A rally in technology stocks came to a halt as oil resumed its role in setting the tone for markets, with Brent heading for its first gain in a week as investors tracked diplomatic efforts to end the US-Iran war. Earlier, stocks got a lift after Meta’s new artificial intelligence agent, Muse, quickly rose to the top of mobile app charts.

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 Guy Johnson.

Correct: Graphic edited at 01;00;19;11, 01;27;09;02, 01;34;40;22 to clarify that Ermotti said fee pools in banking are going be down, with UBS in-line with market trends.

Chapters:
00:00:00 – The Opening Trade
00:00:28 – Market Check
00:03:28 – Tech Stocks Soar, Meta’s Muse AI Agent
00:05:47 – Oil Price Rises
00:06:57 – Trump’s UN General Assembly Speech
00:14:10 – CPU Rally Leads Semiconductors
00:18:45 – German Chancellor Merz on Elections
00:25:30 – Novo CEO Mike Doustdar
00:40:06 – Trump, Xi Jinping Summit
00:46:48 – Stocks to Watch: Tech, Roche, Kingfisher
01:00:57 – UBS CEO Ermotti on AT1 Proposals
01:04:26 – Meta’s Muse AI Agent
01:09:03 – Novo’s 2030 Ambitions
01:13:56 – Roche Obesity Shot Cuts Body Weight 15.5%
01:28:32 – China and US Discuss AI, Investment
01:32:56 – Brent Crude Price
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Author Sharon Weinberger tells Bloomberg This Weekend that Silicon Valley’s relationship with the defense industry has transformed as technology companies and investors increasingly embrace national security work. Speaking with host Christina Ruffini, Weinberger says the growing power of AI and defense technology companies is testing the government’s ability to provide effective regulation and oversight.
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Brent crude reaches $100 a barrel for the first time since July as the US and Iran keep up attacks on each other. Trade tensions escalate as the Trump administration blocks imports of some Canadian products and imposes fresh levies. Treasury Secretary Scott Bessent dares the market to bet against the Japanese yen. President Trump gears up to speak at the Republican National Convention in Dallas, Texas. Isabelle Scemama, BNP Paribas Global Head of AM Alternatives, and Blair Jacobson, Ares Management Co-President, joins Bloomberg’s Guy Johnson on “Bloomberg Brief” from the IPEM Global conference in Paris, France.

Chapters:
00:00:00 – Bloomberg Brief Begins
00:00:18 – Oil, Trade and Global Markets Headlines
00:00:46 – Global Market Check: Asian Markets Rally on Tech and AI Optimism
00:02:14 – European Markets, Energy Prices and ECB Outlook
00:03:31 – Oil Tops $100 as Treasury Yields Rise
00:04:50 – First Look Movers: Software, Lithium and AI
00:06:11 – Iran Conflict Escalates and Pressures Oil Markets, Houthi Attacks Raise Risks for Saudi Arabia
00:09:54 – US-Canada Trade Tensions Escalate
00:12:45 – Trending on the Terminal
00:14:35 – Isabelle Scemama, BNP Paribas Asset Management Global Head of AM Alternatives, on Private Markets and Europe
00:23:15 – Front Page News
00:26:41 – Bessent’s Yen Intervention and Treasury Buybacks
00:29:54 – US-Canada Trade War and Economic Risks
00:31:39 – Oil Prices Become a Midterm Election Issue, Trump and Republicans Prepare for Dallas Midterm Convention
00:36:21 – Blair Jacobson, Co-President of Ares Management, on Rates, Geopolitics and Private Markets, & AI’s Impact on Software and Private Credit
00:44:57 – What to Watch
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Bloomberg has learned US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports.

Donald Trump’s summit with China’s Xi Jinping has produced few substantive announcements so far. Anticipated agreements on tariff cuts and a new line of communication on artificial intelligence have yet to be announced. Trump repeatedly cast Xi as a friend despite intensifying competition on AI and divides over trade.

The early exit of Isabel Schnabel from the European Central Bank is set to intensify the contest for top jobs there including that of President Christine Lagarde. The announcement on Thursday that Germany’s Executive Board member will leave in January, one year before her term expires, creates a vacancy within the institution’s top echelon in little more than three months.

Today’s guests: Mark Haefele, UBS Global Wealth Management CIO; Diana Choyleva, Enodo Economics Chief Economist; Steve Tsang, SOAS University of London Director of the China Institute

—
“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
00:00:34 – US, Iran said to be exploring phased deal to open Hormuz
00:03:45 – Trump-Xi summit low on substance
00:07:57 – Mark Haefele, UBS Global Wealth Management CIO
00:18:04 – NATO’s Rutte: Europe is ready for hybrid attacks
00:21:39 – Friday top stories
00:23:43 – Friday headlines
00:24:54 – US-China roundtable: SOAS’ Steve Tsang & Enodo Economics’ Diana Choyleva
00:38:51 – UBS mulls merger with foreign bank: Semafor
00:42:11 – ECB succession race heats up
00:45:41 – Wall St reckons with ‘new normal’ 5% yield
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President Donald Trump says that he expects the US will reach an agreement with Iran after the midterms, while addressing the United Nations General Assembly. He also says that the US rejects the globalist “scheme” to control AI and reiterated that he believes Cuba will “fall.”
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