Bloomberg Daybreak: Europe Edition

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 Radio with Barclays Chief UK Economist Jack Meaning

Podcast Conversation: A Guide to Navigating UK Leasehold Laws That Still Await Reform
See omnystudio.com/listener for privacy information.

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 Radio with Barclays Chief UK Economist Jack Meaning

Podcast Conversation: A Guide to Navigating UK Leasehold Laws That Still Await Reform
See omnystudio.com/listener for privacy information.

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

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

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

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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