Today’s main event takes place in Sintra, Portugal, where the ECB hosts the final day of its annual symposium. The Fed’s new chief Kevin Warsh makes his first public appearance outside of the US alongside the ECB’s Lagarde and BOE’s Bailey. Markets are looking for any clues about the trajectory of rates.

President Donald Trump reported earning at least $1.4 billion in 2025 from crypto and memecoin-related businesses, according to his latest annual financial disclosure.

Trump reported making more than $594 million from sales by World Liberty Financial, the crypto firm whose co-founders include Trump, his sons, and Steven Witkoff, a top diplomat in his administration. Zach Witkoff, the special envoy’s son, serves as chief executive officer.

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
00:00:45 – Market Check
00:01:48 – Kevin Warsh in Sintra
00:05:08 – Yen Higher from 4 Decade Low
00:06:43 – Anthropic Fable 5 Export Restrictions Lifted
00:11:11 – ECB Policymakers on Inflation
00:21:50 – Trump Reports $1.4 Billion in Crypto Earnings
00:22:09 – Schneider Electric to Buy AI Firm Cognite
00:22:50 – Nike Stock Falls
00:25:06 – Bond Market
00:35:26 – US Says Witkoff, Kushner Had Positive Talks in Doha
00:39:39 – Bullish July Is Just a Matter of Timing: MLIV
00:47:25 – Stocks to Watch: Sportswear, AB Foods, Schneider Electric
01:05:44 – Anthropic Fable 5 Restoration
01:17:34 – European Steel Association Director General Axel Eggert
01:26:42 – McKinsey’s Olanrewaju on Europe Business Outlook, AI
01:33:15 – US Jobs Report This Week
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This week, a special edition of Wall Street Week on the USMCA trade deal. The renegotiations are testing the future of an auto industry built on decades of cross-border integration. And, American farmers increasingly depend on exports to Canada and Mexico as other overseas markets become more difficult to access. Plus, years of infrastructure investment have created an energy market that crosses borders more easily than political narratives suggest. Later, can three countries with different priorities still agree on a common economic vision?

Chapters:
00:01:34 – Autos
00:12:08 – Agriculture
00:23:51 – Energy
00:35:42 – USMCA Roundtable
00:47:26 – Best and Worst Scenarios
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The US, Japan, India and Australia launched a maritime surveillance initiative for the Indo-Pacific region as the Hormuz crisis deepens. Debjit Chakraborty explains how the high-profile summit aims to counter growing threats to commerce.
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As companies like Anthropic and SpaceX file to go public, 2026 may turn out to be a year of mega IPOs.

Goldman Sachs CEO David Solomon joins Joe Weisenthal and Tracy Alloway on the Odd Lots podcast to discuss banking in the age of AI and why it’s still “good for the US to have the biggest, most important companies in the world.”
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South Korea is launching a 1,350 trillion won ($880 billion) plan in corporate investments to build out critical AI infrastructure and cement its global dominance in the semiconductor market. President Lee Jae Myung called the sweeping mega-project a “national survival strategy” for the AI era. Bloomberg’s Avril Hong breaks down the press conference, where President Lee was joined by the CEOs of tech giants Samsung and SK Hynix to outline the multi-year roadmap.
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