Shares in OpenAI partners such as SoftBank and Oracle are falling after the Wall Street Journal reported that the AI startup recently failed to meet targets for sales and new users, reviving worries about spending ahead of tech earnings.

Brent advanced for a seventh day to $111 a barrel. The White House said President Donald Trump will address a proposal from Iran to reopen Hormuz “very soon”. The dollar rose 0.2%. The yen, meanwhile, reversed gains after Bank of Japan Governor Kazuo Ueda refrained from giving a decisive signal on when interest rates may rise.

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
00:00:22 – Market Check
00:01:34 – Stocks Higher, Oil Price Climbs
00:05:23 – BP Earnings
00:06:10 – Barclays Earnings
00:07:20 – Yen Gains
00:09:18 – CATL Raises $5 Billion
00:09:42 – Ray-Ban Heir Wins Approval for $10B Buyout
00:11:48 – US Being ‘Humiliated’ in Iran Talks: Friedrich Merz
00:25:57 – BOJ Governor Ueda Speaks
00:32:22 – Assume Dubai Crude Oil Will Fall to $70 Per Barrel: Ueda
00:38:16 – Baltimore Mayor on Cost of Living Pressure
00:44:51 – Will Continue to Hike Rates Based on Economic Situation: BOJ
00:46:39 – Stocks to Watch: Barclays, BP, Novartis
01:07:29 – BP Profits Jumps
01:09:27 – OpenAI Misses Sales Targets As Rivals Gain
01:15:21 – Elon Musk, Sam Altman Head to Trail Over OpenAi
01:15:44 – Barclays Stock
01:25:27 – US Maintains ‘Red Lines’ on Any Iran Deal
01:28:12 – Norges Bank Investment Management Conference
01:31:29 – BOE Rate Decision This Week
——–
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US equity futures and Treasuries fall as uncertainties around the conflict between the US and Iran push oil higher and lifts concerns around inflation. Tehran says it’s sticking to its proposal to reopen the Strait of Hormuz that President Trump has rejected. The US and China release a detailed plan to cut tariffs on about $30 billion of imports from each nation. Nvidia introduces a new double-layered AI security system that will keep agents from going awry. Aneeka Gupta of Wisdomtree joins “Bloomberg Brief” to discuss the market pricing in long-term uncertainty.

Chapters:
00:00:00 – Bloomberg Brief Begins: Markets, Oil and Global Headlines
00:00:48 – Global Market Check: Asia Markets Slide as China Chip Stocks Weaken
00:02:22 – European Markets, Labour Conference and Oil Prices
00:04:15 – First Look Movers: Chipmakers, SK Hynix and UK Homebuilders
00:05:26 – Iran, the Strait of Hormuz and Prospects for Diplomacy
00:08:29 – UK Terror Investigation and Labour Party Conference
00:11:39 – US-China Tariff Cuts and the $30 Billion Trade Deal
00:14:17 – Trending on the Terminal
00:15:47 – Nvidia Unveils New AI Agent Security Tools
00:20:28 – Front Page News
00:21:37 – Markets, Oil and Treasury Yields Ahead of US Jobs Data
00:23:17 – First Look Movers
00:24:34 – Aneeka Gupta, Wisdomtree Director of Macroeconomic Research, on Bond Selloff, Inflation Risks, the Federal Reserve & Oil Prices
00:31:30 – Trending on the Terminal
00:32:53 – Trump, Iran and the Strait of Hormuz Negotiations, US-China Trade Deal and Tariff Relief, Trump Weighs a US Diesel Export Ban
00:38:37 – Nvidia’s New AI Security Safeguards Explained
00:42:18 – What to Watch
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President Trump said he expects to notch “a lot of different deals” during his summit this week with China’s Xi Jinping, while Iran’s President Masoud Pezeshkian said his country won’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. We get reaction from Heidi Crebo-Rediker, Senior Fellow at the Council on Foreign Relations. Spain’s Prime Minister Pedro Sanchez discusses the EU’s needs to decrease its dependency on China, the rise of far right parties in Europe, and the ECB’s next president in conversation with Bloomberg’s Francine Lacqua. Plus – a look at AI’s growing role in the C-suite with Workiva CFO Barbara Larson & Katherine Kostereva, CEO of Creatio. All on the latest episode of “Bloomberg Businessweek Daily.”

Chapters
00:00:00 Bloomberg Businessweek Daily
00:02:35 Markets: Oil Rises, Stocks Fall & Yields Surge
00:04:18 U.S. Alliances & the Trump-Xi Summit
00:06:06 U.S.-Canada Relations & Global Trade
00:07:20 U.S.-China Trade & Economic Competition
00:09:43 Spain’s Pedro Sanchez on Europe & Global Politics
00:12:13 China, Trade & Europe’s Economic Strategy
00:14:02 Iran, Ukraine & the Global Energy Crisis
00:15:41 AI, Data Centers & Spain’s Green Transition
00:18:10 Europe Caught Between the U.S. & China
00:20:59 Trump-Xi Summit & Critical Minerals
00:25:04 Workiva CFO on AI, Business & Investment
00:28:04 AI Risk, Guardrails & Human Judgment
00:29:48 AI, Hiring & the Future of Work
00:31:20 Managing the Rising Cost of AI
00:33:12 Capital Allocation, Buybacks & Growth
00:38:47 Creatio CEO on AI & No-Code Automation
00:40:08 Investing $300 Million in AI for Banking
00:42:19 Creatio’s Growth, Profitability & IPO Outlook
00:45:52 Human and Agentic AI Workflows
00:47:47 Canada-U.S. Relations & Global Security
00:49:24 Canada, China & the Middle-Power Strategy
00:52:00 Canada on Ukraine & U.N. Reform
00:54:37 Markets: Bond Yields Hit Two-Decade Highs
00:56:04 Stock Movers: Meta, McDonald’s & Royal Caribbean
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US President Donald Trump said his officials had “very good” talks with Iranian envoys in New York, reviving hopes for a diplomatic off-ramp hours after he threatened to “annihilate” the country’s ruling regime.

Shares of major banks, insurers and online travel agencies slid on Tuesday on investor fear that tools like Meta’s personal AI agent could disrupt businesses that benefit from so-called consumer inertia, the tendency to keep buying something out of habit even when a better alternative exists.

The upper house of Switzerland’s parliament voted for a compromise plan on UBS’s capital requirements that largely replicates the government’s demands, in a setback for the bank.

Today’s guests: Holger Schmieding, Berenberg Chief Economist; Anna Matveeva, King’s College London Visiting Senior Research Fellow; Peter Voser, ABB Chairman

—
“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:25 – Trump threatens Iran annihilation
00:03:20 – Oil heads for longest losing run in more than a year
00:04:43 – Holger Schmieding, Berenberg Chief Economist
00:12:23 – Poland hopes to finalize plans for US base
00:16:17 – Zelenskyy: Ready for truce if Russia halts energy strikes
00:17:08 – Anna Matveeva, King’s College London Visiting Senior Research Fellow
00:23:24 – Wednesday headlines
00:23:59 – UK PMI shows growth cools over budget worries and energy shock
00:28:52 – Nasdaq hits record high with big tech driving gains
00:33:02 – Peter Voser, ABB Chairman
00:40:36 – UBS suffers setback as lawmakers vote in favor for higher capital rule
00:44:44 – Xi set to arrive in the US for state visit on Wednesday
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Visa is looking beyond plastic cards in India. From agentic commerce to tokenization, Haslinda Amin explains how the payments giant plans to keep up with the changing ways Indians pay.
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