Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

On today’s show, President Trump has pulled a major about-face when it comes to his stance on China’s tariffs and the Fed. Trump says he’s not getting rid of Jerome Powell, despite criticizing the Fed Chair in a series of public comments.

Meanwhile, Elon Musk has vowed to pull back ‘significantly’ from his work with the US government to concentrate on Tesla beginning next month. Musk says his stint leading the Department of Government Efficiency, DOGE, will be largely complete. Tesla shares rose after the announcement despite, the company’s first-quarter results being below analyst estimates.

Chapters:
00:00:00 – Daybreak Europe
00:02:14 – Trump Walks Back Powell Threats
00:04:43 – Elon Musk To Refocus On Tesla
00:06:23 – Musk Says DOGE Work ‘Mostly Done’
00:08:57 – Trump: Not Firing Powell
00:10:52 – Trump Floats Cutting China Tariffs ‘Substantially’
00:13:06 – Markets Welcome Easing Trade, Fed Tensions
00:17:34 – Shanghai Auto Show
00:21:05 – Volvo Truck Sales
00:22:03 – Macron Mulls Another Snap Election
00:23:00 – Macron Mulls Another Snap Election
00:30:37 – Barclays CEO: Dollar To Remain World’s Reserve Currency
00:39:42 – Christian Klein, SAP CEO
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When one thinks about the wealthiest Americans, ultra-rich billionaires like Elon Musk and Jeff Bezos might come to mind. But there is a class of rich private business owners hiding in plain sight.

University of Chicago Associate Professor Eric Zwick and Princeton University Professor Owen Zidar join Tracy Alloway and Joe Weisenthal on the Odd Lots podcast to discuss how income inequality started to rise in tandem with the growing number of pass-through businesses.
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Anna Edwards, Tom Mackenzie and Mark Cudmore break down today’s key themes for analysts and investors on “Bloomberg: The Opening Trade.”

Chapters:
00:00:00 – MLIV
00:00:08 – I am the House: Scott Bessent on Betting Against the Japanese Yen
00:01:40 – Commodity Bull Run
00:02:53 – Brent Crude Price Nearing $100/Barrel
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Big Pharma is betting on China for its next blockbuster drugs — what that shift means for patients and the future of US biotech dominance.
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Paramount Skydance Corp. has settled lawsuits brought by 12 state attorneys general and the Writers Guild trade union, allowing the company to close its acquisition of Warner Bros. Discovery Inc. #news #business #usa

The settlement includes protections to limit the market power and ensure the editorial independence of the media giant, and requires Paramount to release 30 movies a year at the combined studios.

Paramount has agreed to various terms, including investing $1.5 billion in domestic film and TV production, and not selling or closing its big studio lots in the Los Angeles area, in a bid to appease politicians and unions.

Read more: https://www.bloomberg.com/news/articles/2026-09-21/paramount-settles-lawsuits-allowing-for-warner-bros-acquisition

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