Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Democrat Kamala Harris and Republican Donald Trump sparred through their first debate on ABC News, with the former president often on the defensive over abortion rights, the January 6 insurrection and on foreign policy. This podcast includes extracts from that ABC News debate. (2) The Bank of Japan will continue to adjust policy going forward provided the economy performs in line with its projections, BOJ Board Member Junko Nakagawa said, in comments that bumped the yen to its highest level against the dollar since January. (3) US banks scored a big break from regulators on new capital rules — only to ruin their own celebration with downbeat outlooks on lending. (4) Keir Starmer received a warning shot from his own Labour Party over the difficult battles ahead as he tries to fix Britain’s public finances, after his government suffered a significant display of dissent over his decision to scrap winter fuel payments for most UK pensioners. (5) Australian real estate listing provider REA Group Ltd. presented a £5.6 billion ($7.3 billion) takeover proposal for Rightmove Plc that was rejected by the UK’s biggest property portal by market value. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Apple has introduced the latest version of its flagship device, the iPhone 16, betting it can entice consumers with modest hardware upgrades and AI technology that's still on the horizon. (2) The biggest US banks would face a 9% increase in capital requirements — a dramatic retreat from the original plan — after regulators agreed to sweeping changes to a proposed package of rules, according to people familiar with the matter. (3) Goldman Sachs is signaling a note of caution to investors after posting some of the biggest stock advances among its peers this year. (4) HSBC is weighing combining its commercial and investment bank divisions as part of new Chief Executive Officer Georges Elhedery's push to eliminate overlapping roles across the company and shed expenses. (5) For Wall Street, the faceoff between Vice President Kamala Harris and former President and Republican nominee Donald Trump may add another layer of volatility at a time when uncertainty around the labor market, interest rates and geopolitics is fraying investor nerves. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Worse-than-expected economic data is fuelling concerns of a broader global economic slowdown as concern shifts from inflation to growth.While the Fed has all but committed to reducing rates from their highest in more than two decades this month, investors have been scrutinizing economic data for clues as to the scope and pace of the reductions. (2) China's core inflation cooled to the weakest in more than three years, fueling calls for greater efforts to boost households spending as weak demand puts the annual growth target under pressure."You leave the dollar and you're not doing business with the United States because we are going to put a 100% tariff on your goods," the Republican presidential nominee said at a rally in the battleground state of Wisconsin. (3) Donald Trump pledged on Saturday to make it too costly for countries to shift away from using the US dollar, adding a new pillar to his tariff platform. (4) Millions of UK pensioners are in line for an extra £500 next year, a boost the new Labour government hopes will contain a row that's raging over cuts to winter fuel subsidies for the elderly. (5) British supermarket chain Asda is set to face a crucial stage in its equal pay fight with workers in what could form the tip of an £8 billion iceberg of claims against the biggest UK retailers. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Guest-Host John Tucker takes 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, the business news you need in just 15 minutes. On today's podcast: (1) Forecasters anticipate a monthly report on US employment will show a bounce in hiring and a tick lower in the unemployment rate in August, marking a stabilization after the July data sparked a growth scare in financial markets. (2) Donald Trump pledged to cut the corporate tax rate, slash regulations and audit the federal government, embracing an idea proposed by billionaire backer Elon Musk, as he pitched his agenda to Wall Street and corporate leaders in New York. (3) The man in charge of election fundraising for the Labour Party has been making recommendations for public appointments, according to people familiar with the matter, an arrangement that prompted party staff to raise concerns with top officials about the appearance of a conflict of interest. (4) France’s new prime minister, Michel Barnier, made a plea for the country’s political factions to work together in order to move beyond the turbulence that’s caused so much chaos over the past two months. (5) Hong Kong scrapped trading of its $4.9 trillion stock market on Friday as the city prolonged a storm warning due to Super Typhoon Yagi, which skirted the region overnight toward southern China. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) A key segment of the US Treasury yield curve briefly turned positive as weaker-than-anticipated labor-market data bolstered bets on steep interest-rate cuts by the Federal Reserve. (2) Vice President Kamala Harris called for a 28% capital gains tax rate on people earning $1 million or more, touting it as a measure that would ensure the wealthy paid their fair share as she sought to detail her economic agenda and draw a contrast with Republican rival Donald Trump. (3) Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week. (4) Nvidia, responding to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, said it has been in contact with the government agency but hasn’t been subpoenaed. (5) Four people were killed and nine others injured after a teen gunman opened fire at a high school in Winder, Georgia, an old railroad town northeast of Atlanta. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Stocks in Asia slumped the most since the Aug. 5 rout, tracking a selloff in US peers driven by a plunge in Nvidia. (2) The US Justice Department sent subpoenas to Nvidia Corp. and other companies as it seeks evidence that the chipmaker violated antitrust laws, an escalation of its investigation into the dominant provider of AI processors. (3) Oil has pushed lower after a loss of almost 5% on Tuesday as the possible easing of political unrest in Libya shifted focus back to OPEC+'s plan to boost production, while demand concerns persist. (4) Risks to smaller banks are likely to only increase as elevated interest rates, a faltering commercial real estate market and shaky economic conditions around the globe expose old fault lines in a sector that's often loosely regulated but also crucial to local economies from Mumbai to Memphis. (5) Plans to scrap a preferential tax regime for wealthy foreigners living in the UK could cost the Treasury around £1 billion ($1.3 billion) a year in lost revenue and drive away global elites. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) The UK will suspend some arms licenses to Israel after concluding the use of British components in Gaza risks violating international humanitarian law, Foreign Secretary David Lammy said, in a break from allies. (2) Volkswagen AG is considering factory closures in Germany for the first time in its 87-year history, parting with tradition and risking a feud with unions in a step that reflects the deep woes roiling Europe’s auto industry. (3) Hewlett Packard Enterprise Co. said it intends to pursue the $4 billion damages claim in London against the estate of the recently deceased British tech tycoon Mike Lynch. (4) London lags behind other major global cities when it comes to working in the office, raising concerns about both productivity and the British capital’s appeal as an international investment destination. (5) European officials expect Iran to deliver ballistic missiles to Russia imminently, a move that could prompt a swift response from Ukraine’s allies, people familiar with the matter said. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Chancellor Olaf Scholz’s ruling coalition was punished in two regional elections in eastern Germany on Sunday, with populist parties on the extreme right and left taking more than 60% of the vote in Thuringia and almost half in Saxony. (2) President Emmanuel Macron will meet on Monday with Bernard Cazeneuve, a former Socialist Party official and ex-premier, as he heads toward naming France’s next prime minister. (3) Inventories of key raw materials are piling up in China, evidence that economic activity remains too feeble to clear a surplus that’s crushing prices from steel to soybeans. (4) Israel’s largest labor group is poised for a nationwide strike on Monday, the strongest push yet to force the government into a Gaza cease-fire and secure the release of hostages held by Hamas. 5) - Ernesto Bertarelli might be Switzerland’s wealthiest man, but a $135 million bet on a sailing race is a lot when it risks disappearing in day. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby takes 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, the business news you need in just 15 minutes. On today's podcast: (1) Vice President Kamala Harris said helping address economic woes and bolstering the middle class would be her day one priority, in her critical first interview since capturing the Democratic presidential nomination. (2) China is considering allowing homeowners to refinance as much as $5.4 trillion in mortgages to lower borrowing costs for millions of families and boost consumption. (3) The UK’s top financial regulator is set to delay the next wave of bank capital reforms, according to people with knowledge of the situation, the latest example of a major global rulemaker abandoning its timetable for the changes until the US finalizes its package. (4) The UK’s fiscal watchdog laid out the case for new Chancellor Rachel Reeves to embark on a public investment splurge, amid concern that she risks hurting growth with an overly cautious budget. (5) The Netherlands plans to limit ASML Holding NV’s ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing’s efforts to develop a world-class chip industry. (6) Nvidia, the world’s biggest chipmaker, has discussed joining a funding round for OpenAI that would value the artificial intelligence startup at more than $100 billion, according to people familiar with the matter. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1)Nvidia Corp. failed to live up to investor hopes with its latest results on Wednesday, delivering an underwhelming forecast and news of production snags with its much-awaited Blackwell chips. (2) OpenAI is getting closer to raising funding at a valuation of more than $100 billion in a round led by Thrive Capital, people with knowledge of the matter said. (3) Pavel Durov, the chief executive officer of Telegram, was charged in France for complicity in the spread of sexual images of children and other crimes such as drug trafficking on the messaging app. (4) Israel launched a large-scale military operation in the West Bank to combat what the army said was terrorist activity, the latest surge in hostilities in the Palestinian area since the start of the war in Gaza. (5) Britain’s Labour government has been urged to stick to its plan for higher taxes on wealth, even as business groups and advisers to the rich call for restraint. See omnystudio.com/listener for privacy information.

Nvidia, the chipmaker at the heart of the artificial intelligence boom, gave a revenue forecast that fell short of some of the most optimistic estimates, stoking concerns that its explosive growth is waning. Bloomberg Businessweek hosts Carol Massar and Tim Stenovec talk with Bloomberg Technology co-host Ed Ludlow and Bloomberg Intelligence Senior Semiconductor Analyst Kunjan Sobhani for instant reaction and analysis for Nvidia's earnings results. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) HSBC's incoming Chief Executive Officer Georges Elhedery is considering plans that could remove layers of middle management at Europe's largest bank, mirroring similar moves undertaken by rivals Citigroup and Standard Chartered (2) Protests in China are on the rise as the effects of a slowing economy rattle citizens and Beijing refrains from taking bolder steps to shore up growth. (3) US National Security Advisor Jake Sullivan and Chinese Foreign Minister Wang Yi met again for talks aimed at managing the two nations' contentious relationship. (4) Burberry is poised to exit the FTSE 100 Index, ending the luxury-goods maker's 15-year stay in the UK blue-chip gauge. (5) The UK and Germany are edging toward a major new treaty as part of Keir Starmer's efforts to improve ties with European allies. See omnystudio.com/listener for privacy information.

(1) BHP the world's biggest miner, posted a full-year profit broadly in line with expectations, as revenue from iron ore and copper increased despite a deteriorating Chinese demand outlook. (2) Pavel Durov, the CEO of Telegram, has been detained in France over claims that the messaging service failed to properly fight crime on the app, including the spread of child sexual abuse material. (3) Longtime Apple Chief Financial Officer Luca Maestri will step down from the job at the end of the year, handing the role to top deputy Kevan Parekh after more than a decade. (4) Despite a day of relative calm in the skies over Israel and Lebanon, tensions remained high Monday over the prospect that a regional war could erupt after Israel mounted what it called a preemptive strike that took out thousands of Hezbollah missile launchers. (5) Prices in Britain's shops have fallen for the time in almost three years, as Bank of England policymakers mull further interest rate cuts.(6) UK banks are preparing for a red-hot corner in the lending market as the new Labour government's plan to address a housing shortage prompts developers to boost supply of homes. See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week. See omnystudio.com/listener for privacy information.

Bloomberg's Surveillance hosts Tom Keene and Lisa Abramowicz head out to Wyoming for the Fed's Jackson Hole Symposium.They speak with some of the biggest names in Central Banking, including: See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Vice President Kamala Harris formally accepted the Democratic presidential nomination on Thursday, delivering a deeply personal speech as she vowed to prioritize a fight for the middle class and Americans' reproductive rights. (2) The Bank of Japan is still on a path toward higher interest rates provided inflation and economic data continue in line with its forecasts, Governor Kazuo Ueda said in his first public remarks following a global market rout. (3) Two Federal Reserve officials said they believe it's appropriate for the US central bank to begin lowering interest rates soon, and that the pace of subsequent cutting should be "gradual" and "methodical." (4) Nestle Chief Executive Officer Mark Schneider is the latest consumer-goods boss to be shown the door as companies struggle to coax shoppers back to premium brands after a period of high inflation and belt-tightening. (5) Mike Lynch, the British tech tycoon who was attempting to restore his reputation over the ill-fated sale of his software company to Hewlett Packard Co., has died. He was 59. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today’s podcast: (1) At least three banks managed to obtain key payroll numbers Wednesday while the rest of Wall Street was kept waiting for a half-hour by a government delay that whipsawed markets and sowed confusion on trading desks. (2) Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their July 30-31 meeting before the central bank’s policy committee voted unanimously to keep them steady. (3) Vice presidential nominee Tim Walz wrapped himself in football and freedom on Wednesday, as Democrats used the third night of their convention to offer an open hand to the swing voters outside the country’s coasts. (4) Italian divers have retrieved four bodies from a sunken yacht off Sicily, where British tech entrepreneur Mike Lynch and Morgan Stanley International chairman Jonathan Bloomer were among those feared to have died earlier this week. (5) A shadow fleet of tankers carries Russian oil through the Baltic Sea every day. Local authorities can’t stop the ageing vessels - and fears of a spill are growing. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Bond traders are taking on a record amount of risk as they bet big on a Treasury market rally fueled by expectations the Federal Reserve will embark on its first interest-rate cut in more than four years. (2) Barack and Michelle Obama delivered blistering critiques of Republican nominee Donald Trump while painting Vice President Kamala Harris as the heir of their historic political legacy in addresses that capped the second night of the Democratic National Convention. (3) After two days of search-and-rescue efforts, British tech entrepreneur Mike Lynch, Morgan Stanley International chairman Jonathan Bloomer and four others were feared dead aboard the sunken wreckage of a luxury yacht off the coast of Sicily. (4) Keir Starmer’s government pledged to increase deportations of people with no legal right to stay in the UK to the highest rate in five years, an effort to show it is responding to Britons’ concerns about rising immigration. (5) Secretary of State Antony Blinken left the Middle East late Tuesday having failed to secure a deal to halt fighting between Hamas and Israel, highlighting how the two sides remain sharply divided despite US officials’ insistence that an agreement is close. See omnystudio.com/listener for privacy information.