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, the US launched another wave of strikes on Iran, after President Trump said Iran would ‘pay’ for the deaths of US troops. The 10th consecutive day of attacks came even as mediators sought to revive the truce.

The new UK Prime Minister Andy Burnham has made the surprise decision to appoint former Defense Secretary John Healey as Chancellor, fuelling speculation about a bigger increase in military spending.

And the US says it will impose a fresh 50% tariff on some Canadian goods, alleging Canada has been treating American cars, alcohol and dairy unfairly.

Today’s guest: Tim Bale, Queen Mary University of London, Politics Professor.

Chapters:
00:00:00 – Daybreak Europe
00:00:53 – Chip Stocks Drive Asia Rebound
00:05:48 – US Strikes More Iranian Targets as Houthis Threaten Blockade
00:09:19 – Burnham Chooses Healey as Chancellor
00:13:54 – US Vows 50% Tariff on Canada
00:16:31 – Trade War Looms Over US-Canada Tariff Threat
00:19:50 – France, Germany Plot Roadmap on China Trade
00:21:45 – EU Fines Alibaba for Selling Illegal Products
00:27:26 – Burnham Pledges ‘Circuit Breaker’ Moment for UK
00:33:30 – Tim Bale, Queen Mary University of London, Politics Professor
00:38:09 – Gilts Rattled on Burnham’s First Day as Fiscal Fears Return
00:42:34 – Boeing Returns to Air Show With Flurry of Orders
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Steven Rattner says artificial intelligence will be a major contributor to the economy, but the market still does not know exactly who the winners and losers will be. As Big Tech pours money into AI infrastructure, investors are starting to demand a wider margin of safety from companies borrowing to fund massive capital spending. Rattner says cheaper Chinese AI models could also reshape the competitive landscape, especially if companies can easily route tasks to less expensive models. At the same time, rising Treasury yields, inflation, federal deficits and higher defense spending are pushing borrowing costs up — a shift that could weigh on AI valuations, private equity deals and companies whose expected profits sit far in the future.
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day.

Chapters:
00:00 Oil Near $90, Canada Tariffs & Big Tech Earnings — Bloomberg Surveillance
05:00 Big Tech Earnings, AI CapEx & Market Rally — Julian Emanuel, Evercore ISI
19:52 Tariffs, AI Spending & Market Breadth — Julian Emanuel, Evercore ISI
30:38 Oil Above $100? Product Shortages & Energy Risks — Francisco Blanch, BofA Securities
43:11 Burnham’s Spending Plans Test UK Markets — Jane Foley, Rabobank
53:05 Earnings Boom, Fed Risk & Market Leadership — Emily Roland, Manulife John Hancock Investments
01:07:14 Iran Ceasefire, Escalation Risks & Strait of Hormuz — Ariana Salvatore, Morgan Stanley
01:19:23 Investor Fatigue, TSMC & Chip Valuations — Ted Mortonson, Baird
01:32:07 Weak Consumer, AI Growth & Fed Outlook — Joe Davis, Vanguard
01:39:38 GM Boosts Outlook, Premium Truck Pricing & Margins — Paul Jacobson, General Motors
01:52:42 Funding the AI Boom, Hyperscalers & ROI — Abby Yoder, JPMorgan
02:08:57 Three Fed Hikes? Inflation & Bond Markets — Robert Sockin, Citi
02:17:27 Banks Over Bonds, Tech Earnings & Yield Curve — Darrell Cronk, Wells Fargo
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“Increasing the military spending by 50% is absolutely irresponsible,” said Kentucky Sen. Rand Paul after Defense Secretary Pete Hegseth appeared before a Senate committee to request additional defense funding https://bloom.bg/4wWIb7X

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Ron Kruszewski, Stifel chairman and ceo, says artificial intelligence will lead to productivity gains. He says financial advisers are still valuable and AI can help them. He speaks on “Bloomberg The Close.”
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