President Donald Trump and his allies are renewing a push to reshape the Federal Reserve after the Supreme Court this week blocked an effort to fire Governor Lisa Cook.

Top officials and outside allies are actively exploring ways to remove members of the Fed’s Board of Governors in Washington to clear the way for more of the president’s own picks, according to people familiar with the matter. Cook remains a target after the high court allowed her to stay in her job for now, as does former Chair Jerome Powell, said the people, who spoke on the condition of anonymity.

Some in the Labour Party are worried Andy Burnham risks repeating the mistake of not being sufficiently prepared for government, as he delays key personnel decisions. Burnham won’t announce key appointments until after the selection process for the Labour Party’s new leader formally concludes, which could give new ministers a slim window to prepare.

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 and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:42 – Market Check
00:02:30 – Stocks Rebound
00:06:04 – Trump Push to Reshape the Fed
00:07:39 – Andy Burnham Eyes Warehouse Tax
00:14:23 – EuroNext Chairman & CEO Stephane Boujnah
00:17:43 – Mega IPOs in US are One-Time Events: Euronext CEO
00:25:21 – Bond Market Check
00:36:27 – French FinMin Roland Lescure on French Budget
00:43:09 – Jobs Data Eases Fed Concerns
00:47:45 – Stocks to Watch: UK Warehouse Stocks, Renk, Rheinmetall
01:03:52 – Spain June Services PMI Rises
01:07:19 – Private Credit Keeps $14 Billion Trapped
01:17:35 – SPX, Nasdaq See Best Quarter Since 2020
01:29:36 – Stoxx 600 Headed for Best Week Since May
01:32:22 – Pubs to Stay Open for England World Cup Match: Starmer
01:35:39 – Weekend: Taylor Swift Wedding, World Cup, Tour de France
——–
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Today, June Grasso, Bloomberg legal analyst and host of ‘Bloomberg Law,’ discusses the Supreme Court’s decision to uphold birthright citizenship in the United States. Then, Bloomberg’s Ian King dives into semiconductor rally as chips send stocks to their best quarter in six years. Plus, Dan Suzuki, global investment strategist at iCapital, said that market tailwinds are in the rearview and that he expects inflation is at or near its peak and will soon come back down. Finally, Brett Pulley, Bloomberg News Atlanta bureau chief, breaks down why costs are rising in the American South and how communities are feeling squeezed financially as a result.

Chapters
00:00:00 Bloomberg Businessweek Daily Open
00:01:53 Preview: Inflation, AI & Supreme Court Rulings
00:02:29 Market Update: Semiconductors Lead Stocks Higher
00:04:29 Supreme Court Upholds Birthright Citizenship
00:05:27 Breaking Down the Birthright Citizenship Decision
00:07:47 Can Congress Override the Court?
00:09:00 Supreme Court Rules on Transgender Athletes
00:11:33 AI Chip Boom: Are Semiconductor Stocks Still Attractive?
00:12:30 Ian King on Valuations & the AI Rally
00:15:12 Have Chipmakers Learned From Past Cycles?
00:19:00 Midday Market Check
00:21:20 Outlook for Stocks in the Second Half of 2026
00:22:38 Three Biggest Risks Facing the Market
00:24:00 Consumer Debt, Delinquencies & the Economy
00:25:50 The K-Shaped Economy Explained
00:28:50 Portfolio Strategy: Why Diversification Matters
00:31:10 Private Markets & Infrastructure Investing
00:32:31 Market Update: Stocks Near Session Highs
00:34:15 The ‘Southern Squeeze’ & Rising Cost of Living
00:35:15 Why People Keep Moving to the Sun Belt
00:40:08 Are Migration Trends Beginning to Reverse?
00:42:40 Stocks on the Move
00:44:45 Chip Equipment Stocks Surge
——–
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To celebrate America’s 250th anniversary Bloomberg This Weekend is broadcasting Live from across New York City. David Gura and Christina Ruffini are on the Hudson River at the Intrepid Museum for the Navy Review and the tall ships parade, ‘Sail4th 250’, while Lisa Mateo is at Nathan’s Famous Hot Dogs in Coney Island, home of the annual 4th of July hot dog eating contest. The team are joined by Bloomberg News White House Correspondent Jeff Mason who is at the White House reporting on how ‘Freedom 250’ plans have been affected by the heat.
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Eli Lilly is cutting prices again for those who pay cash for introductory doses of the weight-loss drug Zepbound. The lowest dose vial will cost $299 a month, that would be a saving of about $50. It’s part of the price war with rival Novo Nordisk. Bloomberg’s Madison Muller reports.
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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, Bloomberg understands that Apple is in negotiations to buy chips from two Chinese semiconductor firms which are currently on a Pentagon blacklist. Sources say CEO Tim Cook has appealed to Trump administration officials to help soften the political fallout from any possible deal with the Chinese chipmakers.

A selloff in chip stocks spread to South Korea, after a Bloomberg scoop on Meta’s cloud business plans raised concerns over the speed of the AI buildout.

And commercial shipping through the Strait of Hormuz has surged over the past few weeks, with American military support helping boost oil flows to more than 10 million barrels per day, a US official said.

Today’s guests: Hetal Mehta, St James’s Place, Chief Economist & Marc Chowrimootoo, Hayfin, Portfolio Manager & Co-Head of Direct Lending.

Chapters:
00:00:00 – Daybreak Europe
00:00:34 – US Touts Hormuz Flows
00:04:57 – Apple Seeks to Buy Chinese-Made Memory Chips
00:11:42 – Investors Price in at Least One Fed Hike This Year
00:14:57 – ECB Views Splinter on Next Rate Move
00:18:23 – Trump Hails Qatar Meetings in Iran
00:20:59 – Oil Majors Lose Luster, Investors Turn Selective
00:25:34 – Oil Extends Drop on Hormuz Flows
00:28:07 – Central Banks Respond to Inflation Outlook
00:30:09 – Hetal Mehta, St James’ Place Chief Economist
00:34:32 – Hayfin Defies Private Angst With €15B Fundraise
00:37:13 – Marc Chowrimootoo, Hayfin, Portfolio Manager & Co-Head of Direct Lending
00:40:39 – KNDS Halts IPO Over Market Conditions
——–
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