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.

Bond traders have piled into bearish positions ahead of Wednesday’s Federal Reserve meeting, betting that the Treasury selloff driving yields to their highest in almost two decades will continue.

OpenAI is holding early talks with investors about a fresh funding round that would value company at more than $1.2 trillion ahead of an IPO. Senior Trump administration officials met Tuesday with Anthropic’s top Washington executive to discuss AI safety risks.

And Friedrich Merz cancelled his trip to the United Nations General Assembly in New York next week, changing course as the German chancellor faces growing opposition within his own conservative party ahead of closely-watched regional elections on Sunday.

Today’s guest: Luis Garicano, Rhine Group, Executive Director & London School of Economics Professor.

Chapters:
00:00:00 – Daybreak Europe
00:03:44 – Softbank CDS Hovers Near 3-Year High
00:06:22 – Bond Traders Pile Into Bearish Positions Pre-Fed
00:09:13 – OpenAI Weighs Funding Round at $1.2T Valuation
00:12:41 – Hayley McKelvey, Deloitte UK Chief AI Officer
00:19:01 – Bessent to Meet Chinese Counterpart
00:26:14 – Von Der Leyen to Give State of the Union Speech
00:32:33 – Luis Garicano, Rhine Group, Executive Director & London School of Economics Professor
00:36:29 – EU to Unveil Latest Clampdown on Big Tech
00:42:05 – UK CPI to Hit 3% in August
00:44:55 – Traders Ramp up Bets on BOE Rate Hikes
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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.

On today’s show, Asian stocks rose and US equity-index futures advanced as strong earnings from technology companies Coreweave and Super Micro Computer lured investors back into the artificial intelligence trade.

Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to toughen their positions in the long-deadlocked negotiations.

And the US CPI print is expected to show that energy-related pressures have eased after intensifying in the months immediately following the start of the Iran war.

Correction: Replaces incorrect image on graphic at 35:04

00:00:00 – Daybreak Europe
00:00:50 – Oil Gains Amid Hormuz Uncertainty
00:05:01 – Yen Inches Toward 160 Per Dollar, Raising Intervention Concerns
00:08:15 – US Inflation Expected to Slow in July
00:13:09 – Oil Extends Gain on Doubts Over Hormuz Deal
00:19:12 – Russia’s Crude Oil Shipments Plunge to the Lowest Since May
00:32:10 – Flanagan Wins Minnesota Democratic Senate Primary
00:36:33 – Tencent Faces Key AI Earnings Test
——–
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Treasury Secretary Scott Bessent will meet with his Chinese counterpart, He Lifeng, ahead of a summit between President Donald Trump and Xi Jinping. Bloomberg’s Stephen Engle has the latest.
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Hong Kong Chief Executive John Lee set out plans to almost double the city’s spending on innovation in coming years and offered greater financial support for new parents, as his government seeks to build new growth engines and arrest a decline in births. The target was announced Wednesday as Lee unveiled Hong Kong’s first five-year development plan.
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Prime Minister Mark Carney addresses European lawmakers in Strasbourg, France, calling for a closer alliance between Canada and the European Union. “Yesterday President Von der Leyen spoke of moving beyond CETA [Canada-European Union Comprehensive Economic and Trade Agreement] to an alliance for the future, opening the door to Canada becoming the European Union’s first associate member,” Carney said during his speech. “Canada welcomes this ambition.”
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