Donald Trump’s terms, including the unrestricted acceptance of all undocumented immigrants from Colombia returned from the US, without limitation or delay, according to a White House Press Secretary statement.(4) Four weeks before Germany’s snap election, the political temperature is rising as the campaign shifts onto the contentious terrain of migration and Elon Musk steps up his support for the far-right AfD party. (5) Chinese AI startup DeepSeek's new model raises questions about America's technological dominance and the high valuations of companies like Nvidia.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 preview of next week’s Fed decision and U.S tech earnings. In the UK – a preview of next week’s ECB decision. In Asia – a preview of next week’s RBA decision and a look at U.S-China trade relations. 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’d prefer not to have to impose tariffs on China, his latest dovish remark toward the world’s second-biggest economy even as he continues to threaten sweeping action.  (2) President Donald Trump signed executive actions related to cryptocurrency and artificial intelligence, moves that could bolster two nascent industries. (3) US President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil,” casting the push for more crude output as a way to heighten pressure on Russia and help end the nearly three-year war in Ukraine.  (4) The Bank of Japan raised its key policy rate Friday to the highest level in 17 years and took a more bullish view on the strength of inflation, fueling expectations for more rate hikes and supporting the yen. (5) UK household confidence tumbled to the lowest since before Labour returned to power as the fallout from Chancellor Rachel Reeves’ budget continued into the new year. (6) Millions of people are being told to stay home in the north of the UK due to a life-threatening storm. The UK's weather service has issued its most severe 'red' warning in Northern Ireland and parts of Scotland, with the rest of the country under either amber or yellow alerts.Monte Paschi offers to buy Mediobanca in an all share deal.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 Volodymyr Zelenskiy said any effective peacekeeping force deployed in Ukraine will need to include US troops, as he appealed to Donald Trump ahead of talks with Russia.  (2) A Russian spy ship entered British waters twice in recent weeks, prompting the UK to deploy Royal Navy ships, Royal Air Force planes and a submarine, Defence Secretary John Healey said. (3) President Donald Trump downplayed the national security risk posed by TikTok in an interview with Fox News on Wednesday, days after offering the social video app a reprieve from legislation that would have forced it to shut down. (4) Bloomberg Economics says there are good reasons to think recessions will be more frequent in Britain in coming years. (5) Fire crews are making progress on blunting the threat from an enormous new blaze north of Los Angeles that forced students to evacuate and prompted inmates to shelter in place. (6) Elon Musk openly questioned whether companies that joined President Donald Trump’s announcement promising hundreds of billions of dollars in artificial intelligence infrastructure could follow through on their promises, exposing an early internal rift within the White House.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 his threat to hit China with 10% tariffs on all imports was still on the table and indicated it could come as soon as next month. (2) SoftBank, OpenAI, and Oracle are forming a $100 billion joint venture to fund artificial intelligence infrastructure, an effort unveiled with President Donald Trump aimed at speeding development of the emerging technology. (3) President Donald Trump says he’s likely to impose sanctions on Russia if President Vladimir Putin doesn’t come to the table to negotiate on Ukraine, during remarks at the White House. (4) Netflix closed 2024 with its biggest quarterly subscriber gain in history, buoyed by its first major live sporting events and the return of Squid Game. (5) The UK government has ousted the chair of the Competition and Markets Authority, Britain’s antitrust watchdog, as ministers seek to reinforce the message that they want regulators to do more to facilitate economic growth.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 planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb. 1, reiterating his contention that America’s two immediate neighbors are letting undocumented migrants and drugs flood into the country.(2) President Donald Trump held off unveiling China-specific tariffs on his first day in office, instead ordering his administration to address unfair trade practices globally and investigate whether Beijing had complied with a deal signed during his first term.(3) President Donald Trump temporarily halted a ban on TikTok in the US, granting the company and its Chinese parent ByteDance Ltd. more time to reach a deal for the popular app that would resolve long-standing US national security concerns.(4) Donald Trump pardoned almost all of the people convicted for participating in the Jan. 6, 2021, attack on the US Capitol and ordered charges dropped in any pending cases, fulfilling a controversial campaign promise just hours after he returned to the White House.(5) President Donald Trump wasted little time taking action on two culturally controversial issues he campaigned on, signing executive orders ending federal diversity programs and restricting gender definition to two sexes — male and female.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-elect Donald Trump will sign close to 100 executive orders within hours of taking office, he says at a pre-inauguration dinner in Washington DC.(2) A long-delayed ceasefire in the Gaza war began taking hold as Hamas released three hostages on Sunday in exchange for 90 Palestinians held in Israeli prisons. (3) Donald Trump pledged to delay enforcement of a national security law that threatened to ban TikTok. Yet it’s not clear whether the app’s Chinese parent is able — or willing — to secure a US backer in time to avoid a permanent shutdown.(4) Hedge funds have long been regarded as notoriously expensive. New research reveals just how costly they truly are for their clients.(5) Asking prices for UK homes jumped by the most in over one-and-a-half years at the start of 2025, a sign of resilient confidence in the property market, according to Rightmove.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 preview of what comes next for the U.S economy when Donald Trump takes office, and Netflix earnings. In the UK – a preview of the World Economic Forum in Davos. In Asia -  a preview on whether Donald Trump will make good on his threats toward China. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Israel’s Prime Minister Benjamin Netanyahu said an agreement with Hamas to pause the war in Gaza has been finalized, suggesting it’s on track to begin on Sunday. (2) China’s economy hit the government’s growth goal last year after an 11th hour stimulus blitz and export boom turbocharged activity, although looming US tariffs threaten to take away a key driver of expansion. (3) Nigel Farage said Reform UK isn’t anti-immigration and advocated a mixture of tax and spending cuts as he sought to put a more moderate face on his insurgent party in a bid to take it from the political fringes to challenge for power.  (4) Rio Tinto and Glencore have been discussing combining their businesses, which if successful would rank as the largest-ever mining deal and create a behemoth to rival longstanding leader BHP. (5) Treasury Secretary nominee Scott Bessent is on track to be confirmed following a confirmation hearing Thursday lacking the theatrics some of his would-be Trump administration colleagues have faced, with questions largely keeping to policy issues like the federal budget and trade tariffs.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Israeli Prime Minister Benjamin Netanyahu accused Hamas of reneging on parts of a ceasefire agreement that looked set to pause more than 15 months of fighting in Gaza, risking completion of the long-awaited deal.(2) Britain’s economy narrowly returned to growth in November but fell short of expectations as the UK struggles to shake off concerns that the country is in the grip of stagflation.(3) Wall Street breathed a sigh of relief after a surprise slowdown in inflation spurred a stock rally and a plunge in bond yields, reinforcing bets the Federal Reserve is on track to keep cutting rates this year.(4) President Joe Biden warned Americans of a “dangerous concentration of power” in the hands of a “very few ultra-wealthy people” and the impact he feared it would have on the country’s democracy as he delivered a farewell address Wednesday from the Oval Office.(5) The dry, dangerous winds that have kept fire-scarred Los Angeles on edge for days are finally forecast to end — but a lack of rain and another round of winds forecast next week already has officials worried.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Israel and Hamas agreed to a ceasefire deal that calls for releasing dozens of hostages and bringing a temporary halt to the war in the Gaza Strip that has killed tens of thousands of people in the last 15 months and touched off broader turmoil across the Middle East.(2) Wall Street breathed a sigh of relief after a surprise slowdown in inflation spurred a stock rally and a plunge in bond yields, reinforcing bets the Federal Reserve is on track to keep cutting rates this year.(3) Chancellor of the Exchequer Rachel Reeves has emerged relatively unscathed from a series of high-stakes public tests this week in the UK. Her next challenge will be proving to investors that she can shore up her battered economic agenda.(4) President Joe Biden warned Americans of a “dangerous concentration of power” in the hands of a “very few ultra-wealthy people” and the impact he feared it would have on the country’s democracy as he delivered a farewell address Wednesday from the Oval Office.(5) The dry, dangerous winds that have kept fire-scarred Los Angeles on edge for days are finally forecast to end — but a lack of rain and another round of winds forecast next week already has officials worried.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) South Korean investigators arrested President Yoon Suk Yeol on Wednesday after launching a pre-dawn operation to bring the impeached leader in for questioning over his short-lived martial law declaration.(2) The UK’s City minister Tulip Siddiq resigned from the government following an ethics review into allegations around her use and receipt of properties linked to the ousted Bangladeshi regime.(3) Forecasters expect a monthly report on US consumer prices to show a fifth month of firm increases, bolstering the case for an extended pause in Federal Reserve interest-rate cuts.(4) The European Central Bank is pushing back against investors who reckon firmer inflation, a surprisingly sturdy US jobs market and Donald Trump’s economic disruption will narrow the scope to lower interest rates.(5) Hot, dry winds are pummeling Los Angeles and surrounding areas of Southern California, raising wildfire risks through at least Wednesday as the region reels from blazes that have killed at least 24 people and burned neighborhoods to the ground.(6) The Biden administration is planning to impose tough new rules on exporting advanced chips to China. Bloomberg has learned the White House intends to announce the measures in the last few days of the current presidency.   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 UK is set to get an indication of investor appetite for gilts, with its first bond sale since turmoil gripped the market last week.(2) UK Prime Minister Keir Starmer said he has “full confidence” in Chancellor of the Exchequer Rachel Reeves and stressed that his government would stick to its fiscal rules in response to a surge in UK borrowing costs.(3) Chinese officials are evaluating a potential option that involves Elon Musk acquiring the US operations of TikTok if the company fails to fend off a controversial ban on the short-video app, according to people familiar with the matter.(4) The European Union is considering expanding its investigation into whether Elon Musk’s X social network breached its content moderation rulebook, the bloc’s top digital official said.(5) Southern California is facing another round of dangerous fire weather, as crews struggle to contain wind-driven blazes that have paralyzed Los Angeles for nearly a week and killed at least 24 people.(6) Members of President-elect Donald Trump’s incoming economic team are discussing slowly ramping up tariffs month by month, a gradual approach aimed at boosting negotiating leverage while helping avoid a spike in inflation, according to people familiar with the matter.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Chancellor of the Exchequer Rachel Reeves returns to the UK from China on Monday with the Labour Party keen to brush off market turmoil around its fiscal difficulties and emphasise the government’s long-term ambitions.(2) Traders in the options market are preparing for the pound to tumble as much as 8% more as fiscal woes that prompted a painful selloff across UK markets last week weigh on the currency.(3) At least two rounds of vicious, dry Santa Ana winds are expected to blast through Southern California early this week, bringing powerful gusts that will challenge fire crews struggling to contain two destructive blazes and likely force thousands more residents to evacuate.(4) JPMorgan's Jamie Dimon said that tariffs, if properly used, can help resolve issues such as unfair competition and national security.(5) Amazon-founder and billionaire Jeff Bezos said the space industry has room for “multiple winners,” including his own firm Blue Origin LLC and the company it most hopes to challenge, Elon Musk’s SpaceX.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 at U.S eco data and bank earnings next week. In the UK – a focus on a UK asset slump and what may come next. In Asia – a look at BYD and the EV sector and what comes next in the U.S, Nippon Steel saga. 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 Chancellor Rachel Reeves is struggling to maintain financial market confidence, with the 10-year gilt yield rising to its highest since 2008 and the pound falling to its weakest in over a year. (2) Chancellor of the Exchequer Rachel Reeves will become the most senior British official to visit Beijing in 7 years this weekend as she embarks on a mission to deepen economic ties with China against the backdrop of UK market turmoil that threatens to undermine her plans to spur growth domestically.(3) Britain’s market upheaval has put the spotlight on its Labour government this week, but economists say the Bank of England will also have to rise to the occasion by slowing interest rate cuts.(4) The wildfires across Los Angeles have razed homes and businesses, and forced about 180,000 residents to flee. Economic losses have been estimated at $135 billion to $150 billion by AccuWeather Inc., which would rank among the costliest natural disasters in modern US history.(5) Atop Wall Street’s largest investment banks, executives are locking in plans to award traders and dealmakers their biggest bonus increases since the pandemic, with 10% hikes — or more — coming for many desks, according to people briefed on the plans.(6) Donald Trump’s obsession with Greenland has put the world’s largest island in an unexpected position of power. Greenland's push for independence from Denmark is intensifying, with a general election in the next three months that could see the territory play the US and Denmark off each other.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Plunging UK markets are serving a fresh warning about the British economy and heaping pressure on Keir Starmer’s embattled Labour government.(2)  Britain’s latest bond turmoil has drawn comparisons with the Liz Truss mini-budget debacle of 2022 but a parallel with the debt crisis of the 1970s might be more apt. (3) The 92 global banks in Bloomberg Intelligence's coverage may see a 12-17% ($120-$180 billion) lift to 2027 pretax profit as artificial intelligence powers productivity gains, based on our survey of chief information and technology officers. Job cuts could reach 200,000 in 3-5 years, applying the 3% average expected cut cited in the anonymous survey to the group.(4) The selloffs that keep flaring in the world’s bond markets are pushing yields toward key thresholds amid escalating worries about elevated inflation, tempestuous politics and swelling government debts.(5) Los Angeles plunged into its worst natural disaster in decades as wildfires driven by hurricane-strength wind gusts tore through prosperous neighborhoods, killed at least five people and forced more than 100,000 residents to flee.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) In the space of an hour, President-elect Donald Trump called for absorbing Canada, declined to rule out using military force to seize the Panama Canal and Greenland, demanded NATO allies spend 5% of GDP on defense and vowed “all hell would break loose” in the Middle East if Hamas doesn’t release Israeli hostages before he takes office. (2) President-elect Donald Trump said NATO nations should spend the equivalent of 5% of their economic output on defense, escalating his demands on European allies to more than double the current target. (3) The sister of Sam Altman accused the OpenAI chief executive officer of sexually abusing her for almost a decade, in a lawsuit filed in federal court. (4) Borrowers are flooding global debt markets at an unprecedented pace as they take advantage of demand from credit-hungry managers flush with cash. (5) A British politician said he had “almost zero confidence” in the integrity of Shein’s supply chain following a heated exchange with a representative of the fast-fashion retailer in London. (6) JPMorgan Chase is preparing to tell all its employees to return to the office five days a week, ending a hybrid-work option for thousands of staff and returning to the attendance policy that was in place before the pandemic.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Mark Carney, the former governor of the Bank of Canada and Bank of England, said he’s considering entering the race to replace Justin Trudeau as Canada’s prime minister. (2) Senior politicians in three of Britain’s biggest parties have privately urged Donald Trump’s allies to reconsider his relationship with Elon Musk, after the billionaire Tesla boss made a series of increasingly inflammatory remarks about UK politics, including endorsing a figure on the far right. (3) The UK’s long-term borrowing costs have come close to their highest level in more than a quarter of a century, ramping up pressure on Chancellor of the Exchequer Rachel Reeves to keep the market on side ahead of a raft of bond sales this week. (4) The US has blacklisted Tencent and Contemporary Amperex Technology Ltd. for alleged links to the Chinese military, targeting the world’s biggest gaming publisher and top electric-vehicle battery maker in a surprise move weeks before Donald Trump takes office. (5) Bridgewater Associates dismissed 7% of its workforce Monday as the world’s biggest hedge fund seeks to remain lean and maintain the flexibility to hire top talent, according to a person familiar with the matter. (6) Germany's plan to become a semiconductor superpower is struggling after Intel halted a €30 billion investment in Magdeburg.See omnystudio.com/listener for privacy information.

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.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 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. See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.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.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 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.See omnystudio.com/listener for privacy information.

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.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 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.  See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.  See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.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 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. 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 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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.

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.See omnystudio.com/listener for privacy information.