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, HSBC has announced a fresh stock buyback of up to $1 billion after second-quarter earnings beat estimates. Pretax profit rose to $10.1 billion in the three months to June, bolstered by notable items and gains in banking and wealth revenue.

US President Donald Trump says his offer of talks with Iran are the ‘last chance’. Tehran says there are no talks with the US, but discussions with Oman to get more ships moving through the Strait of Hormuz are making progress.

Plus Saudi Aramco reported a 33% increase in second-quarter profit. It was able to benefit from a war-driven surge in oil prices, while keeping exports flowing through a pipeline that bypasses the Strait of Hormuz.

Today’s guests: Georges Elhedery, HSBC Group CEO; Viki Farmaki, State Street Investment Management, Senior Equity Research Analyst & Jason Quinn, Nedbank, CEO.

Chapters:
00:00:00 – Daybreak Europe
00:01:35 – Yen Set for First Decline in Five Days
00:04:53 – HSBC Second-Quarter Results
00:09:12 – Georges Elhedery, HSBC Group CEO
00:18:46 – Trump Says Talks are Iran’s ‘Last Chance’
00:22:03 – SpaceX Challenge
00:27:31 – Viki Farmaki, State Street Investment Management, Senior Equity Research Analyst
00:34:00 – Jason Quinn, Nedbank, CEO
00:42:11 – Rhine Hits Record Low Level
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Lori Calvasina, head of US equity strategy at RBC Capital Markets, joins Scarlet Fu and Tom Keene on “Bloomberg Money.” They discuss stock trading by institutional and retail investors. Plus the firm’s  “Four Tiers of Fear”.
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Barry sits down with Lori Heinel, Executive Vice President, Global Chief Investment Officer at State Street Investment Management. Lori discusses her unlikely journey from majoring in religious studies at Princeton to working in finance and investing. They also discuss her role as CIO at State Street and how she balances active and passive management views. They also discuss the case for private markets’ involvements in 401(k)s. They also discuss how Lori is seeing AI affect her business managing trillions of dollars worth of assets, and her involvement with the “Fearless Girl” statue campaign.
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For better or worse, Apple seems to have largely missed the AI boom. When it comes to hardware, Chinese tech giants are also in the lead with foldable phones, glasses and advanced camera features, just to name a few.

Bloomberg’s Mark Gurman joins Joe Weisenthal and Tracy Alloway on the Odd Lots podcast to unpack the slate of new products that Apple is set to unleash and whether the company’s new AI strategy is enough to put Apple back on top.
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Following earnings this week that saw tech giants like Microsoft and Amazon report aggressive AI spending plans, EZ Primary Research CEO Ed Zitron gives his more skeptical take on the industry. In speaking about OpenAI and Anthropic Zitron argues “everyone is buying into these stocks because they believe all of that CapEx is going towards diverse and spread out AI demand, when in fact, what it’s actually doing is helping create infrastructure for two unprofitable, unsustainable companies.”
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