Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) New Prime Minister Andy Burnham has approved the use of British military bases by the US for what the UK calls defensive strikes against Iran, in a continuation of his predecessor Keir Starmer’s policy even as President Donald Trump ramps up his war.

(2) UK government borrowing costs are lingering around two-month highs as oil prices and fiscal jitters keep the market on edge. Both Britain's new prime minister and its new chancellor are stressing their commitments to fiscal discipline.

(3) To the latest earnings, and Spanish lender Santander has reported profits that beat estimates in the second quarter of just over 3.5 billion euros.

(4) Ukrainian President Volodymyr Zelenskyy dismissed Armed Forces commander-in-chief Oleksandr Syrskyi after nationwide protests calling for the top soldier’s ouster.

(5) Farm products are once again in the crossfire of trade tensions between China and the European Union. This time, the target isn’t French wine or Dutch cheese — it’s Peking duck.

(6) France passed legislation to restrict the use of social media for children under 15 years old, becoming the first major European country to do so in a move that may strain relations with US technology companies and President Donald Trump.

(7) Finland’s economy, which has barely grown since the financial crisis, is in a precarious position. While public debt has steadily increased since 2009, going largely to pensions, healthcare, education and social benefits, the private sector has struggled, leading to weak employment and low tax revenue. That has trapped the government in a vicious cycle: in order to bring down national debt, leaders have cut social benefits, which economists say could further chill the economy.

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

On today's podcast:

(1) Andy Burnham named former Defense Secretary John Healey to be his Chancellor of the Exchequer in a surprise move by the UK’s new prime minister that fueled speculation about a bigger increase in military spending.

(2) US President Donald Trump said he had a “very good conversation” with new UK Prime Minister Andy Burnham and that they would be meeting in the “not too distant future,” signaling potentially better ties after tensions with Burnham’s predecessor.

(3) The Trump administration vowed to impose a fresh 50% tariff on some Canadian goods over what it said was unfair treatment of American alcohol, cars and dairy, further inflaming trade tensions between the two neighbors.

(4) US forces struck Iranian targets after President Donald Trump vowed Tehran “will pay” for killing three US soldiers, even as mediators proposed a new truce with the Middle East war widening further.

(5) Europe’s status as the planet’s fastest-warming continent is becoming a serious drag on its economic prospects.

(6) A Bloomberg Businessweek investigation has found that trades with characteristics often associated with insider activity have became more prevalent on Polymarket over the course of this year.

(7) One shipowner is attempting to coax crews to sail through the Strait of Hormuz by offering them an extra six months pay if they’re willing to cross the vital oil channel, offering seafarers a stark choice between large financial rewards and the risk of death.
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Andy Burnham is set to become the UK’s seventh prime minister in just over a decade on Monday with a number of outstanding questions about who will be in his cabinet and the policy direction he will pursue.

(2) The Iran conflict continued to spiral over the weekend, with both sides trading attacks in the aftermath of an Iranian strike that killed two US service-members in Jordan and injured others.

(3) A diesel squeeze is playing out across Europe as a slew of major supply challenges coincide, according to Morgan Stanley, which flagged record refining margins in the region and slumping stockpiles.

(4) At least one person was killed in what Ukraine’s foreign minister called the largest ballistic missile barrage aimed at Kyiv since the start of the Russia’s invasion more than four years ago.

(5) Moonshot AI has told investors it’s preparing to list in as early as six months, seizing the opportunity to tap capital markets after its latest model upended industry perceptions of China’s artificial intelligence capabilities and sent tech stocks reeling.

(6) Spain won its second World Cup title, defeating Lionel Messi’s Argentina 1-0 thanks to substitute Ferran Torres’ strike in extra time before a sold-out crowd in New Jersey.

(7) Ryan Fox wins the British Open with a birdie on the final hole.

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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 new home sales data with a focus on three stocks for the week ahead.
In the UK – a look ahead to the UK preparing to usher in its 7th Prime Minister in 10 years.
In Asia – a look ahead to Japan Marine Day.
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump devoted a prime-time address to reviving unsubstantiated claims that the 2020 election was stolen and raising doubts about the security of the upcoming midterms, turning his attention to a years-long grievance at a perilous moment for his presidency.

(2) Trump's renewed focus on America's biggest geopolitical rival comes as divisions continue to deepen within his own Republican base over the US-Israel war with Iran.

(3) The US launched fresh strikes against Iran as hostilities across the Middle East continued to escalate and shipping traffic slumped in the critical Strait of Hormuz.

(4) Japanese memory chipmaker Kioxia Holdings Corp.’s market capitalization halved in just a month since becoming the nation’s most valuable company, on growing concerns the AI-driven rally in the sector has gone too far.

(5) Within days of taking office incoming Prime Minister Andy Burnham is preparing to announce new drilling for oil and gas in the North Sea as well as taking public control of Thames Water. Burnham approaches the gates of Downing Street along a path littered with short-tenured former leaders whose support quickly evaporated on contact with the realities of reviving the UK economy.

(6) Netflix forecast a second consecutive quarter of slowing sales growth, contributing to investor anxiety about the streaming giant’s future. The company projected revenue of $12.9 billion in the current quarter and earnings of 82 cents a share, both a little shy of analysts’ expectations.

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