Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Apple has introduced the latest version of its flagship device, the iPhone 16, betting it can entice consumers with modest hardware upgrades and AI technology that's still on the horizon. (2) The biggest US banks would face a 9% increase in capital requirements — a dramatic retreat from the original plan — after regulators agreed to sweeping changes to a proposed package of rules, according to people familiar with the matter. (3) Goldman Sachs is signaling a note of caution to investors after posting some of the biggest stock advances among its peers this year.(4) HSBC is weighing combining its commercial and investment bank divisions as part of new Chief Executive Officer Georges Elhedery's push to eliminate overlapping roles across the company and shed expenses.(5) For Wall Street, the faceoff between Vice President Kamala Harris and former President and Republican nominee Donald Trump may add another layer of volatility at a time when uncertainty around the labor market, interest rates and geopolitics is fraying investor nerves. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Worse-than-expected economic data is fuelling concerns of a broader global economic slowdown as concern shifts from inflation to growth.While the Fed has all but committed to reducing rates from their highest in more than two decades this month, investors have been scrutinizing economic data for clues as to the scope and pace of the reductions. (2) China's core inflation cooled to the weakest in more than three years, fueling calls for greater efforts to boost households spending as weak demand puts the annual growth target under pressure."You leave the dollar and you're not doing business with the United States because we are going to put a 100% tariff on your goods," the Republican presidential nominee said at a rally in the battleground state of Wisconsin. (3) Donald Trump pledged on Saturday to make it too costly for countries to shift away from using the US dollar, adding a new pillar to his tariff platform. (4) Millions of UK pensioners are in line for an extra £500 next year, a boost the new Labour government hopes will contain a row that's raging over cuts to winter fuel subsidies for the elderly. (5) British supermarket chain Asda is set to face a crucial stage in its equal pay fight with workers in what could form the tip of an £8 billion iceberg of claims against the biggest UK retailers. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Guest-Host John Tucker takes a look at some of the stories we'll be tracking in the coming week. In the US - a preview of U.S CPI data and next week’s Presidential debate. In the UK – a look at next week’s ECB meeting. In Asia - a look at Apple’s major product launch. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Forecasters anticipate a monthly report on US employment will show a bounce in hiring and a tick lower in the unemployment rate in August, marking a stabilization after the July data sparked a growth scare in financial markets.(2) Donald Trump pledged to cut the corporate tax rate, slash regulations and audit the federal government, embracing an idea proposed by billionaire backer Elon Musk, as he pitched his agenda to Wall Street and corporate leaders in New York. (3) The man in charge of election fundraising for the Labour Party has been making recommendations for public appointments, according to people familiar with the matter, an arrangement that prompted party staff to raise concerns with top officials about the appearance of a conflict of interest.(4) France’s new prime minister, Michel Barnier, made a plea for the country’s political factions to work together in order to move beyond the turbulence that’s caused so much chaos over the past two months.(5) Hong Kong scrapped trading of its $4.9 trillion stock market on Friday as the city prolonged a storm warning due to Super Typhoon Yagi, which skirted the region overnight toward southern China. 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 key segment of the US Treasury yield curve briefly turned positive as weaker-than-anticipated labor-market data bolstered bets on steep interest-rate cuts by the Federal Reserve.(2) Vice President Kamala Harris called for a 28% capital gains tax rate on people earning $1 million or more, touting it as a measure that would ensure the wealthy paid their fair share as she sought to detail her economic agenda and draw a contrast with Republican rival Donald Trump.(3) Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week. (4) Nvidia, responding to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in contact with the government agency but hasn’t been subpoenaed.(5) Four people were killed and nine others injured after a teen gunman opened fire at a high school in Winder, Georgia, an old railroad town northeast of Atlanta. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia.(2) The US Justice Department sent subpoenas to Nvidia Corp. and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors. (3) Oil has pushed lower after a loss of almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+'s plan to boost production, while demand concerns persist.(4) Risks to smaller banks are likely to only increase as elevated interest rates, a faltering commercial real estate market and shaky economic conditions around the globe expose old fault lines in a sector that's often loosely regulated but also crucial to local economies from Mumbai to Memphis.(5) Plans to scrap a preferential tax regime for wealthy foreigners living in the UK could cost the Treasury around £1 billion ($1.3 billion) a year in lost revenue and drive away global elites. 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 will suspend some arms licenses to Israel after concluding the use of British components in Gaza risks violating international humanitarian law, Foreign Secretary David Lammy said, in a break from allies.(2) Volkswagen AG is considering factory closures in Germany for the first time in its 87-year history, parting with tradition and risking a feud with unions in a step that reflects the deep woes roiling Europe’s auto industry.(3) Hewlett Packard Enterprise Co. said it intends to pursue the $4 billion damages claim in London against the estate of the recently deceased British tech tycoon Mike Lynch.(4) London lags behind other major global cities when it comes to working in the office, raising concerns about both productivity and the British capital’s appeal as an international investment destination.(5) European officials expect Iran to deliver ballistic missiles to Russia imminently, a move that could prompt a swift response from Ukraine’s allies, people familiar with the matter said. 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 Olaf Scholz’s ruling coalition was punished in two regional elections in eastern Germany on Sunday, with populist parties on the extreme right and left taking more than 60% of the vote in Thuringia and almost half in Saxony.(2) President Emmanuel Macron will meet on Monday with Bernard Cazeneuve, a former Socialist Party official and ex-premier, as he heads toward naming France’s next prime minister. (3) Inventories of key raw materials are piling up in China, evidence that economic activity remains too feeble to clear a surplus that’s crushing prices from steel to soybeans.(4) Israel’s largest labor group is poised for a nationwide strike on Monday, the strongest push yet to force the government into a Gaza cease-fire and secure the release of hostages held by Hamas. 5) - Ernesto Bertarelli might be Switzerland’s wealthiest man, but a $135 million bet on a sailing race is a lot when it risks disappearing in day.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 August jobs report in the U.S, and earnings from Hewlett Packard Enterprise. In the UK - a look at the challenges facing the UK's government as parliament returns from its summer break. In Asia – a preview of Taiwan's SEMICON summit. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Vice President Kamala Harris said helping address economic woes and bolstering the middle class would be her day one priority, in her critical first interview since capturing the Democratic presidential nomination. (2) China is considering allowing homeowners to refinance as much as $5.4 trillion in mortgages to lower borrowing costs for millions of families and boost consumption. (3) The UK’s top financial regulator is set to delay the next wave of bank capital reforms, according to people with knowledge of the situation, the latest example of a major global rulemaker abandoning its timetable for the changes until the US finalizes its package. (4) The UK’s fiscal watchdog laid out the case for new Chancellor Rachel Reeves to embark on a public investment splurge, amid concern that she risks hurting growth with an overly cautious budget. (5) The Netherlands plans to limit ASML Holding NV’s ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing’s efforts to develop a world-class chip industry. (6) Nvidia, the world’s biggest chipmaker, has discussed joining a funding round for OpenAI that would value the artificial intelligence startup at more than $100 billion, according to people familiar with the matter. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1)Nvidia Corp. failed to live up to investor hopes with its latest results on Wednesday, delivering an underwhelming forecast and news of production snags with its much-awaited Blackwell chips.(2) OpenAI is getting closer to raising funding at a valuation of more than $100 billion in a round led by Thrive Capital, people with knowledge of the matter said.(3) Pavel Durov, the chief executive officer of Telegram, was charged in France for complicity in the spread of sexual images of children and other crimes such as drug trafficking on the messaging app.(4) Israel launched a large-scale military operation in the West Bank to combat what the army said was terrorist activity, the latest surge in hostilities in the Palestinian area since the start of the war in Gaza.(5) Britain’s Labour government has been urged to stick to its plan for higher taxes on wealth, even as business groups and advisers to the rich call for restraint. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) HSBC's incoming Chief Executive Officer Georges Elhedery is considering plans that could remove layers of middle management at Europe's largest bank, mirroring similar moves undertaken by rivals Citigroup and Standard Chartered(2) Protests in China are on the rise as the effects of a slowing economy rattle citizens and Beijing refrains from taking bolder steps to shore up growth.(3) US National Security Advisor Jake Sullivan and Chinese Foreign Minister Wang Yi met again for talks aimed at managing the two nations' contentious relationship. (4) Burberry is poised to exit the FTSE 100 Index, ending the luxury-goods maker's 15-year stay in the UK blue-chip gauge.(5) The UK and Germany are edging toward a major new treaty as part of Keir Starmer's efforts to improve ties with European allies. See omnystudio.com/listener for privacy information.

(1) BHP the world's biggest miner, posted a full-year profit broadly in line with expectations, as revenue from iron ore and copper increased despite a deteriorating Chinese demand outlook.(2) Pavel Durov, the CEO of Telegram, has been detained in France over claims that the messaging service failed to properly fight crime on the app, including the spread of child sexual abuse material.(3) Longtime Apple Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade.(4) Despite a day of relative calm in the skies over Israel and Lebanon, tensions remained high Monday over the prospect that a regional war could erupt after Israel mounted what it called a preemptive strike that took out thousands of Hezbollah missile launchers.(5) Prices in Britain's shops have fallen for the time in almost three years, as Bank of England policymakers mull further interest rate cuts.(6) UK banks are preparing for a red-hot corner in the lending market as the new Labour government's plan to address a housing shortage prompts developers to boost supply of homes. 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 U.S GDP and Core PCE data, and Nvidia earnings. In the UK – a look at the weakness in Germany’s economy. In Asia – a look at Japan’s leadership election. Edward Harrison, Bloomberg Senior Editor and the author of "The Everything Risk" newsletterKunjan Sobhani, Bloomberg Intelligence Senior Semiconductor AnalystOliver Crook, Bloomberg's Germany Correspondent Isabel Reynolds, Bloomberg Tokyo Bureau Chief See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Vice President Kamala Harris formally accepted the Democratic presidential nomination on Thursday, delivering a deeply personal speech as she vowed to prioritize a fight for the middle class and Americans' reproductive rights. (2) The Bank of Japan is still on a path toward higher interest rates provided inflation and economic data continue in line with its forecasts, Governor Kazuo Ueda said in his first public remarks following a global market rout. (3) Two Federal Reserve officials said they believe it's appropriate for the US central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be "gradual" and "methodical." (4) Nestle Chief Executive Officer Mark Schneider is the latest consumer-goods boss to be shown the door as companies struggle to coax shoppers back to premium brands after a period of high inflation and belt-tightening. (5) Mike Lynch, the British tech tycoon who was attempting to restore his reputation over the ill-fated sale of his software company to Hewlett Packard Co., has died. He was 59. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today’s podcast: (1) At least three banks managed to obtain key payroll numbers Wednesday while the rest of Wall Street was kept waiting for a half-hour by a government delay that whipsawed markets and sowed confusion on trading desks. (2) Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady. (3) Vice presidential nominee Tim Walz wrapped himself in football and freedom on Wednesday, as Democrats used the third night of their convention to offer an open hand to the swing voters outside the country’s coasts. (4) Italian divers have retrieved four bodies from a sunken yacht off Sicily, where British tech entrepreneur Mike Lynch and Morgan Stanley International chairman Jonathan Bloomer were among those feared to have died earlier this week. (5) A shadow fleet of tankers carries Russian oil through the Baltic Sea every day. Local authorities can’t stop the ageing vessels - and fears of a spill are growing.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Bond traders are taking on a record amount of risk as they bet big on a Treasury market rally fueled by expectations the Federal Reserve will embark on its first interest-rate cut in more than four years.(2) Barack and Michelle Obama delivered blistering critiques of Republican nominee Donald Trump while painting Vice President Kamala Harris as the heir of their historic political legacy in addresses that capped the second night of the Democratic National Convention.(3) After two days of search-and-rescue efforts, British tech entrepreneur Mike Lynch, Morgan Stanley International chairman Jonathan Bloomer and four others were feared dead aboard the sunken wreckage of a luxury yacht off the coast of Sicily.(4) Keir Starmer’s government pledged to increase deportations of people with no legal right to stay in the UK to the highest rate in five years, an effort to show it is responding to Britons’ concerns about rising immigration.(5) Secretary of State Antony Blinken left the Middle East late Tuesday having failed to secure a deal to halt fighting between Hamas and Israel, highlighting how the two sides remain sharply divided despite US officials’ insistence that an agreement is close.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 Joe Biden delivered an emotional and bittersweet call for Democrats to rally behind Kamala Harris, as his party used the first night of its national convention in Chicago to celebrate his presidency while simultaneously passing the torch to a new generation. (2) British tech entrepreneur Mike Lynch is among those missing after a luxury yacht was struck by a tornado and sank off the coast of Sicily. (3) US intelligence agencies said they were “confident” that Iran was behind a recent hack of former President Donald Trump’s presidential campaign, casting the intrusion as part of an increasingly aggressive effort by the Islamic Republic to disrupt the November election. (4) US Secretary of State Antony Blinken said Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to halt the war in Gaza and the next step is for “Hamas to say yes,” putting the onus on the group to end the 10-month conflict even as violence continued. (5) The UK government signed off on London City Airport’s plan to grow passenger numbers by nearly a third, angering environmental campaigners who say it will increase carbon emissions. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Ukraine's President Zelenskiy says the aim of Ukraine's incursion into Russian territory is to create a "buffer zone" between the two countries. (2) Safety at the Russian-occupied Zaporizhzhia nuclear power plant in southern Ukraine is deteriorating after a drone strike Saturday, International Atomic Energy Agency monitors warned. (3) UK companies stepped up advertising for jobs for the first time this year, a sign of strength in the labor market, data from Adzuna showed. (4) Britain’s prospective home buyers stepped up their search for property after the Bank of England’s first reduction in interest rates since the start of the pandemic, Rightmove Plc said. (5) All eyes will turn to the mountains of Wyoming in this week for the Federal Reserve’s Jackson Hole symposium, your best chance every year to see a Nobel Prize-winning economist in a cowboy hat. (6) Israel and Hamas blamed each other for impeding a cease-fire and hostage deal as the top US diplomat arrived in Tel Aviv to press for an agreement.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 Jackson Hole Symposium and Target earnings. In the UK – a look at the UK’s immigration dilemma. In Asia – a look at Vice Presidential candidate Tim Walz’s relationship with China. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) European Union tariffs slowed the influx of Chinese-made electric vehicles in July, as the bloc moved to protect its automakers from low-cost competition.(2) China's central bank chief has pledged further steps to support his nation's economic recovery, while cautioning that it won't be adopting "drastic" measures.(3)Treasury yields surged after signs of a resilient US economy in the latest data releases prompted traders to lower their expectations of aggressive Federal Reserve interest-rate cuts this year.(4) The UK government announces changes to a multi-billion pound compensation plan for victims of the infected blood scandal.(5) As US-backed ceasefire talks restart in Doha, calls to reconstruct the Strip are becoming louder. So far, Israeli air strikes have left more than 42 million tonnes of debris across the Strip, according to the UN. 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 Bank of Chicago President Austan Goolsbee said he is growing more concerned about the labor market than inflation amid recent progress on price pressures and disappointing jobs data. (2) The World Health Organization has declared a fast-spreading Mpox outbreak in Africa a global health emergency as the agency seeks to contain the spread of the potentially deadly virus(3) Two weeks after Iran vowed to retaliate for the killing of a senior Hamas leader, the biggest surprise has been that the attack still hasn't happened yet.(4) Apple is seeking new sources of revenue, is moving forward with development of a pricey tabletop home device that combines an iPad-like display with a robotic limb.(5) Untreated waste that flows directly into rivers and lakes is making people sick and harming wildlife right across Europe See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Financial markets are flashing a higher probability of an oncoming recession in the wake of the market maelstrom that briefly sparked fear across Wall Street last week.(2) Former JPMorgan Chase & Co. chief market strategist Marko Kolanovic re-emerged on social media this week, posting on LinkedIn and X on Monday and Tuesday for the first time since reports in early July that he was leaving his role at the bank.(3) A rare bid to break up Alphabet Inc.’s Google is one of the options being considered by the Justice Department after a landmark court ruling found that the company monopolized the online search market.(4) Ukrainian President Volodymyr Zelenskiy instructed his country’s army chief to prepare for more action as Kyiv’s troops continue to make advances in Russia’s Kursk region.(5) The Biden administration approved the sale of up to 50 F-15 fighter jets, vehicles and ammunition to Israel in a deal valued at more than $20 billion. 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 believes an Iranian attack against Israel has grown even more likely and may come as soon as this week, officials said, as allied leaders sought to head off all-out war and the Pentagon deployed more forces to the region. (2) Vladimir Putin abruptly interrupted an acting regional governor who said Ukraine's military had taken control of 28 towns and villages in Russia's Kursk border region, prompting a sixth of its population to flee. (3) Donald Trump and Elon Musk held a warm, but glitch-delayed conversation on X that saw the tech mogul pitch a role for himself should the Republican nominee win a second White House term, but otherwise rehashed the notes that Trump routinely strikes at his campaign rallies. (4) UK Prime Minister Keir Starmer's plan to continue handing swift justice to scores more rioters will hinge on a hamstrung UK court system and overworked criminal lawyers. (5) The UK is reviewing the time it releases key economic statistics amid concerns the current pre-trading publication is helping spur volatility in interest-rate and bond markets. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Faced with the heightened risk of attacks from Iran or its proxies in the region, Israel is diversifying and fortifying its critical infrastructure.(2) Ukrainian President Volodymyr Zelenskiy said Russian troops started a fire on the grounds of the occupied Zaporizhzhia nuclear power plant in southern Ukraine, calling on the world and the International Atomic Energy Agency to react.(3) The European Central Bank is now likely to cut its deposit rate once a quarter through the end of next year, a timetable that will see its easing cycle end sooner than previously anticipated, according to economists.(4) Republican vice presidential candidate JD Vance floated more than doubling the federal child tax credit to $5,000, seeking to reframe a “pro-family” stance that has come under attack from Democrats.(5) The chief executive officers of Britain’s biggest companies received record compensation last year but the slowing pace of increases saw the pay gap with the US widen. 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 U.S CPI and Retail sales data, and a look at earnings from Walmart and Home Depot. In the UK – a look at Europe’s sweltering summer. In Asia – a look at Japan’s economy and a preview of GDP. 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 S&P 500 had its best day since November 2022, while the Nasdaq advanced 3.1%. (2) Initial applications for US unemployment benefits fell last week by the most in nearly a year, potentially alleviating some concerns that the labor market is cooling too fast following last week’s disappointing jobs report. (3) Vice President Kamala Harris doesn’t support halting arms shipments to Israel as a way to pressure Prime Minister Benjamin Netanyahu’s administration over the war in Gaza, a top aide to the Democratic presidential challenger said on Thursday. (4) Republican presidential nominee Donald Trump looked to recapture attention — and momentum — in his race against Vice President Kamala Harris on Thursday, dangling a series of debates and fielding questions for over an hour from reporters at his Mar-a-Lago resort. (5) Keir Starmer called for a “mature conversation” with social media companies to limit malicious content that’s stoked days of rioting in the UK. Instead, he found himself in an escalating online confrontation with Elon Musk, the billionaire owner of X. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Three-quarters of the global carry trade has now been removed, with a recent selloff erasing this year’s gains, according to JPMorgan.(2) Anti-racism protesters turned out in their thousands in towns and cities across the UK to counter far-right demonstrations that failed to materialize on Wednesday evening, offering some relief to a nation that’s been reeling from the worst outbreak of rioting in more than a decade.(3) Britain’s employers stepped up hiring for white-collar roles and permanent staff, pointing to upward pressure on wages that the Bank of England is worried may feed inflation, two separate surveys indicated.(4) Eurogroup chief Paschal Donohoe said the prospect of a second Donald Trump presidency is an impetus for the European Union to prepare itself by making its economy less dependent on the US.(5) President Vladimir Putin summoned his top defense and security officials to brief him on efforts to repel Ukraine’s biggest assault on Russian territory since he ordered the 2022 invasion of the neighboring country. 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 Treasuries are at risk of a further selloff as traders in the futures and options markets cash in on their bets for aggressive Federal Reserve interest-rate cuts this year.(2) Bank of Japan Deputy Governor Shinichi Uchida sent a strong dovish signal in the wake of historic financial market volatility in Japan by pledging to refrain from hiking interest rates when the markets are unstable.(3) UK Police forces deployed extra officers and said they were ready to arrest hundreds more far-right activists if they followed through with plans circulated online to converge on immigration centers Wednesday night.(4) Novo Nordisk shares plummeted as sales of its blockbuster weight-loss treatment Wegovy disappointed investors in a rare misstep for the high-flying drugmaker.(5) Vice President Kamala Harris kicked off a critical campaign stretch aimed at putting Republican Donald Trump on the defensive in key swing states as she took the stage for the first time with her new running mate, Minnesota Governor Tim Walz. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Japanese equities powered higher, leading gains in Asia, as they retraced some of the losses sustained in Monday’s global rout that wiped out billions across markets from New York to London. US equity futures also advanced and Treasuries fell. (2) Federal Reserve Bank of San Francisco President Mary Daly said the labor market is softening and indicated the US central bank should begin cutting interest rates in coming quarters, but stopped short of concluding the labor market has begun seriously weakening. (3) Traders are rushing to insure their portfolios against an extreme market crash, in an echo of the chaotic period at the start of the pandemic. (4) The US and its allies worked to head off an Iranian attack on Israel and avert a wider regional war as concerns grew that a strike may come at any moment in retaliation for the killing of a top Hamas leader in Tehran. (5) UK Chancellor of the Exchequer Rachel Reeves declined to rule out increasing the capital gains tax after warning that difficult decisions will be taken to fill a £22 billion ($28 billion) budget black hole.See omnystudio.com/listener for privacy information.

Global stock markets tumbled as concerns about a US economic slowdown intensified. Traders ramped up bets that the Federal Reserve will step in with an emergency interest rate cut. For instant reaction to this selloff, and how Fed officials will respond, Bloomberg's Nathan Hager speaks with Veronica Clark, US Economist at Citigroup.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 global stocks selloff deepened on Monday as concerns grew that the Federal Reserve is behind the curve with policy support for a slowing US economy, sending investors into the safety of bonds.(2) Global bonds have erased their losses for the year as concern the US economic outlook is rapidly worsening spurs demand for fixed-income assets.(3) Bond traders are piling into bets that the US economy is on the verge of deteriorating so quickly that the Federal Reserve will need to start easing monetary policy aggressively to head off a recession.(4) Israel braced for a possible attack from Iran and regional militias in retaliation for assassinations of Hezbollah and Hamas officials as the US sent defensive reinforcements while pressing for a Gaza cease-fire deal.(5) Prime Minister Keir Starmer has called an emergency security meeting in a bid to quell anti-immigrant protests that rocked communities across the UK and threatened to plunge his month-old government into a polarizing cultural debate.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 quarterly earnings from Walt Disney. Also a look at earnings from Uber and Lyft. In the UK – a look ahead to a visit to the U.S by new UK Chancellor Rachel Reeves. In Asia - a preview of Alibaba earnings and China trade data. 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 rally in Treasuries extended into a seventh straight day, as traders fixated on upcoming jobs data to cement their view that the US will pivot to cut interest rates in September.(2) The Bank of England voted 5-4 to cut interest rates for the first time since early 2020 and signaled further reductions ahead, offering some relief to households after a year of the UK’s highest borrowing costs for a generation.(3) Apple predicted that its new artificial intelligence features will spur iPhone upgrades in coming months, helping the company reemerge from a sales slowdown that has hit its China business especially hard.(4) Intel plunged more than 19% after delivering a barrage of startling news, including a grim growth forecast and plans to slash 15,000 jobs, in the latest sign that the chipmaker is ill-equipped to compete in the artificial intelligence era.(5) US President Joe Biden and Vice President Kamala Harris welcomed home Wall Street Journal reporter Evan Gershkovich, former US Marine Paul Whelan and other Americans freed in the largest prisoner swap with Russia since the Cold War.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 Chair Jerome Powell signalled central bank officials are on course to cut interest rates in September unless inflation progress stalls, citing risks of further labor-market weakening.(2) It’s a close call, but Bank of England policymakers are likely to vote for the first interest rate cut since the start of the pandemic after inflationary pressures in the UK receded. (3) The US is considering unilateral restrictions on China’s access to AI memory chips and equipment capable of making those semiconductors as soon as next month, a move that would further escalate the tech rivalry between the world’s biggest economies.(4) Republican nominee Donald Trump questioned Vice President Kamala Harris’ racial identity at a contentious roundtable with Black journalists, fumbling an attempt to reach out to voters of color.(5) More than 100 people have been arrested outside Downing Street after a violent protest broke out in the wake of the Southport attack. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Hamas said its political leader, Ismail Haniyeh, was killed in an airstrike in Tehran that it blamed on Israel, putting the Middle East on edge for potentially even more violence.(2) The Bank of Japan raised its benchmark interest rate and unveiled plans to halve its bond purchases in actions that underscore its determination to normalize policy. (3) The chancellor has said the government will likely raise some taxes in October's Budget after months of speculation about Labour's stance on tax.(4) Microsoft’s Azure cloud-computing service posted a slowdown in quarterly growth, disappointing investors anxious to see a payoff from huge investments in artificial intelligence products(5) Far-right protesters fueled by anger and false online rumours hurled bottles and stones at police, wounding more than 20 officers Tuesday outside a northwest England mosque near where three girls were fatally stabbed a day earlier. 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 made one thing clear in her audit of UK public spending on Monday. The new Labour government plans to front-load the bad news, leaving as much time as possible to repair and rebuild the economy before the next election in five years' time. (2) Standard Chartered expanded its multi-billion dollar share buyback program as the bank reported a rise in pretax profits driven by its wealth business. (3) Chinese brands captured 11% of the European electric-car market in June, notching record registrations as manufacturers raced to beat stiff European Union tariffs that took effect early this month. (4) Donald Trump said he expects to eventually debate Vice President Kamala Harris, the presumptive Democratic nominee, after previously declining to commit to appear at a scheduled face-off. (5) Venezuela's opposition can prove that Edmundo González won Sunday's election, according to María Corina Machado, who led the campaign against President Nicolás Maduro.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 attacked Hezbollah targets on Sunday and threatened further retaliation for a rocket strike that killed 12 youngsters while signaling openness to a proposed Gaza truce that could also calm the second and more combustible front with Lebanon. (2) Vice President Kamala Harris raised $200 million in her first week as a 2024 presidential contender, highlighting the surge of enthusiasm among Democrats for their new presumptive nominee that's also showing up in polls. (3) Apple's upcoming artificial intelligence features will arrive later than anticipated, missing the initial launch of its upcoming iPhone and iPad software overhauls but giving the company more time to fix bugs. (4) UK Chancellor Rachel Reeves will promise in a speech on Monday to "fix the foundations" of the British economy as she seeks to expose the spending squeeze she inherited. (5) Former UK Business Secretary Kemi Badenoch is joining the race to lead the Conservative Party following the worst election defeat in its history, with bookmakers currently making her favorite to win the contest. 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 meeting and jobs report in the U.S, along with tech earnings.. In the UK – a preview of next week’s Bank of England meeting. In Asia – a look at earnings from tech companies Apple and Samsung. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Trains to and from Paris, including the international Eurostar service, were hit by what authorities called a "massive attack aimed at paralyzing the network" of France's super-fast trains just hours ahead of the inauguration ceremony of the 2024 Olympic Games. (2) UK Chancellor of the Exchequer Rachel Reeves is leaning toward offloading a substantial portion of the government's £5.6 billion stake in NatWest Group to institutional shareholders rather than continuing with her predecessor's plans to offer it up to the UK public, according to people familiar with the matter. (3) NatWest shares soared after it boosted its forecast for full-year revenue as the lending giant continues to reap some benefits from stubbornly high interest rates. (4) Wagers on aggressive easing by the Fed have been rising in recent days amid debate over whether the central bank should act when it meets next week. Former New York Fed President Bill Dudley told Bloomberg that US policymakers should reduce rates at that gathering. (5) JPMorgan has launched a generative artificial intelligence tool and told employees to think of it as a research analyst that can offer information, solutions and advice, according to an internal memo viewed by Bloomberg. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) wagers on aggressive easing by the Fed have been rising in recent days amid debate over whether the central bank should act when it meets next week. Former New York Fed President Bill Dudley told Bloomberg that US policymakers should reduce rates at that gathering. (2) The assumptions that have driven this year's global financial markets are being rapidly rethought. In bond and currency markets, investors are racing to redeploy money amid mounting doubt over the outlook for the US economy, (3) Hermès sales jumped in the second quarter as the Birkin bag maker weathered the luxury demand slowdown better than peers, thanks to its reliance on the wealthiest clients. (4) UK Chancellor of the Exchequer Rachel Reeves is leaning toward offloading a substantial portion of the government's £5.6 billion stake in NatWest Group to institutional shareholders rather than continuing with her predecessor's plans to offer it up to the UK public, according to people familiar with the matter. (5) With the Summer Games set to open, organizers say they expect a flurry of additional cyberattacks. They have many reasons to worry. Russia, for one, is shut out of the Games. Geopolitical tensions in the Middle East and the South China Sea are running high, and cybercriminals continue to bombard corporate computer networks with hacking attempts. 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 Joe Biden framed his momentous decision to drop out of the 2024 race as a bid to unify the nation under a new generation of leaders, in his first speech since ending his reelection campaign and political career.(2) Donald Trump attacked Democrats on abortion, seeking to position himself as a moderate voice on the issue as he pivoted to a new general election challenger, Vice President Kamala Harris.(3) Investors soured on the promise of artificial intelligence Wednesday, sparking a $1 trillion rout in the Nasdaq 100 Index as questions swirled over just how long it will take for the substantial investments in the technology to pay off.(4) Chancellor of the Exchequer Rachel Reeves will tell international counterparts that Britain is “open for business” on her first overseas trip since taking office, as she continues the new Labour government’s push for growth.(5) Thames Water asked regulators to help it avoid massive fines after it was downgraded to junk by Moody’s Ratings, adding to the financial pressure on Britain’s biggest water supplier. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Deutsche Bank said it will most likely refrain from conducting a second share buyback this year, after suffering its first quarterly loss in four years. (2) BNP Paribas equities traders for the first time ever made more money than their fixed-income colleagues, highlighting the unit's growth over the past several years. (3) Euro-area private-sector activity barely grew this month as its top economy unexpectedly slumped. S&P Global's composite Purchasing Managers' Index fell to 50.1 in July, according to data published Wednesday. (4) Tesla reported another quarter of disappointing profit and confirmed a highly anticipated unveiling of autonomous taxis has been postponed, putting the carmaker's furious stock rally at risk. (5) The UK's new prime minister Keir Starmer has suspended the party whip from seven of his own MPs after they backed a rebel amendment to scrap Britain's two-child cap on welfare payments, the first rebellion he's faced in the House of Commons since winning power. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Tesla reported its fourth straight quarter of disappointing profits on Tuesday, and Chief Executive Officer Elon Musk made clear that better days are still a ways off.(2) Google parent Alphabet reported second-quarter revenue that exceeded analysts’ expectations, boosted by demand for cloud-computing services and advertising on its search engine.(3) LVMH sales growth slowed last quarter as wealthy shoppers reined in spending on pricey Louis Vuitton handbags and Christian Dior couture.(4) Vice President Kamala Harris assailed Republican Donald Trump in her first rally since launching her bid for the White House, characterizing their contest as a choice between two starkly divergent agendas for the US economy.(5) The UK’s new prime minister Keir Starmer has suspended the party whip from seven of his own MPs after they backed a rebel amendment to scrap Britain’s two-child cap on welfare payments, the first rebellion he’s faced in the House of Commons since winning power. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Kamala Harris has more than enough pledged delegates to clinch the Democratic presidential nomination, following an extraordinary two-day blitz that saw the vice president consolidate her party’s backing to challenge Donald Trump in November. (2) Vice President Kamala Harris, the clear favorite for her party’s presidential nomination after potential rivals lined to up back her, has a deep bench of Democratic rising stars to draw from in choosing her running mate. (3) The sudden elevation of Vice President Kamala Harris as the Democratic front-runner injects fresh uncertainty into the US election for world leaders already grappling with the implications of Donald Trump’s potential return to the presidency. (4) The European Union’s foreign policy chief said he plans on moving an August meeting of the bloc’s foreign and defense ministers from Budapest to Brussels to protest Viktor Orban’s diplomatic forays. (5) Prime Minister Keir Starmer’s ambition to lift UK economic growth to 2.5% a year is expected to be dealt a blow when the Bank of England releases new forecasts next week. (6) Porsche cut its full-year revenue forecast, saying a shortage of aluminum parts could cause it to stop production of some models. 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 Joe Biden abandoned his reelection bid, bowing to relentless pressure from Democrats to drop out over fears he was too feeble to beat Donald Trump and injecting fresh chaos into the 2024 election.(2) Notable Democrats including Bill and Hillary Clinton and former Labor Secretary Robert Reich were quick to endorse Kamala Harris as the party’s presidential candidate after Joe Biden dropped out of the race.(3) Investors have been amassing wagers on Donald Trump’s return to the White House for weeks, trimming holdings of long-term US bonds and buying Bitcoin, among other things. Now, they’re considering whether Joe Biden’s exit from the race boosts the odds of a Democrat victory — and how much they must re-calibrate their bets.(4) As California attorney general, Kamala Harris brought lawsuits against fossil fuel companies, prosecuted a pipeline company over an oil leak and investigated Exxon Mobil Corp. for misleading the public about climate change.(5) Xander Schauffele captured the British Open, shooting a 6-under 65 in the final round, which started with nine players separated by only three shots. With the win, Americans swept golf’s majors for the first time since 1982. 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 U.S GDP and Core PCE data, and a preview of Tesla earnings. In the UK – a look ahead to the Paris Olympic Games. In Asia – a look at how the U.S election will shape the U.S, China relationship. 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 series of technical glitches disrupted services at airlines, banks and the London Stock Exchange on Friday, an unusually widespread cascade of failures that erupted from the US to Asia after Microsoft reported an outage across its online services.(2) Donald Trump delivered his first public address since surviving a failed assassination attempt, relating an incident in detail that he called "too painful to tell."(3) President Joe Biden's grasp on the Democratic presidential nomination appeared to be slipping Thursday, as he weighed increasingly public warnings from his party's top lawmakers while in isolation for a Covid-19 infection at his Delaware beach house.(4) Chancellor of the Exchequer Rachel Reeves warned "difficult decisions" lie ahead as she tries to fix Britain's public finances, raising the prospect of tax hikes or spending cuts in her first Budget in the autumn.(5) Englishman Daniel Brown is the surprise clubhouse leader going into the second round of the Open Championship golf. He's on 6-under par at Royal Troon, a stroke clear of 2019 winner Shane Lowry. 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 delivered his first public address since surviving a failed assassination attempt, relating an incident in detail that he called "too painful to tell."(2) President Joe Biden's grasp on the Democratic presidential nomination appeared to be slipping Thursday, as he weighed increasingly public warnings from his party's top lawmakers while in isolation for a Covid-19 infection at his Delaware beach house.(3) For more than two years, inflation has eclipsed everything else at the Federal Reserve. In a shift eagerly awaited by global markets, that's poised to change.(4) Chancellor of the Exchequer Rachel Reeves warned "difficult decisions" lie ahead as she tries to fix Britain's public finances, raising the prospect of tax hikes or spending cuts in her first Budget in the autumn.(5) Englishman Daniel Brown is the surprise clubhouse leader going into the second round of the Open Championship golf. He's on 6-under par at Royal Troon, a stroke clear of 2019 winner Shane Lowry. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Joe Biden can’t catch a break. It seemed like things couldn’t get much worse for the president after he was diagnosed Wednesday with Covid-19, dashing his hopes of counter-programming the Republican National Convention by forcing him to cancel an appearance before a key Latino advocacy group.(2) Then, the dam broke. A flood of leaks detailed senior leaders in the Democratic Party warning Biden personally that he was unlikely to defeat Donald Trump and was putting his congressional allies at great risk.(3) Senator JD Vance’s debut speech as the Republican vice presidential nominee was a fiery demonstration of the most powerful assets he offers Donald Trump’s campaign: a stridently populist economic message tailored for key swing states and a symbol of generational change.(4) Keir Starmer spent the UK election campaign promising to reset Britain’s relationship with Europe after years of soured relations since Brexit. Just two weeks into his tenure, he’ll be able to immerse himself in that endeavor as he hosts over 40 of the continent’s leaders at Winston Churchill’s ancestral home on Thursday.(5) Federal Reserve Governor Christopher Waller said the economy is getting closer to a point where the central bank can reduce borrowing costs but indicated he’d like to see a “bit more evidence” inflation is on a sustained downward path. See omnystudio.com/listener for privacy information.