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, markets reacted positively as President Trump announced exemptions on phones, computers and consumer electronics from his headline tariffs on China. But he warned the reprieve is only temporary. China’s exports surged ahead of US tariffs, with near-record shipments flowing to Southeast Asia in March. Europe’s luxury sector is set to face questions on the potential fallout from US tariffs with LVMH and Moncler reporting earnings this week.

Today’s guest: Charlotte Mueller, European Chief Economist at Swiss Re.

Chapters:
00:00:00 – Daybreak Europe
00:02:19 – Goldman Cuts Targets on China Stocks for Second Time This Month
00:03:21 – Asia Stocks Pare Gains
00:04:43 – Trump Warns Tariffs Coming for Electronics After Reprieve
00:08:51 – Xi Seeks to Win Over Southeast Asia as Trump Pauses Some Tariffs
00:10:55 – Dollar Drops to Fresh Lows for the Year as Tariff Saga Rolls On
00:17:42 – Euro Zone’s Weaker Inflation Outlook Bolsters ECB Case to Cut
00:20:17 – Ukraine Says Russian Missile Strike Kills Dozens in Sumy
00:23:31 – New Green Steel Projects Plummet Since 2023
00:27:40 – Dimon Sees ‘Stormy Seas’ Ahead
00:32:15 – European Luxury Brands to Report Earnings
00:37:29 – Traders Brace for New Week of Tariff Turmoil
00:38:51 – Charlotte Mueller, European Chief Economist at Swiss Re
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Africa’s richest man, Aliko Dangote, is set for a $23 billion leap in his net worth with the IPO of his refinery business.

Jennifer Zabasajja explains why the continent’s biggest listing promises to supercharge the Nigerian’s wealth.
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than “Bloomberg Surveillance.”

Chapters:
00:00 Fed Hiking Cycle, Stocks Rebound and BOE Holds
05:34 Rebalance Stocks, Bonds ‘A Little Bit’ — Julian Emanuel, Evercore ISI
19:53 Trump’s Fed Criticism Is Just ‘Noise’ — Julian Emanuel, Evercore ISI
32:47 AI Regulation Is the Trade’s Biggest Unknown — Angelo Zino, CFRA
42:10 Warsh Brings the Fed Back to ‘Normal Space’ — Sonal Desai, Franklin Templeton
49:26 Bank of England Holds Interest Rates at 3.75%
54:18 Stocks Overdue for a Pullback — Savita Subramanian, BofA Securities
1:07:16 Fed May Only Need to ‘Nudge’ Rates Higher — Thomas Simons, Jefferies
1:19:18 AI Boom Risks a ‘Corporate Extinction Event’ — Sherry Paul, Morgan Stanley
1:29:28 Fed’s 25-Basis-Point Hike Is ‘Too Small’ — Bill Dudley, Former New York Fed President
1:41:05 Yardeni Lowers Year-End S&P 500 Target to 7,900 — Ed Yardeni, Yardeni Research
1:53:35 AI Needs to Be Regulated Like a Teenager — Jeetu Patel, Cisco
2:01:05 US Jobless Claims Fall to 196,000 — Michael McKee
2:05:06 Fed May Need to Kill the AI CapEx Cycle — Neil Dutta, Renaissance Macro
2:20:43 Productivity May Not Be the Fed’s ‘White Knight’ — Julie Biel, Kayne Anderson Rudnick
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Russia took control of the local businesses of Swiss food giant Nestle and French supermarket chain Auchan in the Kremlin’s largest takeover of foreign corporate assets since at least 2024 amid rising tensions with Europe.

The US is expected to hold off announcing new tariffs on China and other trading partners until after next week’s summit between Presidents Xi Jinping and Donald Trump, according to people familiar with the matter, a delay that could preserve such a threat as leverage in the negotiations.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Guy Johnson and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:31 – Market Check
00:01:37 – Yen Extends Drop
00:04:52 – Nvidia Sees Chip Sales
00:07:11 – US to Hold Off China Tariffs
00:13:22 – Wizz Air CEO Jozsef Varadi
00:21:07 – US to Allow Iran Officials to Attend UNGA
00:21:45 – Russia Grabs Nestle Assets
00:23:40 – Bond Market Check
00:28:18 – ECB’s Kazaks on Inflation
00:37:09 – Japanese Yen
00:41:44 – BOJ Fails to Support Yen: Market Analysis
00:47:05 – Stocks to Watch: Nestle, UK Retailers, Luxury
01:04:02 – AI Bosses Meets King Charles in Scotland
01:09:08 – Trump, Xi Jinping Meeting
01:16:19 – Yen Weakens After BOJ Rate Hike
01:20:42 – Germany’s Merz Braces for Elections
01:24:12 – Yen Extends Decline Against Dollar
01:28:36 – Croatian National Bank Governor Ante Zigman
01:33:41 – Oktoberfest Begins
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Sen. Alan Armstrong (R-OK) says the current energy crunch is exposing the cost of constrained infrastructure and strengthening the case for permitting reform. Bharat Ramamurti, Former Deputy Director of the National Economic Council, says President Donald Trump’s proposed $5,000 dividend checks would be “unequivocally inflationary” and could force the Federal Reserve to raise interest rates further.

Chapters:

00:01:51 Bloomberg’s Courtney Subramanian on Iran at the UN and Possible US Talks, Trump-Xi Summit and the AI Agenda
00:05:24 Power Moves: Top Financial Moves
00:08:43 Sen. Alan Armstrong (R-OK) on Record Diesel Prices
00:10:49 Sen. Alan Armstrong (R-OK) on Saudi Pipeline Attack and Oil Supply Risks
00:12:59 Sen. Alan Armstrong (R-OK) on Can Pipelines Bypass the Strait of Hormuz?
00:18:20 Bloomberg’s Nick Wadhams on US Plans $24 Billion Saudi F-35 Sale
00:20:02 Bloomberg’s Eric Martin on Marco Rubio’s Evolving Foreign Policy Role
00:25:10 The Debrief with Mario Parker: Politicians Shift on AI and Data Centers
00:30:48 Bharat Ramamurti, Former Deputy Director of the National Economic Council, on Debate Over $5,000 Checks and Inflation
00:32:11 Bharat Ramamurti on Fed Rate Hikes and the Economy
00:34:17 Bharat Ramamurti on Diesel Prices Feed Inflation Concerns
00:36:04 Bharat Ramamurti on Oil Shocks and the Risk of Stagflation
00:37:02 Bharat Ramamurti on Debt and the Bond Market
00:39:56 Political Panel Reacts: Michigan Senate Race and Kamala Harris, Texas Senate and Governor Races, Kennedy Center Demolition Debate

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