The far-right Alternative for Germany scored its best-ever result in a state election on Sunday amid growing public discontent with the political establishment, delivering a powerful blow to Chancellor Friedrich Merz.

Iran and the US carried out what appeared to be their largest tit-for-tat tanker strikes yet over the weekend, pushing oil prices higher as both nations continue to escalate a six-month war that has disrupted shipping and stoked global inflation.

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 Guy Johnson.

Chapters:
00:00:00 – The Opening Trade
00:00:47 – Market Check
00:02:18 – Asia Tech Stocks
00:03:55 – China Injects Capital into Mega Banks
00:05:45 – US Inflation
00:08:40 – AfD Wins German Election in Saxony-Anhalt
00:13:19 – Novartis Stock Falls
00:17:11 – US-Iran Tanker Attacks
00:22:04 – OpenAI GPT-6 Astra
00:26:51 – Friedrich Merz’ AfD Warning
00:30:55 – France Will Continue Ukraine Support: Jordan Bardella
00:43:29 – Japan Likely Sold Treasuries to Fund Intervention
00:48:00 – Stocks to Watch: Novartis, EssilorLuxottica, Autos
01:05:35 – Oil, Gas Prices Rise
01:10:07 – Germany’s AfD’s Best Results Ever in State Election
01:15:21 – China Injects $45B in Banks
01:23:54 – AfD Falls Short of Majority in State Vote
01:30:03 – UK Chancellor John Healey to Speak
01:34:34 – ECB Rate Decision
——–
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Fidelity is opening a new 735,000-square-foot headquarters in Boston, complete with harbor views, a private bar and an in-office concierge. The move comes as the investment giant ends hybrid work for its Boston employees, requiring them to come into the office five days a week. Greg Ryan reports.
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Investors seeking to dump US assets and the US dollar would be taking “quite a dangerous bet,” UBS CEO Sergio Ermotti said Tuesday in a Bloomberg Television interview at the WEF in Davos, Switzerland https://bloom.bg/4qwbbkd

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Anna Edwards, Guy Johnson and Mark Cudmore break down today’s key themes for analysts and investors on “Bloomberg: The Opening Trade.”

Chapters:
00:00:00 – MLIV
00:00:07 – Brent Crude Price, Trump’s ‘Productive Talks with Iran’
00:01:38 – Stock Rally
00:01:57 – Trump-Xi Jinping Summit
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Oil holds its gains as traders weigh the recovery in Middle East crude flows. Hormuz shipments approach late-June highs, while President Donald Trump says oil flows through the strait have returned to historic levels. UAE Energy Minister Suhail Al Mazrouei says the country sees demand for its additional oil supply, while Iraq offers discounts on crude.
Iranian Foreign Minister Abbas Araghchi presents a US proposal to Iran’s president as diplomatic efforts continue. Qatar is also seeking common ground between Washington and Tehran.
Asian bonds follow Treasuries lower and stocks decline, while US consumer spending posts its biggest increase in a year. Trump calls for Federal Reserve Chair Jerome Powell to resign over the Fed’s renovation project.
Asian chip stocks rise after Micron delivers a bullish forecast, projecting first-quarter adjusted revenue of $60 billion to $63 billion, above estimates, while warning that employee pay increases will weigh on margins.
Saudi Arabia raises its 2026 budget deficit forecast to 4.9%, while Singapore’s Temasek expands its presence in the Middle East. Kenyan inflation reaches a 32-month high in September.
Ethiopia plans to withdraw more than 3,000 troops from Somalia in the coming days or weeks as it focuses on fighting rebels at home, while Somalia continues battling Al-Qaeda-linked insurgents.
A Flydubai flight makes an emergency landing in Tabuk, Saudi Arabia, following a cockpit incident that is under investigation, with passengers and crew helping avert a potential disaster.
Ben Affleck tells Bloomberg’s Screen Time that AI won’t take over Hollywood. Netflix’s co-CEO discusses sustaining growth, saying the company isn’t growing as fast as he wants, while highlighting the engagement generated by live events and Netflix’s approach to acquisitions. Guests includes Nick Stadtmiller, Emirates NBD Chief Economist & Research Group Head and Victoria Mitchell, Control Risks Senior Analyst, Maritime.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:04:22 – FlyDubai Incident Under Investigation
00:08:12 – Nick Stadtmiller, Emirates NBD Chief Economist & Research Group Head
00:14:22 – Micron Gives Bullish Forecast
00:18:55 – Ethiopia Plans Somalia Troop Withdrawal
00:27:25 – Victoria Mitchell, Control Risks Senior Analyst, Maritime
00:35:14 – Temasek Expands in the Middle East
00:40:00 – Netflix Co-CEO Ted Sarandos on Sustaining Growth
——–
More on Bloomberg Television and Markets

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