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.

Chinese President Xi Jinping pressed US President Donald Trump on the issue of Taiwan and warned of a potential conflict if mismanaged, in blunt remarks that punctured an otherwise cordial start to the first visit to China by a sitting US president in nearly a decade.

The Senate narrowly confirmed Kevin Warsh as chair of the Federal Reserve, setting up the most controversial leadership transition at the US central bank in decades and a test of its political independence.

And Bloomberg understands Angela Rayner, the UK’s former deputy prime minister, has been cleared of deliberate wrongdoing by an investigation into her tax affairs and is preparing for a potential leadership bid against her former boss, Keir Starmer. Allies of Wes Streeting said on Wednesday that the health secretary was likely to quit his post this week and also launch a bid to replace Starmer.

Today’s guest: Keiran Pedley, UK Politics Director, Ipsos; Xiaolin Chen, Head of International, KraneShares.

00:00:00 – Daybreak Europe
00:04:35 – Trump Lands in China for Xi Summit With Iran War in Limbo
00:06:52 – Xi Warns Trump of Possible ‘Clashes’ If Taiwan Issue Mishandled
00:13:26 – Rayner Prepares Bid for Starmer’s Job After Tax Probe Ends 
00:17:45 – Keiran Pedley, UK Politics Director, Ipsos
00:29:05 – Xi, Trump Touched on MidEast, Ukraine, Korean Peninsula
00:40:51 – China Renews Import Licenses of US Beef Plants
00:41:04 – Xiaolin Chen, Head of International, KraneShares

Chapters:
00:00:00 – Daybreak Europe
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Legacy Western automakers once held the keys to China’s car market, but the 2026 Beijing Auto Show shows how domestic EV makers are taking the lead. Stephen Engle reports on how the latest tech and aggressive pricing are winning over consumers.

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Anthropic is in early talks with investors to raise at least $30 billion in fresh financing, according to people familiar with the matter, setting the stage for what could be its largest funding round yet. Kailey Leinz reports https://bloom.bg/3QWz9Iv

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Tech stocks bounces back ahead of PPI data. President Trump heads to China for his summit with President Xi. Neale Richmond, Ireland’s Minister of State for Diaspora and International Development, discusses the trade relationship between the US and Ireland. Cayla Seder of State Street discusses inflationary risks.

Chapters:
00:00:00 – Bloomberg Brief
00:00:52 – Global Market Check
00:03:33 – First Look Movers
00:11:10 – Trending on the Terminal
00:17:01 – Sensitive Moment for Ireland-US Economic Relationship
00:20:14 – Front Page News
00:22:58 – First Look Movers
00:27:02 – Cayla Seder, State Street Macro Multi-Asset Strategist
00:31:44 – Trending on the Terminal
00:41:00 – What to Watch
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Edward Yardeni, president at Yardeni Research, examines “extraordinary” first-quarter earnings results as he boosts his year-end target for the S&P 500 to 8,250. He discusses the role of the consumer in driving economic resilience and says he’s “not getting freaked out” by the current level of bond yields.
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