Bloomberg Daybreak: Europe Edition

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.

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(6) A high-ranking FIFA council member has withdrawn his support for Gianni Infantino, citing the dismissal of fellow executive Kevin Lamour as the “final straw.”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

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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.

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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.

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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.
In the US – a look ahead to S housing data, along with a focus on 3 stocks for the week ahead.
In the UK – a look ahead to Europe inflation and PMI data.
In Asia – a look ahead to why the persistent weakness of the yen is a troubling issue for Japan’s policymakers.
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