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, stocks in Asia headed for their biggest quarterly jump since 2009, as investors piled back into companies seen as beneficiaries of the AI buildout. Elsewhere, the yen extended its recent losses to weaken beyond 162 per dollar — a milestone that will generate unease in Japan and put traders on alert for intervention.

A top Iranian official says Iran is determined to maintain control over maritime traffic in the Strait of Hormuz, raising the stakes ahead of talks, which the US says will take place in Doha on Tuesday. Iran’s Deputy Foreign Minister Kazem Gharibabadi says there are no plans for Iranian officials to meet US delegates in Qatar.

And the ECB President Christine Lagarde has lauded Europe’s resilience to economic shocks in her opening speech at the ECB’s annual forum in Sintra, Portugal.

Chapters:
00:00:00 – Daybreak Europe
00:01:01 – Asia Stocks Set for Best Quarter Since 2009
00:04:38 – Japan’s Two-Year Bond Sale Sees Strong Demand
00:09:40 – Iran Says No Plans to Meet US Delegation in Doha
00:14:11 – Fed’s Cook to Stay for Now
00:17:15 – Trump Ruling Applies to FTC and Similar Agencies
00:19:25 – South African Migrant Protests
00:28:04 – Bloomberg Economics: Expect a Final ECB Hike In September
00:31:23 – EU-China Set October Deadline to Reset Trade Ties
00:35:01 – Maersk Raises Profit Outlook
00:40:33 – Talented US Immigrants are Looking Abroad
00:42:54 – Burnham Vows to Grow Economy by Taking Powers Out of London
00:44:49 – UK Set to Publish Defense Funding Plan
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On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the latest from the Trump Administration. On today’s show, Rebelle Communications Founder Laura Fink, Push Digital Vice President T.W. Arrighi, former Republican Congressman Patrick McHenry and National Association of Manufacturers President Jay Timmons.

Chapters
00:00:00 Balance of Power: Early Edition Open
00:00:59 Trump Debuts Qatar’s New Air Force One
00:01:25 Trump’s Financial Disclosures & Crypto Earnings
00:02:20 Market Update: Stocks, Bitcoin & Meta
00:05:14 What Was Accomplished in the U.S.-Iran Negotiations?
00:06:10 USMCA Renewal Delayed: What It Means
00:07:47 Trump’s Crypto Holdings & Ethics Questions
00:10:18 Trump Responds to Conflict of Interest Criticism
00:10:50 Political Panel on Trump’s Financial Disclosures
00:14:06 Crypto Regulation & Congressional Ethics Debate
00:16:50 Colorado Democratic Primary Shake-Up
00:19:02 Market Check & Bending Spoons IPO
00:20:35 Congress Leaves Town Amid Legislative Gridlock
00:22:20 Patrick McHenry on NDAA & Reconciliation
00:25:45 Will Trump’s Finances Derail Crypto Legislation?
00:29:50 Government Shutdown Risks This Fall
00:32:32 Market Update & BlackRock Private Credit News
00:34:25 Bending Spoons IPO & AI Investment Outlook
00:37:35 USMCA Review & North American Manufacturing
00:41:12 Energy Prices, Manufacturing & U.S. Competitiveness
00:43:25 Nuclear Power, AI & America’s Energy Future
00:45:05 Will AI Replace Manufacturing Jobs?
00:47:22 Closing Thoughts & Fourth of July Outlook
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Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Carol Massar and Tim Stenovec.
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Chip stocks fell after Meta’s plan to develop a business that would sell access to AI computing power raised worries about overcapacity.

OpenAI has begun preliminary discussions about giving the US government a 5% stake in the ChatGPT-developer, according to the Financial Times, citing two people familiar with the talks.

Oil has extended its slide to pre-war levels as flows through the Strait of Hormuz increase and traders grapple with signs of oversupply.

Today’s guests: Paul Donovan, UBS Global Wealth Management Chief Economist, Vlad Tenev, Robinhood CEO, Jim DeMare, Bank of America Co-President, George Arison, Grindr CEO

—
“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:25 – Fed’s Warsh speaks at ECB forum in Sintra
00:01:05 – Paul Donovan, UBS Global Wealth Management Chief Economist
00:07:15 – Apple seeks to buy Chinese-made memory chips
00:10:07 – Paul Donovan, UBS Global Wealth Management Chief Economist
00:13:18 – Vlad Tenev, Robinhood CEO
00:23:42 – Thursday headlines
00:24:11 – Central bankers respond to inflation outlook
00:25:25 – Jim DeMare, Bank of America Co-President
00:37:48 – The Big Take: The Leveraged AI Bet That’s Whipsawing Markets Around the World
00:41:15 – George Arison, Grindr CEO
——–
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The frequent swings in the market’s biggest drivers come as traders react to any sign that a near-parabolic rally in chipmakers, the biggest beneficiaries of the vast outlays on AI infrastructure, has run too far. In the latest instance, Meta’s plan to sell computing power raised questions about a glut of capacity.

Traders will also focus on the US jobs report at the end of a holiday-shortened week. The data will offer fresh clues on the path for interest rates after comments Wednesday by Federal Reserve Chair Kevin Warsh dampened speculation of a hike this year.

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
00:01:02 – Market Check
00:02:29 – Chip Selloff
00:05:12 – Oil Extends Drop
00:07:33 – Traders Weigh Fed Rate Path
00:10:44 – Japan Bonds
00:12:32 – Korea’s Kospi Falls
00:22:25 – Merz’s Reform Package
00:23:19 – KNDS Postpones IPO
00:27:15 – Kevin Warsh Says Inflation Risks are Down
00:38:35 – This NFP Print Will Decide the July Fed: MLIV
00:47:26 – Stocks to Watch: Defense, Bayer, Sodexo
00:52:36 – European Tech Stocks Slide
01:02:09 – German Coalition Agrees on Tax Relief
01:12:36 – OpenAI Propose to Give US Gov. 5% Stake
01:25:29 – Quantum Systems Co-CEO
01:32:47 – US Jobs Report Due
——–
More on Bloomberg Television and Markets

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