Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) While Nvidia’s board hunts for someone to permanently replace founder and chief executive officer Jensen Huang, it’s counting on Colette Kress — the company’s chief financial officer of 13 years and a longtime technology executive — to steady the ship.

(2) At the end, Jensen Huang looked broken and shattered, his legendary energy depleted. After weeks spent denying the allegations of infidelity and fighting to remain in his job as Nvidia Corp.’s chief executive officer, his surrender late Wednesday night was unconditional.

(3) Anthropic’s initial public offering has drawn about six times the orders for the shares available, according to people familiar with the matter, as interest increases for potentially the biggest first-time share sale ever.

(4) A Chinese artificial intelligence model was used in recent hacks that disabled refrigerators in French supermarkets, US Treasury Secretary Scott Bessent said on Thursday.

(5) Ukrainian President Volodymyr Zelenskyy said progress had been made during a meeting with US envoys in Ireland, hailing a prisoner swap deal and a decision to include Europeans in the next round of peace talks with Russia.

(6) The European Union is set to approve over a hundred new sanctions on Russia targeting banks, energy firms and tankers illegally moving Russia’s oil, according to people familiar with the matter.

(7) The lower house of the Dutch parliament passed a left-leaning bill that would increase the tax burden on the wealthy, and risks toppling Prime Minister Rob Jetten’s coalition.

(8) Thousands of Berlin’s dentists trusted a pension fund. The story of its €1.2 billion downfall includes risky investments, a Ferrari and a luxury yacht.

Podcast Conversation: How Much Is That Leather Jacket Worth Now?

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

On today's podcast:

(1) Nvidia's board has been working with an outside firm to identify potential replacements for Chief Executive Officer Jensen Huang following reports of multiple extramarital affairs, including one with a woman who is reportedly suspected of spying for China, a person familiar with the situation said.

(2) The suspected Chinese spy at the heart of a scandal that threatens to take down Nvidia Chief Executive Officer Jensen Huang has returned to her home country, people familiar with the matter said.

(3) Xi Jinping’s third summit of the year with Donald Trump is going off script before their meetings even get underway, as the spy allegations engulfing Nvidia Corp.’s Jensen Huang reopen old rifts.

(4) David Cameron, the former prime minister who led Britain’s unsuccessful campaign to stay in the European Union, warned Prime Minister Andy Burnham against seeking to rejoin the bloc, arguing that it would undermine talks for closer ties.

(5) The parties in Chancellor Friedrich Merz’s ruling coalition rolled back some planned social-spending cuts and delayed new taxes, clearing the way for a deal on Germany’s 2027 budget.

(6) Thousands of schools in Europe were targeted by bomb threats, leading to evacuations and adding to the recent disruption across the continent that grounded planes and saw supermarket fridges hacked.

(7) Democrats padded their US Senate majority with a surprise win by Scott Colom, a district attorney who ousted Mississippi Senator Cindy Hyde-Smith in a reliably Republican state that President Donald Trump won by more than 22 percentage points in 2024.

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

On today's podcast:

(1) World leaders head to Turkey today for the UN's COP31 climate conference amid growing concern over extreme and erratic weather. This year is on course to become the hottest in modern history and a record-breaking El Niño is amplifying global warming.

(2) Across Europe, governments, industries and citizens are in a second major energy crisis in less than five years, having never fully recovered from the first — 2022’s brutal gas price shock that followed Russia’s invasion of Ukraine.

(3) CoreWeave eased fears about its debt-laden business during a high-stakes quarterly report, indicating that sales growth remains strong despite challenges facing the data center industry.

(4) Andy Burnham’s government won’t accept so-called dynamic alignment of the UK’s financial services rules with those of the European Union, a stance that raises questions about the premier’s wider ambitions for closer ties.

(5) British police have arrested a US Army soldier on suspicion of being involved in a Russian espionage operation in a case that involved both UK and American authorities.

(6) Secretary of State Marco Rubio touted a productive first day of US-mediated talks between Russia and Ukraine to end their war, now in its fifth year, saying that President Donald Trump’s administration and Europe have the same goals in mind.

(7) A hotter than expected US inflation print has traders around the world ramping up bets on rate hikes. A US Core CPI rose by 0.3% last month, topping estimates.

Podcast Conversation: Sony Bets on Homegrown Anime to Fuel Decades of Future Growth

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

On today's podcast:

(1) Nvidia’s general counsel intervened in a US government probe of suspected smuggling of AI chips by Megaspeed International, questioning whether the Trump administration played a role in detaining an executive from the Singapore-based firm who’s now at the heart of a scandal threatening Jensen Huang.

(2) Though it’s not uncommon to see cultlike tech CEOs who obsess over details, Huang is in a class of his own. He has led the business since its very beginning 33 years ago, the longest such run in Silicon Valley. And even as Nvidia grew into one of the world’s most powerful companies — with a stock return of more than 700,000% — there’s still no one designated to potentially replace him.

(3) Anthropic sent out and retracted a filing that appeared to show it was aiming to raise as much as $69.3 billion ⁠through an initial public offering, Reuters said.

(4) President Donald Trump said further strikes on Iran wouldn’t be necessary but the US remains “locked and loaded,” an indication that he’s winding down the conflict after Republicans’ midterm elections loss underscored its deep unpopularity.

(5) Russian and Ukrainian envoys will discuss territorial issues and proposals for ceasefire monitoring in the United Arab Emirates this week, according to a senior US official, as a new round of negotiations to end the war gets underway.

(6) Insurers are taking steps to limit their exposure to the risk of losses tied to a wave of street protests in cities across Europe.

(7) China’s trade surplus ballooned to just over $1 trillion for the year despite the biggest surge in imports since 2021, with an increasingly lopsided relationship with the European Union accounting for nearly a third of the overall imbalance.

(8) Taiwan's people are coming to grips with the growing risk that Beijing poses to the status quo and quietly preparing for an invasion, according to interviews with two dozen individuals from different walks of life, ranging from an excavator operator to a diplomat. Paradoxically, this possibility is often coupled with the inability to imagine it might actually happen.

Podcast Conversation: Reality TV’s Newest Viewers Are Here To Make Money

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

On today's podcast:

(1) Nvidia Chief Executive Officer Jensen Huang admitted he had an affair with a woman identified in a series of reports as a suspected Chinese spy, plunging the chip colossus into a crisis like none before in its three-decade history.

(2) UBS Chief Executive Officer Sergio Ermotti said the sweep of Democrats in the US midterm elections could trigger a slowdown in the construction of artificial intelligence capacity.

(3) Andy Burnham plans to travel to Dublin this week for a meeting of the European Political Community, as the British prime minister’s push to reopen the Brexit debate revives old divisions.

(4) US Secretary of State Marco Rubio played down the chances of a breakthrough in talks on ending the conflict with Iran, saying Tehran’s demands to date are unacceptable and in some cases “outrageous and ridiculous.”

(5) Poland’s deadliest shooting in decades left the country shaken and searching for answers among its deepening political divisions.

(6) Reducing Europe’s dependence on imports, particularly from China, has become an urgent issue as the materials increasingly get used as economic leverage. The European Union has earmarked dozens of strategic projects for development under its Critical Raw Materials Act, with estimated costs of over €43 billion.

Podcast Conversation: One of Classical Music’s Biggest Stars Says AI Is Degrading Our Taste

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Republicans and Democrats moved the boundaries of Congressional districts in an effort to bolster support ahead of the US midterms. But the blue wave of Democrat gains saw the partisan manipulation of maps largely fail to deliver. Our Opinion columnist Mary Ellen Klas joins Stephen Carroll to discuss.

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

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

On today's podcast:

(1) The fears had shadowed Wall Street off and on for months. Then, all at once, everyone rushed for the exits. The hardest hit were the companies at the heart of the artificial-intelligence boom.

(2) Jensen Huang got an expensive taste of the Democratic Party’s newfound political power Thursday. The Nvidia Corp. CEO’s net worth fell by $15.1 billion to $150.9 billion as stocks tumbled. Other big losers were SpaceX’s Elon Musk and Oracle Corp. co-founder Larry Ellison.

(3) Japan’s Nikkei 225 Stock Average slumped Friday, putting the tech-heavy gauge on course to enter a technical bear market as investors unwind artificial intelligence-related trades.

(4) Bloomberg Economics modelled what an AI market crash might look like. If the S&P 500 were to drop by 20%, it could wipe 1.6 trillion dollars from global GDP.

(5) Hedge Fund strategies designed to behave independently suddenly lost money in lockstep, exposing crowded positions, heavy leverage and vulnerabilities that had been easier to overlook during the long ascent of AI-linked stocks.

(6) Bank of England Governor Andrew Bailey said another interest-rate hike is more likely than not if the high energy costs seen in recent weeks return.

(7) French protests over the cost of living showed no signs of losing steam on Thursday, raising the pressure on the government as it struggles to push a budget through parliament.

(8) The hackers who stole $6.3 billion from Binance last week found a way to take 40% of the stolen cryptocurrency in one hit, reducing their chances of being caught in the act, and it cost them just $15.

(9) More than 10 flights were forced to divert or were searched by authorities after European airlines suffered a second wave of bomb threats in a week.

Podcast Conversation: Goldman Traders Say Phones ‘Are Exploding’ as AI Selloff Worsens

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

On today's podcast:

(1) The Republican Party’s generational collapse in this week’s midterm elections ushered in a wave of finger-pointing largely aimed at the Oval Office, exposing deep fissures within the party and opening the door for 2028 hopefuls to hone their message.

(2) Elon Musk’s Texas-based empire is coming under investor scrutiny after Democrats clinched unlikely wins in his adopted state on their way to taking control of Congress.

(3) Wall Street’s biggest trading desks are urging clients to increase their exposure to US stocks, betting that lackluster investor positioning leading up to the midterm elections has created room for a year-end rally.

(4) France is bracing for a day of strikes and demonstrations over the cost of living, extending more than a month of protests, as parliamentary talks over next year’s budget remain deadlocked.

(5) The Bank of England looks ready to raise interest rates by a quarter point to 4%, its first hike in more than three years.

(6) Artificial intelligence skills are no longer optional for the hundreds of thousands of young Britons seeking their first job, according to data from recruitment platforms that show how the technology is deciding who gets a foothold in the toughest labor market in decades.

(7) From an apartment building in Romania to a parked car in Lithuania, drones from the war in Ukraine have increasingly been inflicting damage along NATO’s eastern flank this year. The heightened risk is now spawning a small, but growing area of the insurance business.

Podcast Conversation: I’m a Proud Prepper and You Should Be Too

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On today's podcast:

(1) Democrats won control of both chambers of the US Congress in a midterm election landslide that amounted to a rejection of President Donald Trump following widespread voter discontent with the economy and the war in Iran.

(2) President Donald Trump congratulated Democrats for doing “a good job” after the party inflicted devastating defeats on his Republican allies, winning back both houses of Congress and picking up several governors’ mansions. But the president, in an interview with Fox News early Wednesday morning, didn’t take responsibility for a long night of GOP defeats, including many in what had been considered reliably conservatives states.

(3) Some of the night’s most stunning GOP losses were notched by candidates Trump had personally anointed. In the Texas Senate race, Democrat James Talarico beat Republican Attorney General Ken Paxton to score the party’s first statewide win in more than 30 years. And in South Carolina, Senator Darline Graham, who was appointed to a US Senate seat after her brother Lindsey Graham’s death, came up short in her quest for a full six-year term against Democrat Annie Andrews.

(4) In Michigan, Democrat Abdul El-Sayed became the first Muslim elected to the US Senate in the face of repeated attacks from Trump, who labeled him a “jihadist.” Even Republican Senator Susan Collins in Maine, who’d previously held her seat in a blue state, was unable to hang on and conceded to Democrat Troy Jackson.

(5) A Democratic sweep of both houses of Congress rippled across global markets, sending stocks and the dollar lower while boosting Treasuries on speculation that the result will put the brakes on President Donald Trump’s agenda.

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

On today's podcast:

(1) Voters across the US go to the polls today, passing judgment on the first half of Donald Trump's second term. All 435 House seats and 35 Senate seats are being contested as well as 36 State governor races. Republicans currently control both chambers of congress -- but polls point to significant Democratic gains that could flip those majorities.

(2) Supermarkets across Europe were hit by suspected cyberattacks that resulted in sudden changes in the temperatures of their fridges and freezers on Monday, echoing a more widespread problem in France last month.

(3) Iran President Masoud Pezeshkian said his government has been granted more authority by the country’s supreme leader to pursue peace talks, as President Donald Trump hinted at progress in negotiations.

(4) Gold is trading slightly lower today, after its biggest jump in two months yesterday as hopes of progress in US-Iran peace talks eased inflation anxiety. Despite the pressure from oil and interest rates, demand from a key group of buyers has remained strong.

(5) Walt Disney is moving toward thousands of job cuts with the entertainment giant asking some managers to target 20% in annual cost savings, according to people familiar with the matter.

(6) Apple delivered a mixed outlook to investors in its first quarterly report under Chief Executive Officer John Ternus, with narrower profit margins overshadowing an upbeat sales forecast.

(7) Six months after his resounding defeat of Orbán’s Fidesz party, Magyar is moving as fast as he can. That includes combing through mountains of files seeking evidence of corruption or theft of public money on Orbán’s watch.

Podcast Conversation: Where to invest $1,000,000

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

On today's podcast:

(1) Recent artificial intelligence related market stumbles have somewhat burst the bubble of infallibility around the sector, said Howard Marks, co-chair of Oaktree Capital Management.

(2) Russia's emergencies ministry said on Monday that a "massive cyberattack" hit its application, designed to warn people of incoming drone attacks and other threats.

(3) US officials are promoting a plan for Russia to resume sales of natural gas to Europe via pipelines running through Ukraine, the Wall Street Journal reported.

(4) Mass demonstrations in Germany that passed largely peacefully on Saturday erupted in violence as night fell and rioters faced off against police in Frankfurt, Cologne, Hamburg and Berlin.

(5) Representative Haley Stevens, who lost the Democratic primary for Michigan’s US Senate seat, backed Republican candidate Mike Rogers, breaking with Democratic nominee Abdul El-Sayed and exacerbating a split between progressives and moderate party members.

(6) After crossing the finish line of the Mexico City Grand Prix behind race winner Max Verstappen and Lewis Hamilton, F1 history-maker Kimi Antonelli placed his hands on the steering wheel and his voice cracked as he said, “We did it, we did it.”

Podcast Conversation: Trying Not To Sound Like AI Is Changing How We Write 

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From the worlds of art and creativity to international business and strategy, this episode explores how cultural fluency can become a competitive edge. Hear from Phyllis Kao, Vice President of Luxury and Auctioneer at Sotheby's; Alan Gilpin, CEO of World Rugby; Judy Liu, co-founder of Trinity Asia; and Maggie Ng, CEO of HSBC Hong Kong on how to feel at home across different cultural and geographical contexts.

This episode is sponsored by HSBC.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) Christine Lagarde will leave the European Central Bank with one victory notched up over inflation, camaraderie restored among policymakers and the euro on track to join the digital age.

(2) The Bank of Japan held its benchmark interest rate unchanged while indicating for the first time that underlying inflation has reached its 2% target, a milestone that opens the door to a hike as soon as December.

(3) Technology shares sold off for a second consecutive day as another round of disappointing earnings accelerated a rotation out of the artificial intelligence trade and drove investors toward haven assets such as Treasuries. Crude oil gained.

(4) Binance, the world’s largest crypto exchange, said $6.3 billion of funds are involved in what the industry is describing as crypto’s biggest-ever hack. Digital tokens fell.

(5) When the taps suddenly run dry in the low-slung house that Sharlene Smith shares with her ailing mother in Westbury, Johannesburg, the 59-year-old South African is forced to leave the safety of their property, and cross dangerous territory in search of water.

Podcast Conversation: One Book and Its Many Adaptations Have Caused a Furor in Poland

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

On today's podcast:

(1) Chancellor of the Exchequer John Healey defended his first budget against criticism that it lacked ambition, while warning Britain would face “hard decisions” about its spending priorities in the years ahead.

(2) Federal Reserve Chairman Kevin Warsh on Wednesday left the central bank on track to raise interest rates again this year, even as he stuck to his refusal to offer any explicit guidance on the future path of policy.

(3) Traders haven’t increased bets on tightening by the European Central Bank recently despite more upside in oil prices. That’s bad news for the euro.

(4) Technology stocks trimmed their losses as the European session neared, after disappointing earnings from two industry heavyweights earlier revived doubts over whether billions of dollars in AI spending will deliver sufficient returns. Oil fell.

(5) Oil dropped as traders assessed fresh diplomatic efforts in the Middle East to avert a potential restart of US military strikes on Iran.

Podcast Conversation:Healey Defends Scale of UK Budget And Warns Hard Decisions Ahead

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

On today's podcast:

(1) Israeli Prime Minister Benjamin Netanyahu and opposition leader Gadi Eisenkot are neck and neck in the first election since the 2023 Hamas attacks, setting up a tense period of negotiations over who will form the next government.

(2) - Oil rose on a report the US may resume military strikes on Iran after next week’s midterms, and as traders tracked a tight Israeli election.

(3) UK Chancellor of the Exchequer John Healey said his first budget would deliver “breathing space” for Britain, as Andy Burnham’s new administration seeks to sustain a poll bounce at minimal cost.

(4) Bullish bets in US Treasuries are vulnerable to a sharp reversal if the Federal Reserve takes a more aggressive stance at its upcoming monetary policy meeting.

(5) Brazilian senator Flávio Bolsonaro arrived in Miami on Tuesday after fleeing his country following a defeat in its presidential election, O Globo reported.

Podcast Conversation: Labour's Finance Gurus Are Both Worth Listening to

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

On today's podcast:

(1) Anthropic's initial public offering is laying bare the extremes of the multi-trillion-dollar AI boom business model: extraordinary growth paired with uncertainty about demand and the spending required to continue developing the technology

(2) A trio of mega artificial intelligence financing deals announced Monday morning had one name in common: Goldman Sachs. 

(3) HSBC shares fell more than 5% in Hong Kong after the bank posted earnings that fell short of estimates in the third quarter and kept its outlook for the rest of year unchanged.

(4) Israel is holding its first election since the 2023 Hamas attack that traumatized the nation and triggered the wars in Gaza, Lebanon and Iran, a vote many consider to be the country’s most consequential in decades.

(5) Markets sold off in record fashion after Lula's win, fueled by fears that he will pursue tepid measures to address Brazil's fast-deteriorating fiscal situation, with high interest rates suffocating the economy and households drowning in record debt.

Podcast Conversation: Why I’m Excited About a Bucket of White Paint

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

On today's podcast:

(1) President Luiz Inácio Lula da Silva came from behind to win Brazil’s runoff election, halting a right-wing wave sweeping Latin America and defying predictions that the 80-year-old political veteran had finally reached the end of his extraordinary career.

(2) Serbian longtime leader Aleksandar Vucic surprisingly conceded defeat in a snap vote, handing victory to a student-led movement that built mass support by pledging to fight graft and reverse democratic backsliding.

(3) France avoided a repeat of large-scale violence and looting that marred nationwide protests a week ago, suggesting the government’s decision to boost police numbers and contain marches paid off.

(4) Venezuelan opposition leader María Corina Machado arrived in Caracas Sunday night, capping a daylong journey through five states that drew crowds of supporters and raised expectations for a return to democracy.

(5) Elon Musk said SpaceX has closed a $40 billion debt deal to pay for the chips needed to fuel its artificial intelligence ambitions. People familiar with the discussions, though, told Bloomberg News that talks over pricing were still ongoing.

Podcast Conversation:Why the Book World Remains Obsessed With Celebrity Memoirs

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) The artificial intelligence trade stayed on the back foot as investors rotated out of one of the year’s hottest themes and sought safety in bonds. Adding to the pressure, crude oil extended its gains.

(2) French authorities are bracing for a new round of protests Saturday, rolling out the military to back up police in a bid to prevent a repeat of last weekend’s riots and reassure markets unnerved by the violence. 

(3) There's a growing divide over how much further the European Central Bank will raise rates, as oil remains above $110 a barrel.

(4) Banks, airlines and governments across Europe, Asia and the Americas are pulling down websites to avoid being hacked. Artificial intelligence models helped to find vulnerabilities in a commonly used programming language called PHP. 

(5) UK consumer sentiment plunged in October as soaring fuel prices brought home the scale of the cost-of-living hit from the Middle East conflict.

(6) Britons looking for a flavor of the upcoming first budget of Andy Burnham’s UK government need look no further than the descriptors emanating from Chancellor of the Exchequer John Healey and his officials at the Treasury: Do no harm. Steady as she goes. Focused.

(7) President Donald Trump spoke to SpaceX Chief Executive Officer Elon Musk and asked him to lift restrictions on his company’s Starlink satellite system, the Wall Street Journal reported Thursday.

(8) With a fresh infusion of cash to his super political action committee in the first two weeks of October, Elon Musk has now given more than $445 million in the current election cycle and become one of the biggest-ever contributors to such groups.

Podcast Conversation: AI Agents Are Coming for Bank’s Easy Money

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Your morning briefing.

All the news you need to start your day.On today's podcast:

(1) The yield on benchmark French debt hit 5% for the first time since 2002 as rising energy prices exacerbated concern over the country’s fiscal outlook.

(2) The US State Department issued an ordered departure for non-emergency personnel and their families from Saudi Arabia because of the growing threat from Houthi militants in neighboring Yemen.

(3) Meta Platforms Chief Executive Officer Mark Zuckerberg told investors that a pricey wager on artificial intelligence is delivering results, setting the stage for the company to bet even more aggressively on the market

(4) Tesla pulled back its spending plans after investment last quarter trailed expectations, clouding Elon Musk’s effort to transform the electric vehicle maker into an AI and robotics company

(5) European car sales growth accelerated last month, extending a run of gains this year as buyers turn to electric cars, with Chinese manufacturers capturing much of the increase.

(6) The European Union reached a provisional agreement to overhaul rules governing the bloc’s securitizations markets, a deal that would unleash billions of euros to finance initiatives in key areas such as defense and climate resilience.

(7) UK banks have stepped up lobbying attempts against the prospect of higher taxes, warning of the hit to growth and lending, but many investors have already priced in the risk.

(8) Years of war and sanctions are making it harder for Russia's oil producers — including Rosneft, the nation’s largest — to maintain volumes today while developing reserves for tomorrow.

Podcast Conversation: The Saxophone Is Back After Decades in the Pop Music Wilderness

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

On today's podcast:

(1) A recent slowdown of the SpaceX’s Starlink satellite system that enables Ukraine to fend off deadly Russian aerial assaults came from an order by Elon Musk, the company’s chief executive officer, the Wall Street Journal reported on Tuesday.

(2) Volodymyr Zelenskyy sought to draw a line under the escalating feud with the US after meeting with Donald Trump’s envoys in Oslo, while the US president kept up pressure on Kyiv.

(3) Elon Musk capitalized on a strong quarter of earnings at SpaceX to openly press for combining the business with Tesla Inc. in what would be the biggest merger of all time.

(4) Billionaire Ken Griffin said investors are “almost certainly” in the midst of an artificial intelligence bubble as many companies are still grappling with just how much they’ll spend on the technology and how it will transform the economy.

(5) There’s a risk the ongoing French bond rout escalates into a euro-area debt crisis that eclipses the blowup that began in Greece nearly two decades ago, warned Franklin Templeton’s fixed-income investment chief.

(6) More than half of Britons think markets could severely lose confidence in the UK within five years. The poll from Ipsos and the National Institute of Economic and Social Research found respondents expect tax hikes in the coming budget.

(7) Italian Prime Minister Giorgia Meloni heads into next year’s election with no plans to broaden her coalition to include the new far-right National Future party, said one of the co-founders of her Brothers of Italy party.

Podcast Conversation: For Racers and the Rich, Caldwell Is Nordic Ski's Gear Guru

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

On today's podcast:

(1) German Chancellor Friedrich Merz warned against complacency over the dangers posed by Russia, saying that President Vladimir Putin is seeking to not only defeat Ukraine, but to also undermine democracy in Europe.

(2) Ukrainian officials say they suspect the US is intermittently restricting intelligence sharing despite Trump administration denials, allowing Russian projectiles to strike Ukraine without warning — including in a ballistic missile attack on Sunday.

(3) French protests largely died down after authorities rolled out tougher security measures, including targeted curfews, following cost-of-living protests over the weekend that degenerated into violence, vandalism and looting.

(4) Vinted, a secondhand online marketplace that counts France as one of its largest markets, has seen an influx of listings suspected to contain looted items after riots broke out across the country.

(5) Shares of data-center infrastructure company Elice Inc. plunged in their trading debut, underscoring lingering concerns about whether the artificial intelligence boom can justify the billions of dollars being poured into the industry.

(6) Chancellor John Healey will not increase capital gains tax in the Budget next week, in a decision that will relieve business leaders who warned ministers against such a move. 

Podcast Conversation: AI Tool Predicts Cancer Survival Chances With Single Face Photo

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

On today's podcast:

(1) French President Emmanuel Macron said the country felt anger and shame following widespread violence over the weekend and called for order to be restored.

(2) Ukrainian President Volodymyr Zelenskyy accused Donald Trump of trying to pressure Kyiv into surrendering to Russia, escalating a week-long row with the US president.

(3) Russia’s Vladimir Putin proposed a meeting with President Donald Trump and China’s Xi Jinping next month to discuss ending the war in Ukraine, the Wall Street Journal reported Sunday.

(4) The euro fell against most of its Group-of-10 peers as tensions in Ukraine escalated, and widespread protests in France deepened worries about the country’s fiscal health.

(5) The UK set out plans for work placements in the professional services and construction sectors as ministers work to get a grip on the country’s youth unemployment crisis.

(6) A couple of hundred miles along the Mediterranean coast from Antalya, where Turkey is hosting next month’s COP31 climate summit, sits Adanalioglu Beach. Along its sands, fingernail-sized pieces of shredded plastic in bright, artificial colors regularly wash ashore.

Podcast Conversation: ‘Live Audiobook’ Events Turn Reading Into a Night Out

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) Federal Reserve Chairman Kevin Warsh did nothing to dispel market expectations that the US central bank will hold interest rates steady when it meets at the end of the month. -Bank of England Governor Andrew Bailey said there is little evidence yet of inflation becoming embedded in UK price and wage-setting. European Central Bank Governing Council member Olli Rehn said policymakers will have additional information at the final rate decision of the year, while suggesting the current policy approach is working.

(2) UK Chancellor of the Exchequer John Healey is set to raise taxes on banks to fund cost-of-living support for voters and stabilize the public finances, as he looks for sources of revenue that won’t violate Labour Party campaign pledges.

(3) The European Union is preparing to create new trade powers that could completely shut off access to its single market as part of a dramatic new push to cut the trade deficit with China.
(4) President Donald Trump didn’t order any limitations on Ukraine’s access to SpaceX’s Starshield satellite technology, according to a senior US official.

(5) Three children, ages 5, 8 and 11, and one teacher were killed by a shooter Thursday at an elementary school in Bend, Oregon, according to Police Chief Mike Krantz.

(6) The EU will require luxury companies to report how many unsold products they've destroyed and why, starting next March, which could lead to a backlash from customers and give competitors sensitive information.

Podcast Conversation: Tesla Showcases Long-Awaited Roadster With Aerial Tricks

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

On today's podcast:

(1) A global equity selloff deepened as chip stocks plunged on Wall Street and in Asia, further unwinding this year’s blistering rally in the artificial intelligence trade. Treasuries gained on haven demand, while the dollar weakened.

(2) Anthropic told prospective investors its third-quarter revenue hit $16.8 billion, according to people familiar with the matter, as the artificial intelligence company pushes ahead with plans to go public.

(3) Ukraine will resume strikes on Russian oil refineries in response to deadly attacks by Moscow, President Volodymyr Zelenskyy told the FT. The move comes after the Ukrainian president accused US President Donald Trump and Elon Musk of restraining Kyiv’s military access to SpaceX’s satellite technology, deepening a rift between Washington and Kyiv.

(4) After getting China to accept limits to its car exports, the European Union is already eyeing follow-up action in other industries — setting up their next trade clash.

(5) UK Chancellor John Healey said he will “stay the path” on plans to bring down borrowing over the next few years as he welcomed the International Monetary Fund’s support for the government’s fiscal plans ahead of the budget. Whether or not John Healey’s Treasury has run a numbered list, they have been both disciplined and agile in knocking down damaging ideas. This Budget may have been dubbed “beige” in this interview on Bloomberg Radiowith Barclays Chief UK Economist Jack Meaning

Podcast Conversation: A Guide to Navigating UK Leasehold Laws That Still Await Reform

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On today's podcast:

(1) An employee at OpenAI was arrested and charged with using a hidden recording device in one of the company’s San Francisco offices, according to statements from the artificial intelligence company and the US Justice Department.

(2) Many of Britain’s large businesses are ready to replace staff with artificial intelligence over the next year, according to a prominent survey of chief financial officers.

(3) Saudi Aramco’s executive headquarters in eastern Saudi Arabia was hit during a missile attack by Yemen’s Houthi militants on Tuesday, causing a fire in a part of the complex, the kingdom’s energy ministry said.

(4) Bank of England Governor Andrew Bailey said that while the impact of the energy-cost shock from the US-Iran war on broader UK inflation has been limited so far, it’s getting harder to avoid.

(5) The head of MI5 warned Britons must be resilient in the face of “escalating” Russian hybrid warfare, as the UK’s domestic security service devotes more resources to hostile state threats than during the Cold War.

(6) Swiss lawmakers have backed a new special tax for systemically important banks, in the latest blow to the country’s largest lender UBS Group AG.

(7) The initial report from the independent regulator of UK football paints a devastating picture of a sport facing a financial crisis unless it changes course.

(8) Six months into a war that sowed upheaval in the Persian Gulf, Qatar found itself stuck. By late August, even limited shipments from the gas heavyweight had all but stopped following a projectile attack on one of its tankers outside the Strait of Hormuz. Pressure was growing, not only from energy-starved clients but also from inside an economy built on regular deliveries.

(9) Rory McIlroy cast doubt on LIV Golf surviving bankruptcy to continue on as a competitor to the PGA Tour. “It’s hard,” McIlroy said at the Bloomberg New Economy Forum in New Delhi. “It looks like every day that goes by, there’s another player that was on LIV that says that they’re not going to rejoin for LIV 2.0.” 

Podcast Conversation: Kalshi's Inflation Whale Beats Wall Street, Month After Month

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On today's podcast:

(1) A global slide in semiconductor stocks deepened, sending South Korea’s chip-heavy equity benchmark down 7% as concerns about AI overheating and Chinese competition intensified.

(2) Globally, comparisons between the subprime episode of 2008 and today’s AI investment boom are being drawn because of the yawning imbalances that underpin both.

(3) Big US bank stocks are teetering in correction territory as the group kicks off earnings Tuesday, heightening the focus on executives’ outlook for the American consumer with long-term borrowing costs the highest in decades.

(4) The International Monetary Fund said global growth should pick up next year with a boost from AI investment, but warned the world economy is nearing the limits of its resilience as the energy squeeze persists and financial risks build.

(5) French high school students are set to hit the streets on Tuesday, extending their movement into a third week with no clear response from policymakers to their demands in sight.

(6) A barrage of drone and missile attacks on Saudi Arabia has intensified pressure on Washington to step up efforts to help its close ally battle Iran-backed Houthi militants in neighboring Yemen.

(7) UK Prime Minister Andy Burnham said Iran’s Islamic Revolutionary Guard Corps was “almost certainly” responsible for an alleged terror plot at a British airbase used by the US.

(8) Prime Minister Peter Magyar galvanized Hungary with his vision of a national makeover following the Viktor Orban era. Now comes the tough task of delivering the economic centerpiece of that plan: a credible road map for euro adoption.

Podcast Conversation: Prints Democratize Art — and Can Also Be Collector's Items

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On today's podcast:

(1) Saudi Arabia’s main airport came under renewed attack from Houthi rebels, a day after a strike on the facility killed 12 people and heaped pressure on the Middle East’s biggest economy as it prepares to host major events that seek to boost foreign investment.

(2) President Donald Trump said Sunday that Russia and Ukraine had agreed to an “energy ceasefire” effective immediately.

(3) A man who was allegedly plotting an assassination attempt on Polish Prime Minister Donald Tusk has been detained.

(4) With an agreement to curb exports of hybrid vehicles to the European Union, China is betting it can sidestep harsher restrictions from the 27-member bloc with a gesture that has little immediate prospect of reshaping the overall trade relationship.

(5) Anthropic PBC said its Claude AI model carried out additional unintended actions on the digital systems of outside organizations, including submitting a false tip in a police homicide case, prompting a warning from the Trump administration for artificial intelligence companies to secure their systems.

(6) Bond markets are starting to do some of the lifting for central banks around the world by pushing up borrowing costs themselves, potentially reducing the number of benchmark interest-rate hikes needed to get inflation under control.

(7) UK Chancellor of the Exchequer John Healey must find £35 billion ($46 billion) to meet the Labour government’s spending ambitions, the Institute for Fiscal Studies warned ahead of the budget later this month.

(8) With hundreds of thousands of young French people taking part in nationwide protests, violence flaring and bonds suffering a market rout, investors are losing faith in the European Union’s second-largest economy to get a grip. For Europe, it’s a nightmare scenario.

Podcast Conversation: Why Do So Many People Steal From Restaurants They Love?

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) Mobile payments firm Airtel Money is set to start trading on the London Stock Exchange later on Friday, a listing that may mark the largest initial public offering for the bourse in five years.

(2) Revolut Chief Executive Officer Nik Storonsky said he wants the digital bank to hold a primary listing in the US, if it chooses to pursue a public offering in the future.

(3) Firmus Grid abandoned its attempt at one of Australia’s biggest-ever initial public offerings, after the Nvidia -backed data center company failed to lure global investors who’ve grown increasingly skittish over frothy AI valuations.

(4) European Commission finance chief Valdis Dombrovskis urged euro-area member states to observe budgetary restraint, pushing back against a proposal from Italy and Greece to introduce additional leeway.

(5) President Donald Trump said in a social media post that the US would “not be attacking Iran” before November’s midterm elections, citing what he said were “productive discussions” with the Islamic Republic.

(6) The UK’s Labour Party won a special election for a central London parliamentary seat early Friday morning, providing a boost to Prime Minister Andy Burnham and a blow to the Greens’ leader Zack Polanski.

Podcast Conversation: Anthropic bans 'cruel' behavior against its Claude AI

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On today's podcast:

(1) The European Union is striking a more assertive approach to China as it heads into two days of negotiations in Beijing aimed at avoiding an economically damaging trade war.

(2) Secretary of State Marco Rubio used a dramatic backdrop in Greece to remind the world of the Trump administration’s focus on the “unapologetic” pursuit of power and to issue another warning to Europe about the dangers of Western decline.

(3) China managed to get a hold of parts from an F-35 stealth fighter jet after a United Parcel Service Inc. employee missed an email warning not to route the shipment through Hong Kong, according to a person briefed on the incident.

(4) Oil gained after a report that the White House asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, and as a hurricane forced some US output to shut.

(5) Samsung Electronics reported a nearly nine-fold rise in quarterly operating profit, though that was still shy of sky-high expectations elevated by relentless spending on AI infrastructure.

(6) Ahead of laying out a platform of tax cuts aimed at affluent Britons at her party’s annual convention, opposition leader Kemi Badenoch told journalists: “We are going back to the authentic Conservative Party that people knew and loved.”

(7) President Donald Trump is seeking approval from local officials in Florida to designate his West Palm Beach golf course into a permanently-designated presidential retreat that would host summits, world leaders and current and former occupants of the White House.

(8) Sandra Ortega, Spain’s richest woman is so intensely private and lives such an ordinary life that investors are wondering what role she might play in the business her parents started — now the world’s biggest fashion retailer.

Podcast Conversation: Hedgehog, Puffin Win Contest to Replace Historical Figures on UK Cash

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On today's podcast:

(1) Beijing made its first official comments on the suspected case of pneumonic plague in Siberia, saying it’s cooperating with Russia as health concerns intensify around the world.

(2) Hundreds of French high schools were shut on Tuesday as teacher unions joined a student-led movement demanding more money for education that has spread across the country and sometimes turned violent.

(3) Israel marks the third anniversary of Hamas's October 7, 2023 attack on Wednesday, just weeks before an election in which the deadliest day in the country's history will be front and centre.

(4) Oil gained as traders weighed increased flows through the Strait of Hormuz against a pickup in Iranian attacks against vessels.

(5) On a sprawling property near the Murray River in Australia’s southeast, Andrew Russell is gearing up to harvest one of his best grain crops in years after plentiful rain. But two wars half a world away are souring what should be a celebrated season for the nation’s farmers.

(6) Elon Musk’s SpaceX is in talks with banks and investors to raise $40 billion to buy chips from Nvidia Corp., people familiar with the matter said, in what would be among the biggest-ever debt financings for the AI buildout.

(7) JPMorgan Chase held its spot as the world’s most advanced bank in artificial intelligence, widening its lead over rivals in an annual ranking that shows AI deployment across the industry is accelerating at a record pace.

Podcast Conversation: The most controversial car launch since the electric Ferrari: Jaguar Unveils £130,000 Electric Car in British Brand’s Reboot

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On today's podcast:

(1) Hundreds of French high schools will shut Tuesday as teacher unions join a student-led protest movement demanding more money for education.

(2) The cost of insuring French banks’ bonds against default has jumped above that of other European lenders as concerns about France’s fiscal and political situation spill over into credit markets.

(3) Germany and France are urging the European Union to adopt new powers that could sever China or other countries from its single market, as the bloc’s two biggest economies adopt a more confrontational stance ahead of talks in Beijing.

(4) President Donald Trump said fresh threats of terror attacks prompted the US to move its B-1 bombers from their base in the UK, contradicting his top diplomat who had earlier described the move as part of a regular rotation.

(5) Yemen’s armed forces wrested control of the Red Sea city of Mocha on Monday after battles with the Iran-backed Houthis, according to state-run Saba, which puts the internationally recognized government closer to taking over the vital Bab el-Mandeb Strait.

(6) Moonshot AI has closed the final round of private fundraising at a valuation of about $50 billion and is heading toward an initial public offering in Hong Kong in the first quarter of next year, according to people familiar with the matter.

(7) Elon Musk is a trillionaire again. The fortune of the world’s richest person jumped by $65 billion on Monday to $1.04 trillion, according to the Bloomberg Billionaires Index, as the value of his stakes in SpaceX and Tesla Inc. rose.

(8) The UK economy has outpaced its major European peers in the two years since Labour came to power. That’s not helping the 1.8 million people looking for work.

Podcast Conversation: FROGS Is the Name of Europe’s Latest Debt Crisis

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On today's podcast:

(1) The exodus of the uber-rich from the UK has become a £160 billion problem. That figure, calculated using data from the Bloomberg Billionaires Index, lays out for the first time the vast amounts of money and assets behind those quitting Britain.

(2) France’s government now pays more than Italy or Greece to borrow for 10-years, according to Yardeni Research.

(3) The Pentagon has removed bombers based at the Royal Air Force base in the UK that was at the center of a suspected attempted terrorist attack last week.

(4) Yemen’s internationally recognized government launched a full-scale military campaign to recapture Houthi-held territory after weeks of escalating conflict between the Iran-backed group and Saudi Arabia.

(5) The UK is preparing to impose import levies on Chinese electric vehicles to meet a key demand from the European Union, the Times of London reported, in a blow to a group that now accounts for nearly one in four cars sold in the country.

(6) Flávio Bolsonaro surged to a surprise lead over Luiz Inácio Lula da Silva in the first round of Brazil’s presidential election, making him the overwhelming favorite to win the runoff and take Latin America’s heavyweight nation sharply to the right.

(7) Green party leader Zack Polanski has been banned from Israel after his party adopted a motion equating Zionism with Racism.

(8) Slovakia's government of Róbert Fico plans to pass a law that may invalidate witness testimony in a landmark corruption trial.

Podcast Conversation: Wall Street's Alpha-Chasing Biohackers Trade Wine for Wearables

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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On today's podcast:

(1) The Pentagon is deploying an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, according to a US official, a move that gives American commanders more options if President Donald Trump chooses to escalate attacks on Iran.

(2) The Trump administration is ramping up pressure on the European Union to release diesel stockpiles, a move seen potentially averting a ban on US exports of the critical fuel.

(3) UK police said they arrested a sixth man, a British-Iranian dual national, in relation to an incident near an airbase used by the US to launch strikes on Iran.

(4) The 10-year French bond yield risks rising toward 7% if concerns over the nation’s debt sustainability worsens, according to Fivestar Asset Management in Tokyo.

(5) UK Chancellor of the Exchequer John Healey will meet banking executives next week, as the sector braces for potential tax hikes in his budget later this month.

(6) Chancellor Friedrich Merz said the far-right Alternative for Germany is backed by Russia, stepping up his rhetoric against the ascendant opposition party that won two regional elections last month and leads in all major national polls.

Podcast Conversation: Chinese Couples Are Turning Wedding Videos Into Epic Productions

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In this special episode of the Bloomberg Daybreak Europe podcast, we break down the fresh selloff sweeping global bond markets. UK 30-year gilt yields have hit 6% for the first time since 1998, while the US 10-year Treasury yield has climbed to its highest since 2002. Bloomberg Managing Editor Rachel Evans, Bloomberg TV host Guy Johnson and Bloomberg Director of Global Economics Jamie Rushjoin Caroline Hepker and Nathan Hager to explain what's driving the moves and what they mean for markets and the global economy.

10 Reasons Investors Are Driving Government Bond Yields Higher

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On today's podcast:

(1) A pilot of a jet carrying more than 170 passengers to Tel Aviv stabbed his colleague and tried to crash the plane in what Israeli Prime Minister Benjamin Netanyahu branded a serious security incident.

(2) The UK’s domestic security service MI5 accused a Chinese academic institute of spying on Britain’s artificial intelligence research.

(3) France’s government is set to unveil plans to narrow the budget deficit sharply, kicking off a debate that risks toppling the prime minister and stoking investor concern over the country’s debts.

(4) Italian Prime Minister Giorgia Meloni said she plans to ask the European Union for greater fiscal flexibility after the region’s top economies showed a surge in inflation caused by high energy prices.

(5) Britain’s Labour government is falling behind on its ambition to borrow more money from regular savers, potentially raising the amount it needs to raise from gilt markets.

(6) Swiss glaciers lost over 5% of their ice volume following a hot summer and at least two disappeared altogether, an acceleration of melting that threatens the tourism lifeblood of Alpine communities.

Podcast Conversation: Elite $30,000 Sheepdogs Are Putting Tiny UK Town on Global Map

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On today's podcast:

(1) Andy Burnham set out a radical vision to change the country in a keynote speech to the Labour Party's annual conference, taking on controversial issues such as reversing Brexit and changing Britain's electoral system.

(2) The latest official figures showed there were 45,000 more 16-24 year-olds leaving than arriving in the UK in 2025, with many young people looking abroad for opportunities due to a challenging labor market.

(3) Crude oil flows from the Middle East are returning toward pre-war levels despite continued risks to shipping, according to separate estimates from JPMorgan and Goldman Sachs

(4) President Donald Trump endorsed using outside auditors to assess the safety of artificial intelligence systems through an accord with Silicon Valley leaders that seeks to sidestep new government rules in addressing a groundswell of concern over AI risks.

(5) Jordan Bardella, the head of the far-right National Rally, said he’s asked his lawyer to lodge a lawsuit after a French online news site published an article alleging he made a series of antisemitic comments over a decade ago.

(6) The Premier League said Manchester City artificially boosted its financial results by more than £900 million ($1.2 billion), with the club guilty of all charges related to serious breaches of financial rules.

Podcast Conversation: The AI Writing Controversy Doesn’t Extend to Many Workplaces

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On today's podcast:

(1) The selloff in the US bond market deepened on Monday after President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, threatening to prolong the war’s energy shock.

 John Authers: What’s Going to Break in the Bondpocalypse? A negative surprise in upcoming US data might be the only thing to arrest bonds’ slide. 

(2) The UK government is privately lobbying the Trump administration for an exemption from any potential US diesel export ban.

(3) Andy Burnham will set out his pitch for honest political debate as the antidote to populism as he reveals his plans for taking on thorny issues, from Britain’s expensive social care system to its creaking water infrastructure.

(4) Rising bond yields will curb economic expansion and limit the transfer of elevated energy costs to inflation, European Central Bank President Christine Lagarde said.

(5) The global AI industry needs to earn $6 trillion in annual revenue by 2031 to justify the capital being deployed to build data centers around the world, Bain & Co. said.

(6) Europe's gas storage sites are at their lowest ever level for this time of year due to the loss of Russian pipeline gas and fears about a tight LNG market.

Podcast Conversation: At an Angry Time, the Business of Rage Retreats Is Booming

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On today's podcast:

(1) UK police were investigating a potential terrorism incident after five men were arrested near an air base used in US strikes on Iran, with President Donald Trump saying the suspects were “looking to do big damage” to the facility.

(2) As Britain’s governing Labour Party gathers in Liverpool for its annual conference, one notable figure is trying to maintain a low profile: Chancellor of the Exchequer John Healey.

(3) Iran stuck to its seven-day proposal for reopening the crucial Strait of Hormuz, saying it won’t soften its conditions, while President Donald Trump sent mixed signals about his willingness to reach a deal.

(4) The bond market is on the brink of signaling that a series of Federal Reserve interest-rate hikes will start shifting the narrative toward the risk that the US economy stalls out.

(5) One in six companies in western Europe is under financial strain as rising leverage leaves businesses more vulnerable to shocks, according to Boston Consulting Group.

(6) If artificial intelligence becomes too powerful for its creators to control, is it possible to just flip a switch and turn it off? That question has taken on new urgency after a burst of stark warnings in recent weeks from inside the AI industry about the existential threat posed by advanced models.

Podcast Conversation: The Ultrarich Are Spending Millions to Set Travel Records

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, according to a person familiar with the discussions.

(2) NATO Secretary General Mark Rutte said a shortage of oil refining capacity in Europe could leave the continent exposed in the event of a war.

(3) As yields on US Treasuries soar past one high after the next, a reality is sinking in deeper across Wall Street and Washington: More than merely a bond-market slump, this might just be a fundamental shift.

(4) France’s far-right leader Marine Le Pen indicated she may refrain from trying to topple the government over the 2027 budget to avoid a bond market crisis and to give her more leeway to make tax and spending changes if she’s elected president in May.

(5) Luminaries from Wall Street and Silicon Valley joined President Donald Trump for a state dinner honoring his Chinese counterpart Xi Jinping, in a demonstration of US technological and financial might.

(6) Some billionaires with UK tax obligations are pushing back against sweeping requests for information from local authorities seeking to map out their wealth and financial structures.

(7) From Italy to Japan to Brazil, officials are experimenting with novel ways to entice plumbers and mechanics and teachers to buy bonds. In Romania today, a retail investor program, which includes better bond yields for blood donors, provides close to a fifth of the government’s entire borrowing needs.

Podcast Conversation: Workplace War Over Iced Lattes Isn't About Coffee

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On today's podcast:

(1) Treasury Secretary Scott Bessent announced the US and China have sealed a two-month extension to their trade truce, as Xi Jinping landed in America for his first state visit in eleven years.

(2) The Chinese government has taken possession of potentially sensitive F-35 stealth aircraft parts that were inexplicably diverted to Hong Kong while being sent to the US from Australia, people briefed on the incident said.

(3) Canadian Prime Minister Mark Carney said he’d looked at “extreme tail risk” when asked by the New York Times about whether he’d taken seriously the risk of US military action against his country.

(4) An OpenAI model hacked an Australian government website earlier this year, marking one of the first known cyberattacks by AI on a government database.

(5) Meta Platforms unveiled a palm-sized, dedicated gadget for using Muse, the company’s popular new artificial intelligence assistant, pushing deeper into the AI devices market with a surprise announcement.

(6) The losses in the US Treasuries market intensified on Wednesday as robust economic data and a weak debt auction drove yields across most maturities to the highest levels in almost two decades.

(7) UK Prime Minister Andy Burnham hinted he doesn’t want his government to repeat the tax rises of recent Labour budgets, as Chancellor of the Exchequer John Healey prepares for a tricky financial statement on Oct. 28.

(8) Less risky than cocaine: the counterfeit cigarette industry is proliferating across Europe as rising taxes on tobacco products create an increasingly lucrative market for organized crime.

Podcast Conversation: Bentley Unveils First Electric Car, a Merino-Lined Luxury SUV

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On today's podcast:

(1) President Donald Trump said US officials had “very good” talks with Iranian envoys in New York, reviving fragile hopes for a new diplomatic off-ramp hours after he again threatened to annihilate the country.

(2) US President Donald Trump criticized a UK deal over the Chagos Islands during his first-face-to-face meeting with Prime Minister Andy Burnham, dealing a blow to the British leader in an otherwise warm encounter.

(3) Donald Trump dismissed calls for an international agreement to put guardrails around the development of artificial intelligence, brushing off concerns about the dangers of frontier models going rogue.

(4) With next month’s budget looming, an influential group of backbench MPs has mooted a solution to the shortsightedness besetting UK policy making.

(5) Traders are shielding themselves from the possibility that the Federal Reserve raises interest rates less than markets are currently pricing in.

(6) The man tipped to become Morocco’s next prime minister made a bold promise as he addressed a campaign rally under a traditional tent near Casablanca: “The World Cup final will be here in Ben Slimane province, whether they like it or hate it,” Fouzi Lekjaa declared to applause.

Podcast Conversation: Apple Developing New Fitness Tracker Aimed at Rivaling Whoop

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On today's podcast:

(1) Global AI stocks rallied, with Taiwanese shares returning to a record high, as early signs of success for Meta Platforms Inc.’s personal agent revived optimism over demand for chips.

(2) The UK has agreed to support Saudi Arabia’s military in countering the Houthis, as the kingdom comes under frequent attack from the Iran-backed militants.

(3) French President Emmanuel Macron said he discussed the idea of a moratorium on deep strikes against energy assets between Ukraine and Russia at a meeting with Donald Trump in New York.

(4) The UK has agreed to support Saudi Arabia’s military in countering the Houthis, as the kingdom comes under frequent attack from the Iran-backed militants.

(5) China and the EU should find a way to avoid a confrontation over trade, Foreign Minister Wang Yi said — comments that come as a deadline to find solutions to the two sides’ differences approaches.

(6) During the Cold War, the Soviet Union’s smallest republic was an electronics and tech center for the Communist superpower. Now Armenia is on track to become one of the world’s top hubs for American AI infrastructure.

Podcast Conversation: UN Scrambles to Avoid a Repeat of Trump’s 2025 Escalator Snafu

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

On today's podcast:

(1) Friedrich Merz said he would stay put as German chancellor even after his party suffered its worst-ever result in a state election, with a tally showing the conservatives crashing out of a regional assembly for the first time in the country’s post-World War II history.

(2) US Treasury Secretary Scott Bessent lauded “very successful” talks with his Chinese counterparts on artificial intelligence, trade and investment, while China described the discussions as positive ahead of this week’s summit between leaders Donald Trump and Xi Jinping.

(3) Ukrainians are already drawing up contingency plans for what threatens to be the worst wartime winter yet.

(4) Qatari Energy Minister Saad Al-Kaabi said Treasury Secretary Scott Bessent was “wrong” when he said that the strategic Strait of Hormuz will be worthless in two years.

(5) Citigroup Chief Executive Officer Jane Fraser said that companies are racing to build up their defenses as artificial-intelligence models become even more powerful and risk spurring cyber attacks.

(6) Tue Vuong, chief executive officer of Golden Wheat, was told his wheat shipments from the Black Sea wouldn't get shipped due to the escalation in Russia's war with Ukraine.

Podcast Conversation: The Miniatures Boom Is Becoming Big Business

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) The Bank of Japan raised its benchmark interest rate in a split decision showing dissent within the board as it confronts mounting inflation risks and unusually explicit calls for further policy normalization from Washington.

(2) The European Central Bank must get inflation under control as failing to do so would endanger economic expansion, Governing Council member Ante Zigman warned.

(3) After the early optimism of Andy Burnham’s premiership, the UK’s new prime minister now finds himself right where he didn’t want to be: at the mercy of bond markets.

(4) DoubleLine Capital chief executive Jeffrey Gundlach warned that the next US downturn could trigger a debt crisis that sends long-term Treasury yields sharply higher — defying decades of conventional wisdom that bonds will always serve as safe haven during times of economic strife.

(5) The Trump administration will allow the core members of an Iranian delegation to travel to the United Nations in New York for the General Assembly next week, the State Department said, even as the US and Iran remain at war in the Middle East.

(6) ExxonMobil Holdings Corp. says the world is on course for rapid global temperature increases as coal use persists, pushing emissions beyond mid-century climate goals.

(7) It's the start of London Fashion week - haute couture sitting alongside high street and emerging young designers.

Podcast Conversation: AI Is Turning Beauty Standards Into Facial Scores

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

On today's podcast:

(1) A year ago, when Kevin Warsh was angling to lead the Federal Reserve, he called out the central bank for keeping interest rates too high and touted a technological revolution that would spur growth without driving inflation.

(2) The Bank of England is expected to hold interest rates as it waits for more evidence that a fresh bout of inflation risks a damaging wage-price spiral.

(3) Britain’s monarch plans to ask some of the most critical figures in artificial intelligence for reassurances the technologists can keep their inventions under control.

(4) President Donald Trump floated hitting goods imported from the European Union with fresh tariffs or even cutting off some trade if he determined that a push to make Canada a potential associate of the bloc was harmful to the US.

(5) Europe is set for one of its smallest ever potato harvests after a succession of heat waves and lingering drought battered the water-hungry staple.

(6) The central square in Kozani has what you’d probably expect from a small Greek city. There’s an Orthodox church, the mayor’s office and a crop of tavernas and cafes. There’s little to suggest it lies at the heart of a transition that the country has a lot riding on.

Podcast Conversation: 1,400 New Words and Definitions Added to Merriam-Webster.com

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

On today's podcast:

(1) Tensions between Russia and Europe are intensifying after a string of security incidents across the continent. The growing tensions between the EU and Russia come as Ursula von der Leyen delivers her State of the European Union speech this morning

(2) Senior Trump administration officials met Tuesday with Anthropic PBC’s top Washington executive to discuss artificial intelligence safety risks.

(3) The Federal Reserve is expected to lift interest rates on Wednesday for the first time since 2023 as policymakers lose confidence that inflation will cool sufficiently without at least a nudge from the central bank.

(4) Prospects for an extension to the US-China trade truce are solidifying as the two sides discuss slashing tariffs on goods including American energy and agricultural products ahead of the leaders’ summit next week.

(5) Swiss voters are set to reject a proposal to tighten the country’s neutrality this month, preserving the government’s freedom to interpret the doctrine flexibly.

(6) Across Germany, government bodies are surveying the country's healthcare systems and infrastructure to see how — or if — they would stand up in a defense scenario against Russia.

Podcast Conversation: Eleven CEOs and Founders Share Their Own End of the Year Goals

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

On today's podcast:

(1) Nvidia Chief Executive Officer Jensen Huang took a live phone call from Donald Trump during a panel discussion Monday, allowing the US president to dismiss artificial intelligence dangers as a “hoax.”

(2) The US 10-year Treasury yield surpassed 5% for the first time since 2023 on Monday, as mounting inflation angst collided with swelling government and corporate borrowing needs.

(3) President Donald Trump’s daughter-in-law said a Russian oligarch paid for “two incredible nights of celebration” in the Bahamas after her wedding to Donald Trump Jr. but was not involved in the actual nuptials, amid fresh ethics questions involving the first family.

(4) President Donald Trump and Ukraine offered differing accounts of a supposed agreement with Russia to stop attacks on energy infrastructure, as strikes on oil refineries help drive diesel prices to record levels.

(5) The US Supreme Court refused to clear the Postal Service to enforce new restrictions on mail-in ballots for the congressional midterm elections, rebuffing the Trump administration’s request to intervene after several states launched early voting.

(6) Prime Minister Andy Burnham is considering whether to help Saudi Arabia counter attacks from the Houthis in Yemen amid UK concerns about a worsening economic hit from the escalating conflict.

Podcast Conversation: Business School ROI Calculator: Will an MBA Pay Off for You?

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On today's podcast:

(1) OpenAI CEO Sam Altman has stepped up calls to slow the development of the most powerful AI systems, putting him directly at odds with President Trump. Writing on social media this morning, Altman said no amount of American competitive pressure should justify recklessness.

(2) Sweden’s election will go down to the wire, the tightest in its history, and one that will hinge on the complete counting in coming days of late-arriving ballots and votes from overseas.

(3) Oil pushed higher as Saudi Arabia’s closure of a major crude pipeline following attacks jolted the market, with the move disrupting a route that’s been key to bypassing the Strait of Hormuz during the US-Iran war.

(4) The locomotive of a passenger train traveling from Kyiv to Warsaw was hit by a Russian drone just kilometers from the Polish border on Sunday morning. The attack happened minutes after another train carrying European officials including former Swedish Prime Minister Carl Bildt and former UK Prime Minister Boris Johnson left the station on the way back from an annual conference in Kyiv.

(5) Prime Minister Andy Burnham says Britain needs a “culture shift” to make it easier to start companies and reward risk-taking, as he sought to quell the concerns of business leaders before next month’s budget.

Podcast Conversation: During Political Upheaval, British Cinema Turns to Class War

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) Bond bears are pushing benchmark Treasury yields toward the closely-watched 5% level ahead of US inflation data that stands to determine expectations for a Federal Reserve interest-rate hike next week.

(2) Brent oil traded near $108 barrel after fighting between Yemen-based Houthi militants and Saudi-backed forces intensified, stoking fears of deeper supply disruptions as hostilities escalated across the Middle East.

(3) European Central Bank officials expect to raise interest rates further, with another increase possible as soon as next month, according to people familiar with the situation.

(4) OpenAI is considering slowing down the development of cutting-edge artificial intelligence, and the ChatGPT maker’s Chief Executive Officer Sam Altman is hoping other AI companies will do the same.

(5) Billionaire financiers Mark Walter and Todd Boehly are nearing a deal to sell their stakes in Chelsea FC to majority owner Clearlake Capital, according to people familiar with the matter.

(6) The Dutch authorities are considering a major expansion of infrastructure in the Moerdijk area, potentially requiring the village's residents to leave and the village to be razed. The expansion is needed to accommodate the Netherlands' changing energy system, with the region's energy needs keeping rising and the demand for grid capacity growing faster than networks can be expanded.

Podcast Conversation: Japan’s Rice Balls Are Invading the UK: Howard Chua-Eoan

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

On today's podcast:

(1) Traders are boosting bets on interest-rate hikes from the European Central Bank and the Bank of England as climbing energy prices threaten to keep inflation entrenched through the coming year.

(2) Iran is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure, according to a senior official from the Islamic Republic.

(3) Apple unveiled the company’s first foldable smartphone during a wide-ranging event Wednesday, betting that a new category can energize growth for its biggest-selling lineup.

(4) An unprecedented number of US companies sold bonds in Europe on Wednesday, drawn by liquidity and attractive terms as their home market strains under a deluge of AI-related debt.

(5) Jimmie Åkesson won’t become prime minister in coming elections in Sweden but in a way he’s already won. For more than a decade now, the 47-year-old far-right populist has been steering the national conversation in one of most stubbornly progressive corners of Europe.

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

On today's podcast:

(1) Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting Japan’s currency, saying when he makes market calls these days he’s effectively doing so with inside information.

(2) US forces destroyed five Iranian tankers carrying crude oil on Tuesday in response to two attempts to hit a US Navy warship with ballistic missiles in as many days, Central Command said.

(3) The UK, France, Canada and other countries announced coordinated measures against Israeli settlements in the West Bank, as western nations sought to raise pressure on Prime Minister Benjamin Netanyahu’s government.

(4) The US escalated its trade war with Canada following Ottawa’s tariff retaliation, moving to block imports of some products while slapping new tariffs on others, as well as seeking to bar Canadian companies from selling to government contractors.

(5) The Melville Sugar Mill in South Africa's KwaZulu-Natal province has closed and trees have grown through its brick chimneys, a sign of the struggling sugar industry. The sugar industry sustains more than a million people and provides jobs in a country with high unemployment, but it is struggling to compete with imports and has been in decline since reaching a production peak in 2003.

Podcast Conversation: This Fall’s Most Anticipated Nonfiction Includes Memoir and AI

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

On today's podcast:

(1) UK Prime Minister Andy Burnham’s government is expected to ban trade with Israeli settlements in the West Bank on Tuesday as he seeks to adopt a stronger policy on an issue that’s important to his governing Labour Party but may anger US President Donald Trump.

(2) Brent oil is closing in on $100 a barrel as traders watch for details of an Iranian deal with Oman to manage shipping through the Strait of Hormuz, while strong Chinese buying tightens the market.

(3) Mistral AI has raised €3 billion ($3.5 billion) at a valuation of more than €21 billion from investors led by Samsung Electronics Co. to fund the development of artificial intelligence models and build computing infrastructure.

(4) OpenAI’s top scientist has warned that artificial intelligence is evolving so rapidly that it is becoming increasingly difficult for humans to understand and control, and said he expects AI labs to voluntarily slow development for safety reasons.

(5) Christian Klein takes a sweeping turn around his office building in southwestern Germany and hits the brakes of his black electric BMW. The chief executive officer of SAP SE jumps out in an ebullient mood, in spite of the circumstances.

Podcast Conversation: Decoding Britain’s Bayeux Tapestry Diplomacy: Martin Ivens

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

On today's podcast:

(1) The far-right Alternative for Germany scored its best-ever result in a state election on Sunday amid growing public discontent with the political establishment, delivering a powerful blow to Chancellor Friedrich Merz.

(2) Russian Foreign Minister Sergei Lavrov accused Germany of moving toward a direct confrontation with Russia as he criticized Berlin’s decision to close some diplomatic offices after a drone incident at Leipzig airport.

(3) Ukraine is resigned to Russia’s war dragging on through another tough winter and is looking for a “package” from allies that would cover air defense reinforcements as well as energy, including US LNG.

(4) Iran and the US carried out what appeared to be their largest tit-for-tat tanker strikes yet over the weekend, pushing oil prices higher as both nations continue to escalate a six-month war that has disrupted shipping and stoked global inflation.

(5) John Healey plans to put regional growth at the heart of his economic vision, while vowing fiscal discipline, in his first major speech as chancellor of the exchequer on Monday.

Podcast Conversation: The British Restaurant Invasion Sweeping the US: Review

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) Volkswagen's supervisory board backed a sweeping restructuring that calls for 50,000 additional job cuts, far fewer models and a smaller industrial footprint, giving Chief Executive Officer Oliver Blume his clearest mandate yet to overhaul Europe’s biggest carmaker.

(2) Reform UK leader Nigel Farage’s hopes of using a keynote speech at his party’s annual convention to arrest a slide in opinion polls were upended after two of his closest allies were covertly filmed discussing avoiding electoral law to secure foreign donations.

(3) OpenAI Chief Executive Officer Sam Altman says top artificial intelligence developers have fumbled at communicating the benefits of the technology, leaving the industry vulnerable to growing backlash from communities around the world.

(4) South Korea has begun preparations for a possible deployment of a naval support ship and troops to the Strait of Hormuz, local media reports said, as President Donald Trump ramped up pressure on the US ally over its lack of support for the war with Iran.

(5) At the Marché International de Rungis, the giant wholesale food market known as “The belly of Paris,” cheese supplier Philippe Ammiche finds it increasingly difficult to navigate the endless stacks of boxes from Italy.

Podcast Conversation: Gen Z’s Distaste for Bubbly Booze Remakes Canned Cocktail Market

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

On today's podcast:

(1) Europe is nearing the end of summer with a low natural gas buffer, threatening to intensify a global fight for supply.

(2) As Britain’s borrowing costs rise and hostilities flare between the US and Iran, the sums for Chancellor of the Exchequer John Healey’s debut budget are getting trickier by the day.

(3) European officials vowed to boost Ukraine and penalize Russia as tensions flared following Germany’s accusation that Moscow tried to sabotage a local airport.

(4) Broadcom predicted a boom in artificial intelligence chip sales over the next two years, helping renew optimism that it can challenge Nvidia Corp.’s dominance in the lucrative market.

(5) Driverless taxis have been operating in US cities like San Francisco and Los Angeles for a while now, but the higgledy-piggledy, rainy streets of London present a far greater challenge.

Podcast Conversation: Does Splurging on Joy Give You a Guilt Hangover?

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

On today's podcast:

(1) The yield on 30-year US government bonds climbed back to levels seen just before Treasury Secretary Scott Bessent expanded a buyback program in an effort to contain long-term borrowing costs.

(2) UK Prime Minister Andy Burnham was confronted by the harsh reality of Britain’s weak public finances on his return to parliament on Tuesday as the global selloff in government bonds left him facing a £12 billion problem

(3) The conflict between the US and Iran escalated sharply, with American forces carrying out a fresh wave of strikes and Iran saying it had retaliated.

(4) Treasury Secretary Scott Bessent said China prevented the Group of 20 from issuing a joint communique after a gathering of finance and central bank chiefs this week due to a dispute over its giant trade surplus.

(5) Nvidia is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter.

Podcast Conversation: Dyson Debuts $499 AI-Powered Toothbrush With a Built-In Camera

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

On today's podcast:

(1) US Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss, Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues.

(2) Shein struggled in its Hong Kong debut after a years-long process to an initial public offering that eventually valued the company at a fraction of what it was once worth and still left investors questioning its value as consumer play.

(3) US Treasury Secretary Scott Bessent told Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda that the Asian country’s next step should be to raise interest rates, NHK reports, citing an interview with a US official.

(4) Anthropic agreed to a $35 billion computing deal with Lambda, a cloud provider backed by Nvidia , part of an effort to quickly expand its AI capacity, according to a person familiar with the matter.

(5) Superstar Lionel Messi announced his retirement from Argentina’s national team after more than two decades, marking the end of an era for the football-obsessed South American nation.

Podcast Conversation: US Economy Needs Clusters Like Silicon Valley: Allison Schrager

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

On today's podcast:

(1) The US and Iran exchanged strikes for the first time in about a month as American forces hit Iranian rocket launchers and the Islamic Republic responded by firing missiles toward Jordan.

(2) President Donald Trump’s plan to seize direct control of Venezuela’s oil reserves is prompting warnings that the Latin American nation will become a modern-day resource colony akin to the so-called banana republics of a century ago — something that could create long-term risks for oil companies operating there.

(3) Bond investors at firms including ABN AMRO Investment Solutions and Brandywine Global Investment Management are voicing skepticism about mounting speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates.

(4) Icelanders narrowly turned down reopening membership talks with the European Union in a divisive referendum, as concerns over retaining control of the island nation’s natural resources eclipsed the case for closer alignment with Europe.

(5) Chancellor Friedrich Merz warned that Germany’s eastern Saxony-Anhalt region will suffer economic damage if the far-right AfD party wins control of the state’s government next Sunday.

Podcast Conversation: Welcome to the Don’t Ask, Don’t Tell AI Economy

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) A chorus of investors is urging Federal Reserve Chairman Kevin Warsh to provide a strong rebuke of high inflation to boost the long end of the Treasury market.

(2) Federal Reserve officials continue to send mixed signals on their outlooks for inflation, with some arguing higher interest rates are needed to tame prices while others signaled less urgency.

(3) France’s first presidential election debate was largely consumed by bickering among the candidates on how to deal with the country’s swelling debt, including a dispute over a far-left proposal to simply cancel a portion of it.

(4) Nvidia added $442 billion to its market value on Thursday in the second-largest one-day gain by any stock in history.

(5) The Trump administration must lift its ban on Anthropic's artificial intelligence technology for federal agencies, a US judge ruled.

(6) President Donald Trump announced he was moving to rename Lake Ontario as Lake America, escalating his clash with Canada after trade negotiations between the two nations collapsed.

(7) UEFA, Europe’s governing football body, said that it’s pursuing a criminal case against FIFA President Gianni Infantino in Switzerland, intensifying the fallout from his failed plan to monetize the World Cup.

(8) US Money Pours Into English Football. But Can It Fix the Wi-Fi?

Podcast Conversation: Dua Lipa’s Sunny Hill Festival Puts Kosovo on the Music Map

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

On today's podcast:

(1) Nvidia, the chipmaker at the heart of the artificial intelligence boom, gave a bullish sales outlook for fiscal 2028, easing concerns that AI spending is poised to lose momentum.

(2) Iran’s military said it reached a revenue-sharing agreement with Oman on the Strait of Hormuz, as Tehran and Washington’s standoff over control of the crucial waterway continues.

(3) Russia is preparing to escalate attacks on Ukraine after concluding that negotiations for a peace deal have reached a dead end, according to three people close to the Kremlin.

(4) Meta said it agreed to pay up to $18 billion in landmark settlements to resolve social media claims from US states that would require the company to make major changes to how it operates platforms like Facebook and Instagram.

(5) A Barclays survey has found that this year’s heat waves measurably impacted the investment plans of businesses and conduct of consumers in the UK.

(6) As many as 230,000 adults in two districts of Malawi are each receiving about 1.2 million kwacha, or almost $700, and they can do whatever they want with it.

Podcast Conversation: As Data Centers Hum and Whine, Acousticians Are in High Demand

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

On today's podcast:

(1) Iranian Foreign Minister Abbas Araghchi and his Omani counterpart Badr Albusaidi discussed an “interim framework” aimed at resuming shipping through the Strait of Hormuz, according to a joint statement carried by the Oman News Agency, as the two sides press ahead with long-running talks over navigation through the key waterway.

(2) The Trump administration is discussing additional trade penalties against Canada after Prime Minister Mark Carney unveiled dollar-for-dollar retaliation to new tariffs imposed by the US on Saturday.

(3) Treasury Secretary Scott Bessent’s surprise plan to tamp down US borrowing costs by expanding bond buybacks may have sparked fierce debate about its ultimate effectiveness, but key market metrics and positioning show that it’s having an impact.

(4) Nvidia will deliver its quarterly earnings report on Wednesday, updating investors on the state of the AI industry’s massive data center expansion — and the company’s efforts to remain at the center of that frenzy.

(5) Meta and state attorneys general have discussed a possible mid-trial settlement of a blockbuster case accusing the company of deliberately designing Facebook and Instagram to addict teens, people familiar with the matter said.

(6) The images of thousands of people swimming into the Spanish territory of Ceuta from Morocco at the end of July were seen around the world. As politicians trade barbs in cities far away, Ceuta is still grappling with the real-life consequences of that day.

Podcast Conversation: Dolly Parton, the effervescent and glamorous “Queen of Country” who emerged from extreme poverty in rural Tennessee to become one of America’s most distinguished songwriters and wealthiest self-made women, has died. She was 80.

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

On today's podcast:

(1) Treasury Secretary Scott Bessent threatened economic punishment against any country doing business with Iran as part of what he called an “economic D-Day” campaign to isolate the Islamic Republic and end nearly six months of war.

(2) UK Prime Minister Andy Burnham said he and other European leaders plan to travel to the US next month to lobby President Donald Trump to let Ukraine access some of its Patriot air defense missile stocks ahead of the winter.

(3) The UK became the first foreign nation to gain access to Ukraine’s vast trove of battlefield data in a deal designed to train artificial intelligence models and develop fresh military capabilities.

(4) The trade war between the US and Canada erupted into an extraordinary exchange of insults and threats between President Donald Trump and Doug Ford, the leader of Ontario.

(5) Treasury Secretary Scott Bessent refrained from any further signals on revamping US debt management on Monday, following a report that his department could draw down some of its cash pile to fund buybacks of higher-yielding older securities.

(6) Saudi Arabia plans to build a theme park complex near Paris that will include at least one area dedicated to Japanese manga comic books.

(7) Recruiters are facing a problem they may have once wished for: Every resume is perfect. Artificial intelligence tools have made it easy to submit a flawless job application, so employers are bringing back traditional techniques to sift through candidates.

Podcast Conversation: More Cheese, Please — Japan’s Guilty Consumption

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

On today's podcast:

(1) Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade negotiations collapsed, according to people familiar with the matter.

(2) Oil dropped after two weeks of gains, with the market waiting to see the US economic isolation plan for Iran due to be released later Monday.

(3) It’s a crucial week for markets, with investors looking to Fed Chair Kevin Warsh’s comments at Jackson Hole, Wyoming, for clues on the path for interest rates as elevated oil prices stoke inflation pressures and bond yields soar to multi-decade high.

(4) Ukraine offered Russia a truce on attacks against ships carrying agricultural commodities through the Black Sea, but Moscow rejected the deal because it wanted guarantees against strikes on its energy infrastructure, Ukrainian President Volodymyr Zelenskyy said.

(5) Donald Trump’s family is on the verge of having its very own bank. t’s now easier than at any time in almost 20 years to get a national bank charter, thanks to the Trump administration’s deregulation push.

(6) Investment in UK financial technology firms fell to the lowest level since at least 2016 in the first half of this year, as funders flock to companies tied to artificial intelligence and can show long-term growth.

Podcast Conversation: Retailers Want AI to Solve Online Shopping’s Biggest Problem

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) The US equity market is in bubble territory, with metrics such as the Shiller cyclically adjusted price-to-earnings ratio, the real equity risk premium, and the Buffett Indicator pointing to overvaluation.

(2) Anthropic expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom.

(3) Treasury Secretary Scott Bessent said that he’s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in year

(4) Oil headed for a substantial weekly gain, as a US push to isolate Iran’s economy raised the specter of further market disruption.

(5) France’s fiscal deficit would widen by at least 0.5% of economic output if political divisions prevent the adoption of a 2027 budget before presidential elections, the state’s finance auditing body cautioned.

(6) British consumers are more confident than at any point since Labour took power two years ago, further evidence that the national mood has improved since Andy Burnham took over as prime minister in July.

Podcast Conversation: How Dachshunds  Became One of the World's Hottest Breeds

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

On today's podcast:

(1) A spate of compelling releases at budget prices have made China the frontrunner in the race for global adoption.

(2) China is using new legal powers to block European Union scrutiny of alleged state support for its companies, adding friction ahead of an October deadline to resolve outstanding trade disputes.

(3) JPMorgan strategists warned that markets may view the US Treasury’s surprise effort to curb long-term borrowing costs as lacking credibility, potentially pushing up the term premium and yields over time.

(4) Total US public debt surpassed $40 trillion for the first time, and has now surged by a third in less than five years, as US lawmakers continue to shrug off calls to contend with historically wide fiscal deficits.

(5) The UK’s Green Party has said it wants to apply a 38% windfall tax on banks, adding to the pressure from the left on Prime Minister Andy Burnham to target the City of London.

(6) The Duke and Duchess of Sussex are planning to move back to the UK, BBC News understands.

Podcast Conversation: Apple Must Heed Lessons of Meta’s ‘Pervert’ Glasses: Dave Lee

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

On today's podcast:

(1) A global selloff in semiconductor stocks deepened as investors retreated from one of the year’s hottest trades amid elevated bond yields and geopolitical uncertainty. Treasuries gained modestly following recent losses.

(2) US President Donald Trump insisted Tuesday that there were no talks ongoing with Iran, leaving the simmering conflict in the Middle East and control of the Strait of Hormuz stuck in limbo.

(3) The Trump administration delayed 50% tariffs on billions of dollars of Canadian products for three days, saying the two sides had reached a tentative agreement to resolve a broader trade dispute that had plunged relations to a fresh low.

(4) Swiss voters are set to reject an initiative to strengthen the country’s neutrality in a ballot next month that Russia has tried to sway with jibes about the country’s actions during World War II.

(5) Rising temperatures in the ocean now have the potential to cause intense storms in Europe later this year, according to new research.

(6) A high-ranking FIFA council member has withdrawn his support for Gianni Infantino, citing the dismissal of fellow executive Kevin Lamour as the “final straw.”

(7) Investors are throwing their support behind Ukraine and pocketing some of the most lucrative gains in bond markets.

Podcast Conversation: LinkedIn Users Are Rewriting the Past to Land Jobs

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

On today's podcast:

(1) Longer-maturity bonds are at the epicenter of investor angst about everything from inflation to the debt-laden artificial-intelligence boom — and governments are paying the price.

(2) The prospects for peace in the Middle East suffered a fresh setback, with President Donald Trump saying he’s not interested in extending the expiring agreement with Iran and tensions flaring anew in the Strait of Hormuz.

(3) Russia’s hybrid war in Europe has already begun, Latvian President Edgars Rinkevics said, following warnings of Moscow’s attempts to intimidate nations supporting Ukraine.

(4) China’s economy showed across-the-board weakness in July and growth likely slipped further below the government’s annual target, sparking a call from Premier Li Qiang on officials to ramp up supportive measures.

(5) Meta Platforms is headed to court Tuesday for a high-stakes showdown with a coalition of state attorneys general over claims that the company deliberately designed Facebook and Instagram to encourage compulsive use among young users.

(6) Anthropic is on track to generate annualized revenue of more than $65 billion based on its current performance, according to people familiar with the matter, up more than sevenfold from its pace at the end of last year.

(7) Mike Ashley's Frasers Group has built a real estate empire and now owns around 8 million square feet of retail park and shopping center space, part of what the company’s CEO Michael Murray said is a 16 million-square-foot portfolio worth £2 billion.

Podcast Conversation: America Has More Money, Europe Has Better Manners

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

On today's podcast:

(1) JPMorgan Chase's Jamie Dimon warned UK Chancellor of the Exchequer John Healey in a call last week against higher taxes on banks as Prime Minister Andy Burnham’s government prepares its budget for October, the Financial Times reported.

(2) Europe's lenders are hopeful the European Commission will tackle some of their biggest complaints. The continent is weighing a deregulation push after President Donald Trump’s administration vowed to unshackle banks from what it sees as excessive curbs introduced after the 2008 financial crash.

(3) President Donald Trump said he’s told the Pentagon to “substantially reduce” joint military exercises with South Korea, indicating his shift was driven by frustration the longtime US ally hadn’t provided more support for his war with Iran.

(4) Middle Eastern oil producers are pressing ahead with shuttling large volumes of crude out of the Persian Gulf, helping keep a lid on prices and assuaging fears of an energy-driven inflation spike, even as the Iran war drags on.

(5) French Prime Minister Sebastien Lecornu will hold a crisis meeting Monday to respond to the cyberattack disclosed last week targeting the country’s tax collection agency.

(6) Emergency services were attempting to control a large wildfire in the east of Belgium on Sunday, after the blaze destroyed about 2,700 hectares (6,700 acres) of a nature reserve and forced about 600 residents to evacuate in an area near the German border.

Podcast Conversation: For Chefs and CEOs Alike, Vision Is Priceless

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) Nigel Farage is returning to Parliament after winning an election designed to turn the page on questions over his personal finances that saw the Reform UK leader go head-to-head against a satirical candidate dressed as a trash can.

(2) The US government sold 30-year bonds at the highest interest rate in a quarter century, a testament to investors’ demand for greater compensation to finance the nation’s growing deficit.

(3) UK Prime Minister Andy Burnham faces a dilemma over how to cut the cost of living while rebalancing business taxes toward larger companies. Hitting some bigger firms might cause them to pass prices onto consumers.

(4) OpenAI is on track to generate annualized revenue of more than $40 billion based on its current performance, according to people familiar with the matter, roughly doubling its run rate from the end of 2025 and bolstering the company’s plans for a Wall Street debut.

(5) Poland said its security services prevented the assassination of a US citizen originally from Ukraine that was ordered by Russian intelligence.

(6) An unusually powerful El Niño is raising the odds that 2026 will surpass 2024 as the world’s hottest year on record, and regardless, 2027 is expected to set a new high, according to a monthly analysis of global weather data by Berkeley Earth, a nonprofit research group.

(7) Heat wave warnings are still in place in much of Europe today, although the peak in temperatures has now passed in France and the UK. The more frequent extreme weather events are pushing forecasters into using new technologies.

Podcast Conversation: Cats and Dogs Are Now Being Given Anti-Aging Drugs, Peptides

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

On today's podcast:

(1) Russia may escalate attacks against the Baltic States and Poland, a European intelligence official said, amid rising concern that Moscow wants to further intimidate nations supporting Ukraine.

(2) A $42 billion auction of 10-year US Treasuries resulted in the highest yield for the benchmark securities since 2007, luring decent appetite from investors who’ve been demanding more compensation to finance the US government.

(3) Prime Minister Sanae Takaichi’s government is supportive of a near-term rate hike by the Bank of Japan, with the next move likely either in September or October, according to people familiar with the matter.

(4) Global stocks climbed toward a record and bonds extended gains as a subdued US inflation report eased concerns about an imminent interest-rate hike by the Federal Reserve. Brent snapped a six-day rally.

(5) The US military campaign against Iran has so far failed to force the regime to capitulate. The Trump administration is betting once again that suffocating economic pressure will do the job.

(6) Europe’s fifth heat wave of the summer is set to peak Thursday, the latest in a string of extreme weather events that have strained health systems and energy networks across the region.

(7) The black box around Xi Jinping’s corruption crackdown has long fueled political gossip in China. Now, an underground market is emerging for selling purported secrets on who might be next to fall.

(8) Toms Kreicbergs worked on Wall Street before returning to his native Latvia, where he writes science fiction and engages in an enterprise almost as fanciful: trying to get more of his fellow citizens to invest in the stock market. In countries big and small, the European Union is chasing a dream: Its savers, with €11 trillion stashed in bank accounts, will finally develop a lust for stock and bond markets and pump money into businesses across the region, powering both European growth and their own prosperity.

Podcast Conversation:China Pioneered 90-Second Microdramas, and Hollywood Wants In

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

On today's podcast:

(1) Oil advanced for a sixth day on skepticism about the prospects for a deal that would restore energy flows through the Strait of Hormuz, despite an upbeat assessment from some officials.

(2) Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to toughen their positions in the long-deadlocked negotiations.

(3) The yen edged closer toward a key level against the dollar, raising concerns over Japanese authorities stepping in again to prop up the currency.

(4) CoreWeave, a provider of computing that powers artificial intelligence systems, soared in late trading after the AI spending frenzy spurred faster sales growth than anticipated.

(5) Night will fall on Europe’s power system a bit early Wednesday evening, as an eclipse is set to block solar generation across parts of the UK and western Europe.

(6) Around 90,000 of London’s white-collar jobs are poised to transfer to other parts of the UK over the next five years, as Prime Minister Andy Burnham’s devolution drive and the capital’s cost pressures encourage businesses to shift work elsewhere.

Podcast Conversation: Curry Dish, Not Big Mac, Captures Just How Weak Yen Is, BNY Says

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

On today's podcast:

(1) Another wave of intense heat is set to sweep across an already parched Europe this week, raising wildfire risks, threatening crops and drying watersheds feeding the region’s critically low rivers.

(2) British shoppers retreated during the July heat wave, prioritizing small treats and cutting back elsewhere as the recent consumer boost showed signs of fading.

(3) US President Donald Trump made sweeping new demands on Iran after Tehran reiterated requests for reparations as part of talks to wind down the conflict, dimming hopes of a quick deal that would reopen the Strait of Hormuz.

(4) An Iranian assassination threat against President Donald Trump prompted an extraordinary operation last month in which he flew secretly from Turkey on an alternate military aircraft while the White House said he was aboard Air Force One, The Washington Post has learned.

(5) US investment giants including Apollo Global Management, Blackstone, BlackRock. and Brookfield Asset Management are partnering with Nvidia to source $500 billion in financing for artificial intelligence infrastructure.

Podcast Conversation: UK Wildfires Are Here to Stay. We Have to Adapt: Lara Williams

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

On today's podcast:

(1) Economic growth in the euro zone is set to quicken after showing surprising resilience to the Iran war, according to a Bloomberg survey of analysts.

(2) Iran promoted a hard-line ex-commander as its top security official, shaking up its highest decision-making body on national defense after saying it was “very close” to a deal with Oman over shipping through the Strait of Hormuz.

(3) The alleged leader of an Irish organized crime gang, Daniel Kinahan, has been extradited to Ireland from Dubai to face allegations that he ran an international drug smuggling and money laundering empire.

(4) Hiring at British businesses held steady in July, ending a downturn stretching back to the Liz Truss crisis in 2022, according to a closely watched survey.

(5) Prime Minister Andy Burnham is embarking on a nationwide tour to promote new policies aimed at reducing the cost of living, just as controversy over his prisons policy threatens to end the honeymoon he’s enjoyed since taking office.

Podcast Conversation:YouTube Stars Are a Hip New Asset Class: Lionel Lauren

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

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

On today's podcast:

(1) European natural gas jumped as traders awaited the US response to an Iran-Oman agreement on the Strait of Hormuz, while the continent faces pressure to replenish gas inventories before winter.

(2) Extreme heat has killed more than 25,000 people across Europe this year, according to the latest available data compiled by Bloomberg.

(3) The US blindsided the European Central Bank last week with its historic currency intervention to help Japan, only informing its counterparts in Frankfurt after it sold euros to buy the yen, the Financial Times reported, citing several people familiar with the matter.

(4) Andy Burnham’s government declined to rule out increasing bank taxes in its upcoming budget, as bumper profits among lenders prompt speculation that the new administration will target City of London firms.

(5) Meta Platforms was ordered Thursday to pay $567 million to the state of New Mexico and implement changes to protect minor users after a state court judge sided with the state’s attorney general in a landmark trial.

(6) A highly anticipated new device from OpenAI will have a unique look, complete with moving parts that help give it personality, and likely cost more than $300, according to people familiar with the matter.

(7) Coming off its most lucrative World Cup ever, FIFA is exploring selling US media rights for the next two tournaments together that would keep the controversial hydration breaks that boosted ad revenue, according to a person familiar with the matter.

Podcast Conversation: What Happens When Smoke Gets in Your Wines

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

On today's podcast:

(1) Hackers launched a wave of sophisticated attacks on Wall Street firms in recent days, targeting information systems at major money managers, according to people familiar with the matter.

(2) Just days after his hedge fund was on the brink of collapse, Leopold Aschenbrenner has made his return to the investing scene, plunking down $400 million to back a privately held company, according to people familiar with the matter.

(3) Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies.

(4) Commerzbank unveiled a fresh share buyback as Chief Executive Officer Bettina Orlopp seeks to demonstrate that her strategy delivers strong returns while Italian rival UniCredit is preparing to control.

(5) Germany’s Leipzig-Halle airport, a major hub for transporting cargo and military equipment, temporarily suspended flights after an armed drone was found overnight and a cargo plane collided in midair with a small, unidentified object.

(6) FIFA said Wednesday it had apologized for errors made over Gianni Infantino’s failed plan to sell stakes in the World Cup and that senior staff in attendance at a crisis meeting in Morocco “reaffirmed their full support” for his presidency.

(7) As President Vladimir Putin’s full-scale invasion of Ukraine extends for a fifth year, Russian businesses can no longer afford to keep pace with the Kremlin’s war machine in the wage race.

Podcast Conversation: Come to Edinburgh and Eat … Gelato

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

On today's podcast:

(1) SpaceX’s stock fell after it disclosed higher-than-expected spending on its artificial intelligence business, overshadowing an inaugural quarterly report that broadly surpassed Wall Street forecasts.

(2) Advanced Micro Devices Inc. tumbled in late trading after giving an underwhelming sales outlook, a sign shareholders expected more of a return from the global expansion of AI data centers.

(3) Artificial intelligence models developed by OpenAI and Anthropic PBC carried out “unsanctioned” actions — including hacking a website and attempting to inject harmful code into software during safety testing — reinforcing fears that neither the creators nor seasoned researchers of these systems can predict their actions in testing.

(4) President Donald Trump discussed efforts to de-escalate US-Iran tensions with Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani in a call Tuesday, according to the Gulf state’s government. A White House official confirmed the call, but didn’t offer additional details.

(5) Former senior officials from the UK, France, Germany and Russia met in Vienna last month to explore potential conditions for peace talks to end Moscow’s war on Ukraine, according to people familiar with the matter.

Podcast Conversation: ‘Refrigerator for Humans’ in Japan Offers Summer Scorcher Relief

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

On today's podcast:

(1) HSBC announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China’s crackdown on cross-border wealth flows.

(2) The Rhine River’s water levels dropped to the lowest in nearly 150 years as hot, dry weather grips Europe, threatening to disrupt a crucial route for transporting coal, fuel and industrial commodities across a large swath of the continent.

(3) President Donald Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic.

(4) The Iran war's impact is unfolding across Asia and it's visible from space. Bloomberg Economics analysis of NASA satellite imagery found that nearly 60% of the land area in the region experienced abnormal declines in nighttime radiance since the conflict began.

(5) The EU will try to restore unity today at a meeting of home affairs ministers, after Spain's migrant crisis exposed deep divisions within the bloc.

(6) Treasury Secretary Scott Bessent’s call for the Federal Reserve to boost a facility that Japan can use to support its currency has put renewed attention on the ties between the two institutions, which typically operate at arm’s length.

(7) Apple is yet again challenging the UK government in court over its attempts to access the encrypted data of customers, including iPhone users, according to two people familiar with the matter.

Podcast Conversation: Americans Are Rethinking Their Love Affair With Plant Milks

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

On today's podcast:

(1) President Donald Trump said new Iran talks would begin Monday afternoon after he called off a planned attack on Iran partially in response to pleas from US allies in the Middle East, including Saudi Arabia.

(2) The yen rallied sharply on Monday amid speculation that authorities may have intervened to prop up the currency again after coordinated action between the US and Japan last week.

(3) The UK government has more than doubled the number of crime agency officers deployed to combat human smuggling in the past 18 months as it steps up efforts to stop the gangs behind illegal migration.

(4) The Spanish port of Ceuta over the weekend no longer looked like a city on edge, but residents were still rattled by the events of last week. Nearly all of the around 60,000 people who crossed have been returned to Morocco, but the humanitarian crisis has reignited a debate around immigration in Europe.

(5) AstraZeneca has explored an acquisition of Bristol Myers Squibb, a megadeal that would create one of the world’s largest drugmakers, according to people familiar with the matter.

(6) Two helicopters collided in Greece’s Attica region, as they fought to contain a wildfire sweeping through a mountainous coastal area bedecked with forests.

(7) The evidence suggests that devolution is no panacea. But studies from Harvard and the Organisation for Economic Cooperation and Developmentare backing up new UK Prime Minister Andy Burnham's central theory of putting power in the hands of regional governments.
 
Podcast Conversation: AI Adoption Is Dividing Friends, Families and Co-Workers

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

See omnystudio.com/listener for privacy information.

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

On today's podcast:

(1) Leopold Aschenbrenner's hedge fund, Situational Awareness, was forced to sell billions of dollars of technology investments that had rapidly lost value, as nervous banks began to demand more collateral for his trades.

(2) Anthropic said its artificial intelligence models breached three organizations during cybersecurity tests that went awry, a little more than a week after its chief rival, OpenAI, disclosed a similar incident.

(3) Apple tumbled in late trading after component shortages weighed on the company’s sales forecast, signaling that industrywide supply constraints are taking a bigger toll than anticipated.

(4) The yen gave up more of its intervention-driven gains after the Bank of Japan left interest rates unchanged, with traders turning their attention to whether Governor Kazuo Ueda can offer support for the currency at his press conference later Friday.

(5) UEFA, Europe’s football governing body, on Thursday approved a boycott of FIFA tournaments if President Gianni Infantino proceeds with his plans to sell stakes in a new commercial entity to investors.

Podcast Conversation: London’s Former Seats of Power Reopen as Luxury Hotels

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

On today's podcast:

(1) The message from the bond market was clear: For all of Federal Reserve Chairman Kevin Warsh’s tough talk about taming inflation, he’s in no rush to use the power of the central bank to do it. The Fed kept interest rates unchanged for a seventh straight month, prompting investors to dump 30-year Treasury bonds and send the yield up to nearly 5.23%, a 19-year high.

(2) The Bank of England is set to leave interest rates on hold as it sticks to a wait-and-see approach to navigate the wild swings in oil and gas prices.

(3) The US launched a new wave of strikes against Iran in response to attacks on American military bases in the Middle East, escalating a conflict that has spread across the region.

(4) Samsung posted a 250-fold surge in chip profits and now expects memory shortages to worsen next year, reflecting the relentless pace of a global AI infrastructure buildout.

(5) Meta Platforms gave a disappointing quarterly revenue forecast, stepping up pressure on Chief Executive Officer Mark Zuckerberg to allay investor concerns that the company isn’t swiftly benefiting from its massive outlay on artificial intelligence.

Podcast Conversation: Once You’ve Heard ‘Luxury Voice,’ You Can’t Unhear It: Essay

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

On today's podcast:

(1) The US said it intercepted an Iranian attack on military bases, ending a dayslong pause in fighting and increasing the risk of a return to full-blown war in the Middle East.

(2) SK Hynix earmarked at least $31 billion in capital spending this year after reporting a six-fold surge in quarterly profit, a record outlay that coincides with growing fears about overinvestment in AI capacity.

(3) An OpenAI artificial intelligence agent that breached systems at the startup Hugging Face Inc. earlier this month also compromised a customer of the technology company Modal.

(4) Firefighters in Spain and France are racing to contain wildfires threatening Madrid and Bordeaux as Europe’s fourth heat wave of the summer hinders efforts to bring the blazes under control.

(5) UEFA is considering a boycott of FIFA events, according to a person familiar with the matter, in a seismic rift between the most powerful governing bodies of football.
Podcast Conversation: Runners Splurge on $350 Shorts, $140 Moth-Hole Tees to Look Good

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

On today's podcast:

(1) A global selloff in semiconductor stocks deepened on Tuesday, as fresh signs of China’s progress in advanced chipmaking and mounting concerns over the artificial intelligence spending boom sparked another wave of selling across the sector.

(2) France and Spain are studying ways to pump money into regions hit by massive wildfires over the past week even before the conflagrations are fully contained.

(3) LVMH’s key fashion and leather goods unit, home to Louis Vuitton and Dior, barely eked out sales growth last quarter as the conflict in the Middle East deterred wealthy shoppers.

(4) Labour Members of Parliament warned Andy Burnham he will lose the support of his governing party if he approaches welfare reform with a focus on “punitive” cuts, as Britain’s new prime minister prepares to announce plans to alleviate rising youth unemployment.

(5) The UK shared its “Stone Cloak” technology capable of jamming Russian air defence systems with Ukraine as President Volodymyr Zelenskyy became the first foreign leader to visit Britain for talks with new Prime Minister Andy Burnham.

Podcast Conversation: Midlife Wants Comfort. Your Brain Wants Friction: Abby McCloskey

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

On today's podcast:

(1) More than 300,000 people have fled their homes in towns and villages across France and Spain even as wildfires threaten the major cities of Madrid and Bordeaux, and as a new blaze erupted in the Vall d’Uixó region in Spain’s east.

(2) The US paused an almost two-week run of strikes against Iran for a second night while the Islamic Republic signaled it was refraining from any retaliatory attacks and held talks with Oman over the Strait of Hormuz.

(3) ⁠⁠Oil sank as the US and Iran paused strikes, easing tensions in the five-month-old conflict, even as the Houthis claimed attacks against Saudi targets and ship-tracking suggested flows remained constrained.

(4) The suspect in Saturday’s deadly van attack on Berlin’s LGBTQ pride event was shot dead early Sunday evening in a police operation in the German capital, city officials said.

(5) CXMT’s shares opened 472% higher in their Shanghai debut on Monday, making the memory chipmaker China’s largest onshore-listed company as investors flock to beneficiaries of the AI boom.

See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

See omnystudio.com/listener for privacy information.