Bloomberg Daybreak: Europe Edition

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On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

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On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

In the US: We preview PCE inflation data

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

 On today’s podcast: 

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

 On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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

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

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

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

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

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

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

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

On today's podcast:

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

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

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

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

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

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