Treasury Secretary Scott Bessent challenged traders to test his resolve on boosting Japan’s currency. “I am the house now, so when we intervene with the Japanese yen, I have pretty good insight into what the Japanese, what the Bank of Japan is going to do, what Japanese policymakers are going to do,” Bessent said at a Southern Methodist University event in Texas on Tuesday. Ven Ram of Bloomberg MLIV has the details.
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Russian President Vladimir Putin met with Chinese President Xi Jinping and Indian Prime Minister Narendra Modi on the sidelines of the Shanghai Cooperation Organization summit in Kyrgyzstan.
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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.

President Donald Trump has promised to give all adult US citizens a $5,000 dividend if Republicans retain control of both houses of Congress.

Iran is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure, according to a senior official from the Islamic Republic.

Plus, Apple unveiled the company’s first foldable smartphone during a wide-ranging event Wednesday, betting that a new category can energize growth for its biggest-selling lineup.

Today’s guest: Charlotte Mueller, Swiss Re, Global Economics Head.

Chapters:
00:00:00 – Daybreak Europe
00:01:13 – Bessent’s $6B Buyback Plan Disappoints Investors
00:02:46 – Asian Stocks Fall as Oil Stokes Inflation Fears
00:06:27 – Trump: Oil Will Fall When we Win Iran War
00:10:00 – Bessent’s ‘Asymmetric Information’ Gambit Gets Tested by Traders
00:15:29 – Trump’s $5,000 Payout Promise Underscores GOP Midterm Peril
00:17:10 – Trump Promises $5,000 to US Adults if GOP Wins Midterms
00:18:39 – Apple Debuts Foldable Duo in Biggest-Ever iPhone Revamp
00:20:08 – Apple Rallies from June Lows
00:27:22 – ECB Hike Expected, December Signals in Focus
00:30:39 – Speculation Intensifies About Lagarde’s ECB Exit
00:34:01 – Surging Oil Prices Stoke Inflation Fearss
00:35:38 – Charlotte Mueller, Swiss Re, Global Economics Head
00:39:49 – UK Gas Prices Climb to Highest Since 2022
00:43:22 – Ukraine Says Drones Hit Russian Gas Plants
——–
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Beto O’Rourke said President Donald Trump’s promise to pay American adults $5,000 apiece is a “gimmick” and will never be paid. The former US representative from Texas says Republicans can’t offer voters real change. He also talks about how Democratic Senate candidate James Talarico can win his race in Texas. O’Rourke speaks to Bloomberg’s Julie Fine and Kailey Leinz in Dallas.
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Eclipse CEO Lior Susan says AI needs guardrails, drawing a parallel to how governments responded to the risks of automobiles with regulations and safety measures — rather than abandoning the technology altogether

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