Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade negotiations collapsed, according to people familiar with the matter.

Iran’s currency weakened to an all-time low against the dollar amid a mounting US campaign to cripple the country’s economy after almost six months of war. The rial was trading at 1.992 million per dollar on the unregulated market on Monday, according to data from tracking website Bonbast, down 4.5% since US President Donald Trump announced a “crushing economic operation” against Tehran last week.

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 | 8/24/2026
00:01:11 – Markets on Watch for Bessent, Warsh Guidance
00:04:18 – Canada Sees Long Trade War with US
00:06:41 – AI Trade Under Pressure Ahead of Nvidia Results
00:11:21 – Alibaba Raises $10B in Record HK Share Sale
00:12:59 – Nvidia Customers Notified About Price Hikes
00:15:16 – Gautham Samarth of M&G Investments
00:21:08 – Need To Know: Shein, Italian Diesel, UK’s Burnham
00:25:23 – Pooja Kumra of TD Securities
00:35:07 – US Set To Unveil Plan To Choke Iran’s Economy
00:39:16 – MLIV
00:42:59 – Stocks To Watch
00:47:26 – The Market Open
00:50:14 – Richard Saldanha of Aviva Investors
00:58:57 – Core 6 & Movers
01:02:25 – US & Canada Head Into Trade War
01:07:47 – Banca Generali Evaluating Monte Paschi Takeover Bid
01:13:52 – Europe’s Shifting Defense Landscape
01:19:10 – MilDef CEO Daniel Ljunggren
01:25:49 – Bessent Vows ‘Economic D-Day’ for Iran
01:27:54 – China ‘Closely Monitoring’ Mideast Situation
01:30:32 – Oil Declines Ahead of Iran Plan
——–
More on Bloomberg Television and Markets

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Germany’s manufacturing sector recorded its best performance in more than four years in August, helping overall business activity expand for a second straight month. Meanwhile France’s private sector unexpectedly weakened this month as extreme summer temperatures took a toll on the services sector.

Treasury Secretary Scott Bessent said that he’s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in years.

Plus, Anthropic expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom.

Today’s guests:
Modupe Adegbembo, Jefferies, Economist; Marina Zavolock, Morgan Stanley, Chief European Equity Strategist; Majid Jafar, Crescent Petroleum 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
00:00:24 – Eurozone August Composite PMI 52.1, Manufacturing PMI 52.8
00:03:17 – Market roundtable: Jefferies’ Modupe Adegbembo & Morgan Stanley’s Marina Zavolock
00:15:36 – Paschi offers to buy BPM, Banca Generali for €34 billion
00:19:31 – Anthropic said to aim for SpaceX IPO record
00:23:23 – Friday headlines
00:24:02 – UK economy speeds up as firms and shoppers splash out, PMI Shows
00:25:23 – US to unveil Iran economic isolation plan on Monday
00:30:25 – Majid Jafar, Cresecent Petroleum, CEO
00:39:36 – How Germany lost its industrial edge
00:41:17 – Germany faces regional elections next month
00:43:49 – Poland’s economic transformation
——–
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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.

Bloomberg has learned that Canada’s government sees little chance of resuming talks with President Donald Trump before the midterm elections, after trade negotiations collapsed. The US applied a 50% tariff on about $20 billion in Canadian goods, and Carney announced retaliation that will take effect on Sept. 8.

Stocks fell at the start of a pivotal week for markets, with the AI trade under pressure ahead of key tech earnings and the Federal Reserve’s annual gathering. Alibaba tumbled in Hong Kong after it raised $10.2 billion in a share sale.

And Ukraine’s President Zelenskyy said the country offered Russia a truce on attacks against ships carrying agricultural commodities through the Black Sea, but Moscow rejected the deal because it wanted guarantees against strikes on its energy infrastructure.

Today’s guest: Isaac Thong, Aberdeen Asian Income Fund Co-Portfolio Manager

Chapters:
00:00:00 – Daybreak Europe
00:02:28 – Asian stocks snap two-day rally
00:05:20 – Alibaba seeks $10 billion from Hong Kong share sale
00:09:27 – Canada braces for long trade war with US
00:13:55 – Bessent looks to relieve bond market pressure
00:15:58 – Kevin Warsh to make first Jackson Hole speech Friday
00:17:53 – Europe’s key waterways hit by extreme weather
00:21:48 – Monday top stories
00:24:16 – Monday headlines
00:26:09 – Andy Burndam vows continued Ukraine support
00:27:29 – Bloomberg Intelligence: The changing face of modern Warfare
00:31:25 – Zelenskyy: Putin rejected Black Sea shipping truce offer
00:34:12 – Isaac Thong, Aberdeen Asian Income Fund Co-Portfolio Manager
00:45:07 – Freeland: Don’t see this as a zero-sum game
——–
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“They are becoming the supreme powers of the world.”

Author Karen Hao tells Mishal Husain why she’s worried about the culture driving big tech.
——–
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Get a jump start on the US trading day with Dani Burger on “Bloomberg Open Interest.” AI spending hits overdrive as Broadcom eyes a massive $60 billion debt deal ahead of Nvidia earnings. Anthropic sets its sights on a potentially record-breaking IPO. Early Anthropic investor Anjney Midha unloads on traditional venture capital, arguing firms failed investors by missing the AI revolution. Plus, Critical Metals CEO Tony Sage says his company’s key Greenland mining project is on track.

Chapters:
00:00:00 – Open Interest
00:01:03 – Broadcom’s $60B AI Bet, Anthropic IPO Race & the New Compute Economy
00:04:24 – Treasury Buybacks, Bond Market Revolt & the Yield Surge
00:09:01 – Walmart’s Warning Sign for the U.S. Consumer
00:13:40 – High Interest | Beef Tariff Relief, Canada Trade Talks & Iran Peace Efforts
00:14:33 – Iran’s Endgame, China Oil Flows & Washington’s Next Move
00:18:32 – Stephanie Guild Robinhood | Anthropic’s IPO, AI Funding Risks & Bubble Warning Signs
00:31:47 – Top Calls | MAA Overweight, Equifax Upgrade & Fresh AI Chip Bull Calls
00:32:56 – Why Anthropic Could Top SpaceX’s Record IPO
00:38:39 – John Montgomery Bridgeway | The Case for Small Caps
00:44:09 – Nvidia Earnings Preview, AI Demand & the Next Growth Cycle
00:46:33 – Ann Miletti Allspring | Investing Through Higher Rates, AI Spending & Market Rotation
00:54:35 – Broadcom, Ross Stores & the Morning’s Biggest Movers
00:55:34 – High Interest | Iran Diplomacy, Trump’s $404M War Chest & Treasury Buybacks
00:56:53 – Is Treasury Secretary Bessent Challenging the Fed?
01:05:44 – Tony Sage Critical Metals | The Rare Earth Race, Greenland Mining & China’s Grip on Supply
01:14:08 – Inside Anthropic’s Race to Become the Biggest IPO Ever
01:16:02 – Anjney Midha AMP| The Venture Capital Miss on AI & Why Anthropic Changed Everything
——–
More on Bloomberg Television and Markets

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