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.

Global equities slid to a one-week low as surging oil prices and mounting bets on further Federal Reserve interest-rate hikes drove Treasury yields to multi-year highs.

Iranian officials have privately expressed pessimism about reaching a deal to end hostilities with Washington and reopen the Strait of Hormuz before US midterm elections in November, according to people familiar with the matter.

And UK Prime Minister Andy Burnham will set out his pitch for honest political debate as the antidote to populism at the UK Labour Party Conference, as he reveals his plans for taking on thorny issues, from Britain’s expensive social care system to its creaking water infrastructure.

Today guest: Sunaina Sinha Haldea, Raymond James, Private Capital Advisory Global Head.

Chapters:
00:00:00 – Daybreak Europe
00:06:56 – Oil Extends Gain in Iran Uncertainty
00:09:55 – Iran Officials Pessimistic About US Deal Before Midterms
00:11:54 – Andy Burnham Vows ‘Clear Vision’ to Tackle UK’s Thorniest Challenges
00:15:27 – OpenAI Holds Back Version of Astra AI Model
00:18:46 – OpenAI Scraps Release of New AI Model Over Safety Concerns
00:22:54 – Treasuries Selloff Deepens as Trump Spurns Iran’s Latest Offer
00:31:14 – Sunaina Sinha Haldea, Raymond James, Private Capital Advisory Global Head
00:38:56 – Europe’s LNG Inventories Lowest Ever for This Time of Year
00:43:27 – Trump Slams UK Move to Release Airbase Suspects
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America’s “Main Street Millionaires” comprise about three million private business owners who have amassed one of the country’s most concentrated pools of wealth. That’s according to a study conducted by Owen Zidar and Eric Zwick.

On this episode of the Odd Lots podcast, economists and authors of The Everywhere Millionaire: Who Is Really Rich in America and How They Got There, tell Tracy Alloway and Joe Weisenthal how “little guys” like beverage distributors, dentists and car wash owners have become millionaires hiding in plain sight.
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Bloomberg Surveillance: Early Edition, live from London and New York. Francine Lacqua, Anna Edwards, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. Changpeng Zhao, Binance CEO and Founder, says the firm won’t put a blanket ban on Russians trading on its cryptocurrency platform. Wei Li, Global Chief Investment Strategist at BlackRock, says rate hikes will be data dependent. Leslie Vinjamuri, head of the U.S. and Americas programme at Chatham House, says sanctions are not stopping Putin.

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Novartis agreed to buy biotechnology company Avidity in a deal valued at $12 billion, making it the Swiss drugmaker’s biggest acquisition in more than a decade and adding several potential blockbuster treatments as generic competition looms for its current top-sellers. Sam Fazeli of Bloomberg Intelligence has more.
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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
00:04:18 – Nvidia and Anthropic launch AI safety platform
00:08:58 – China broadens travel curbs on families of AI talent
00:12:18 – Franklin Templeton’s Nicholas Chui on Chinese markets
00:22:46 – Hong Kong IPO pipeline swells with four new listings
00:29:49 – Franklin Templeton’s Nicholas Chui on where he sees dividend opportunities
00:34:23 – Shein delivers lackluster results after IPO
00:37:32 – China studies new policies to boost the economy
00:47:10 – Asian traders digest AI spending and safety concerns
00:49:16 – Treasury selloff and US-Iran impasse weigh on markets
00:53:34 – JPMorgan’s Marcella Chow on the impact of bond yields on risk assets
01:01:31 – Anthropic reportedly plans $518B in AI spending
01:09:41 – Investor concerns grow over China’s distressed debt
01:16:10 – RBA rate decision in focus
01:20:12 – Australian miners benefit from rising copper prices
01:24:23 – AMD to buy AI startup World Labs for $8.2B
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