Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from Brussels, 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 global stock rally ground to a halt, as Brent crude climbed above $102 a barrel on renewed Middle East tensions. The White House has reportedly asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections.

The EU is striking a more assertive approach with China ahead of trade chief Maroš Šefčovič’s meeting with Chinese Commerce Minister Wang Wentao. The bloc is seeking to address a trade deficit that exceeds $1 billion a day.

Bloomberg has learnt that Isomorphic Labs, the AI-powered drug discovery startup spun out of Google DeepMind, is in early talks to raise new funds at a valuation of at least $40 billion.

And the WHO has called on Russia to provide more information about the death of a researcher at a plague lab. President Trump is due to have a phone call with President Putin about the case.

Today’s guest: Elvire Fabry, Jacques Delors Institute, Trade and Economic Security Program Director.

Chapters:
00:00:00 – Daybreak Europe
00:01:01 – Stocks Rally Halts as Oil Gains
00:05:20 – EU Plans Import Cap on Chinese Hybrid Cars
00:08:41 – China Stocks Slide as Tepid Holiday Spending, Tech Losses Weigh
00:11:50 – Isomorphic Labs in Funding Talks for Over $40 Billion Value
00:16:29 – US May Order Fresh Strikes on Iran
00:18:55 – Oil Gains as Iran Attack Risks and Hurricane Deliver Dual Boost
00:21:42 – Fed Minutes Show Hawkish Unity Behind September Rate Hike
00:25:22 – Trump May Order Iran Strikes Before Midterms: Reports Say
00:28:12 – Europe’s Widening Trade Imbalance With China
00:32:46 – Elvire Fabry, Jacques Delors Institute, Trade and Economic Security Program Director
00:39:59 – Suspected Case of Pneumonic Plague in Siberia
00:43:08 – Zara Billionaire Who Shuns Wealth ‘s Trappings Set to Boost Clout
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“Bloomberg: The China Show” is your definitive source for news and analysis on the world’s second-biggest economy. From politics and policy to tech and trends, Yvonne Man and David Ingles give global investors unique insight, delivering in-depth discussions with the newsmakers who matter.

Chapters:
00:00:00 – The China Show opens
00:01:47 – OpenAI’s revenue run rate said to be $20B lower than reported
00:12:23 – Firmus pulls IPO as investors turn skittish
00:16:57 – China defends yuan policy as EU trade talks begin
00:23:20 – China tech stocks rebound after Thursday rout
00:30:49 – Goldman Sachs’ Michelle Cheng on China’s Golden Week
00:39:39 – Breaking: OpenAI expects $70B in annualized revenue by end of 2026
00:41:21 – US bars Microsoft and Indian firms from visa program
00:48:32 – AI winners lift Asia as rising yields sap market breadth
00:53:08 – PBOC says no need to devalue yuan for trade
00:55:47 – Breaking: Firmus said to weigh US listing after Australian IPO plan fails
00:57:20 – China eyes AI edge from renewable energy surplus
01:03:21 – Las Vegas Sands’ Patrick Dumont on investments in Singapore and Macau
01:11:44 – Nasdaq’s Adena Friedman on blockbuster AI listings
01:23:54 – ETF IQ Asia: CITIC CLSA’s Shihao Li on active ETFs in China
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Are Chinese rivals a serious threat to OpenAI and Anthropic?

Former Google China chief Kai-Fu Lee explains the business model behind the country’s cheaper rivals.
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All 19 Federal Reserve officials backed the decision in September to raise interest rates, with many supporting the move to guard against the risk of intensifying inflation pressures. Michael McKee reports.
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Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Jess Menton, Carol Massar and Lisa Mateo.
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