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 tech rout deepened after the Nasdaq’s worst day since June. In another of concern over AI spending, Bloomberg has learnt that OpenAI is cutting its valuation target by $150 billion, as it seeks to raise $30 billion in its latest funding round.

And Volvo Cars is planning to cut another 2,500 jobs, as cratering sales in China and tariffs in the US complicate the Swedish automaker’s turnaround.

Today’s guest: Håkan Samuelsson, Volvo Cars, CEO.

Chapters:
00:00:00 – Bloomberg Daybreak Europe | 10/23/2026
00:02:15 – Asia Market Check
00:05:10 – AI Selloff
00:09:00 – Treasuries Surge
00:12:25 – Volvo Cars CEO Håkan Samuelsson
00:20:51 – Blackstone Chairman & CEO Stephen Schwarzman | Leaders with Francine Lacqua
00:26:33 – Pressure Mounting on French Bonds
00:30:23 – Saudi Aramco Said To Evacuate HQ
00:33:24 – Israeli Elections Next Tuesday
00:36:52 – Corporate News: Gucci, Moderna-Merk, SpaceX
00:38:13 – European PMI Data Preview
00:43:48 – Chart Talk
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US equity futures waver ahead of a week full of tech earnings and central bank rate decisions as oil retreats from a six-month high. Brazilian markets brace for a selloff as President Luiz Inácio Lula da Silva wins a record fourth term in a runoff election and opponent Flávio Bolsonaro calls for the vote to be annulled. Elon Musk says SpaceX has closed a $40 billion debt deal to pay for AI chips. Yohanan Plesner, President of the Israel Democracy Institute, joins “Bloomberg Brief” to looks ahead to Israel’s election between Prime Minister Netanyahu and Gadi Eisenkot. Amy Wu Silverman of RBC Capital Markets previews the week’s big tech earnings.

Chapters:
00:00:00 – “Bloomberg Brief” Begins: Top Stories
00:00:45 – Global Market Check: Asian Markets Kick Off a Busy Week
00:02:14 – European Markets React to Brazil Election
00:03:05 – US Markets, Fed Outlook and Oil
00:04:23 – First Look Movers: Brazil, Big Tech and Tesla
00:06:00 – Lula Wins Record Fourth Term in Brazil, What Lula’s Victory Means for Brazilian Markets
00:09:57 – SpaceX Closes $40 Billion AI Chip Debt Deal, Big Tech Earnings and AI Spending in Focus
00:12:14 – Trending on the Terminal
00:13:41 – Yohanan Plesner, The Israel Democracy Institute President, on Israel Heads to the Polls, Can Israel Form a New Government
00:21:01 – Front Page News
00:21:24 – Bloomberg Brief: Markets and Top Stories
00:23:06 – First Look Movers: Brazil Banks and Tesla
00:24:33 – RBC Capital Markets’ Amy Wu Silverman on Big Tech Earnings and Volatility Outlook, Hyperscaler Risk and Investor Protection
00:31:20 – Trending on the Terminal
00:32:56 – President Trump Weighs Iran Deal or Renewed Strikes
00:35:04 – Israel Election’s Impact on US Iran Strategy, US-Canada Trade Talks Near a Deal
00:37:02 – Brazil Reacts to Lula’s Election Victory, Brazil’s Market and Economic Outlook
00:40:21 – SpaceX Debt Deal and Big Tech Earnings
00:42:27 – What to Watch
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President Donald Trump reinstated the US blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement for all other cargo shipped through the waterway.

US stocks steadied as traders refrained from making big bets ahead of a jam-packed day that will see the unofficial start of the earnings season, along with testimony from Fed Chair Kevin Warsh and US inflation data. Higher crude prices kept bets on a July US interest rate increase in place, with swap markets signaling a chance of a hike when the Federal Reserve meets later this month.

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
00:02:57 – Iran, US Trade Strikes
00:06:25 – Katayama Floats JGBs in Tax Free Accounts
00:10:18 – Bank Earnings
00:13:20 – US Hits Iran with Strikes, Blockade
00:21:14 – Fed Rate-Hike Bets
00:25:26 – Bond Market Check
00:32:02 – Strong Global Outlook in 2027: Franklin Templeton
00:38:24 – Japan’ GPIF Holds
00:42:34 – Warsh to Move Markets More Than He Wants: MLIV
00:47:42 – Stocks to Watch: Ericsson, BP, Watches of Switzerland
01:05:31 – Brent Crude Level, Oil Price Climbs
01:11:17 – Watches of Switzerland Stock
01:15:10 – Fed’s Kevin Warsh Testimony
01:17:32 – Robust Economic Outlook in US: Apollo’s Jim Zelter
01:19:05 – easyJet Gets £5.7B Apollo Offer
01:30:48 – US Inflation
01:35:25 – World Cup: France vs Spain
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US stock futures rose after strong results from SpaceX eased concerns over whether a global investment spree in artificial intelligence can prove sustainable.

Meta investors will be looking for any updates on the company’s artificial intelligence spending when it reports quarterly results on Wednesday after the market close. They’ll also be watching for signs that the company is making progress in offsetting those costs by monetizing its cloud business.

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 Begins
00:01:23 – The Agenda: Markets, SpaceX Earnings & AI Trade
00:03:43 – AI Stocks Rally & Jensen Huang in Berlin
00:06:12 – Breaking News: UK Inflation Comes in Hot
00:08:37 – What to Watch
00:10:22 – BlackRock CEO Larry Fink on Rates, Deficits & AI, BlackRock’s Long-Term Investment Outlook How AI Could Transform Work & Retirement
00:21:25 – Need to Know: Netflix, Italy & European Market Headlines
00:25:23 – Black Forests Lab CEO Robin Rombach on Generative & Physical AI
00:33:59 – StoneX’s Kathryn Ronney Vera on AI Spending, High Rates & the US Economy, AI’s Impact on Inflation
00:41:52 – Stocks to Watch: EssilorLuxottica, Adidas & Carrefour
00:46:19 – European Markets Open
00:50:57 – Federated Hermes’ Steven Chiavarone on Is the AI Trade a Bubble, US Midterms, AI Policy & Deficit Risks,
00:59:43 – European Tech & French Stocks
01:02:50 – Carrefour Hit by French Unrest
01:04:54 – French Riots, Elections & Market Risk
01:08:35 – EssilorLuxottica Earnings & AI Glasses
01:13:45 – Need to Know
01:14:55 – Silicon Data CEO & Founder Carmen Li on GPU & Token Pricing
01:23:36 – Tech Earnings & AI Financing Risks, UK Inflation & Bank of England Outlook
01:27:33 – Octopus Energy CEO Greg Jackson on UK Gas & Energy Policy, Britain’s Grid Bottleneck
01:34:21 – UK Budget Preview & Closing Markets
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Bloomberg’s Lisa Mateo, Scarlet Fu, and Tom Keene discuss the release of the new Apple iPhone on this weeks edition of “Bloomberg Money.”
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