Oil rises as attacks in the Strait of Hormuz continue, even as Donald Trump says the US will not attack Iran before the midterm elections. Asian stocks slip amid US tech jitters, while Bahrain’s borrowing costs surge to a six-year high.
OpenAI expects annualized revenue to reach $70 billion by the end of 2026, up from a $50 billion run rate in September, as it discusses a new funding round of more than $30 billion.
France’s fiscal concerns remain in focus, with investors watching for potential contagion to Italian bond spreads and the euro.
Ecobank opens its first office in Beijing as commercial ties between China and Africa deepen. Meanwhile, SpaceX announces a spectrum deal for Starlink’s mobile-phone service, and Starbucks is reported to have explored a takeover of Chipotle.
The US tightens restrictions on tech visas, barring Microsoft and Indian firms from a key visa program that has served as an important talent pipeline for Silicon Valley and Wall Street.
Airtel Money begins trading in London in what could be the city’s largest IPO in five years, while Uzum’s investors include Tencent and Oman’s sovereign wealth fund.
And SoftBank is seeking to raise as much as $100 billion from Gulf investors. Guest includes Kevin Thozet, Carmignac Portfolio Advisor & Investment Committee Member, Jeremy Awori, Ecobank CEO, Zeina Rizk, Amwal Capital Partners Fixed Income Co-Head and Nikolay Seleznev, Uzum Co-Founder & Chief Strategy Officer.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:05:10 – OpenAI Expects $70B in Annualized Revenue by End of 2026
00:06:42 – Kevin Thozet, Carmignac Portfolio Advisor & Investment Committee Member
00:13:22 – Trump Says US Won’t Attack Iran Before Midterm Elections
00:16:03 – Jeremy Awori, Ecobank CEO
00:27:24 – Zeina Rizk, Amwal Capital Partners Fixed Income Co-Head
00:34:02 – US Targets Tech Visas, Bars Microsoft and Indian Firms From Visa Program
00:37:44 – Nikolay Seleznev, Uzum Co-Founder & Chief Strategy Officer
00:41:34 – Airtel Money to Begin Trading in London
——–
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Fewer than 30% of Indians have access to a retirement account, even as the number of people over 60 is set to more than double by 2036. Saikat Das explains India’s pension problem and what the government is doing to fix it.
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Get a jump start on the US trading day with Dani Burger on “Bloomberg Open Interest.” SpaceX looks to raise $40 billion for Nvidia chips, Apple makes a bigger smart-home push with LG, and rising oil and rates cool Wall Street’s record rally. Plus, Apollo’s John Cortese on how the company is pushing to make private credit more transparent. New York Comptroller Thomas DiNapoli joins us on record banker bonuses and how the AI boom is impacting New York’s bottom line and Alvarez & Marsal’s Paul Aversano on private credit, record profits and the M&A slowdown.

Correction: “This video was edited to correct the spelling of “Paul Aversano” that aired in the program at 10:10 am ET.”

Chapters:
00:00:00 – Open Interest
00:02:57 – SpaceX Seeks $40B for Nvidia Chips
00:06:22 – Apple’s Smart Home Expansion
00:09:35 – Iran Escalates Hormuz Attacks
00:14:35 – High Interest | Siberia, HSBC, Constellation Brands
00:15:32 – Constellation Brands & Consumer Weakness
00:19:04 – Sarah Hunt Alpine Saxon Woods | AI earnings concentration
00:31:12 – Top Calls | Humana, Flutter, Marvell
00:34:51 – AI compute race
00:51:59 – Oil above $100
00:56:18 – High Interest | Treasury, New Jersey, M&A
00:57:24 – Paul Aversano Alvarez & Marsal | Election uncertainty
01:05:35 – Anjney Midha National Compute | AI capacity bottlenecks
01:13:04 – Apollo’s Push to Transform Private Credit Trading
01:20:52 – Thomas P. DiNapoli New York State Comptroller | New York tax revenue boom
——–
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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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