Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) A potential challenge to UK Prime Minister Keir Starmer’s leadership from one of the nation’s most popular Labour Party politicians sent the pound tumbling by casting doubt on the future of his government and its efforts to rein in the national debt.

(2) US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz, after a commercial vessel was apparently seized near the United Arab Emirates.

(3) Governing Council member Yannis Stournaras warned that the European Central Bank could be forced to hike borrowing costs if the price of oil maintains its current level, according to Athens News Agency.

(4) Federal Reserve Governor Stephen Miran said he will resign from the central bank effective once incoming Chair Kevin Warsh is sworn into office, or shortly before.

(5) Nvidia shares rose on Thursday, extending a 20% rally over the past seven days as investors plow into the chipmakers profiting from a flood of investment spending on artificial intelligence.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Xi Jinping warned Donald Trump of a potential conflict over Taiwan if the issue is mismanaged, saying it could push the China-US relationship into a highly dangerous situation.

(2) Angela Rayner, the UK’s former deputy prime minister, has been cleared of deliberate wrongdoing in an investigation into her tax affairs, potentially paving the way for a leadership bid against Prime Minister Keir Starmer.

(3) European Union leaders must show courage in strengthening the bloc’s foundations, according to European Central Bank President Christine Lagarde. “Europe now finds itself in a world that is far less forgiving of the gaps in its institutional architecture,” she said Wednesday in Aachen, Germany. “Institutions that were built for an earlier age are being tested by demands they were not fully designed to meet.”

(4) The US Senate narrowly confirmed Kevin Warsh as chair of the Federal Reserve, setting up the most controversial leadership transition at the US central bank in decades and a test of its political independence.

(5) More UK estate agents have reported falling house prices in April as the war in Iran and elevated borrowing costs hit buyer confidence, according to a closely watched survey.

(6) Back in the 2000s, the market for pension risk transfers was an eat-what-you-kill industry, and pickings were slim. Nearly two decades on, PRTs are a much easier sell and there are £1.3 trillion of assets to fight for. 

Podcast Conversation: Stressed? Overscheduled? There’s More Time in the Day Than You Think

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) UK Prime Minister Keir Starmer survived in post on Tuesday despite a slew of ministerial resignations which have so far failed to force his downfall.

(2) As UK Prime Minister Keir Starmer slowly loses allies in government and fights for his survival, the escalating political drama is heaping fresh pressure onto a bond market already battered by the country’s deep-rooted fiscal and economic problems.

(3) Jamie Dimon warned the UK that any move to hike taxes on banks in the event Keir Starmer is replaced as the UK’s prime minster would see JPMorgan Chase & Co. scrap plans to invest billions in a new London headquarters in Canary Wharf.

(4) France’s economy is showing signs of faltering as the fallout from the Middle East conflict hits growth and ratchets up inflation pressure, according to the central bank’s monthly survey of companies.

(5) Oil shipments from Iran’s main export terminal appear to have come to a standstill over the past several days, according to satellite images, the first sign of a prolonged halt since the start of the war.

(6) US President Donald Trump said he would prioritize trade discussions during his summit with Chinese counterpart Xi Jinping, and downplayed the amount of attention they would devote to the Iran war.

(7) When President Donald Trump sits down for talks with China’s Xi Jinping this week, the focus will be on whether the world’s two-biggest powers can stabilize a fraught relationship. But it is the countries caught in between that have been forced to navigate the fallout from the geopolitical storm.

Podcast Conversation: Solar is Now so Big in Europe That Power is Going to Waste

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Keir Starmer was facing growing pressure to step down as Britain’s prime minister after dozens of members of Parliament, including Cabinet allies, joined the calls for him to set out a timetable for his departure.

(2) A Schroders bond-fund manager is steering clear of UK debt on concern that political upheaval will drag yields higher in the coming months.

(3) The ceasefire between the US and Iran reached a particularly precarious moment Monday as President Donald Trump said the agreement was on “massive life support” after he rejected Tehran’s latest peace offer.

(4) The US sanctioned a dozen entities and individuals over the sale of Iranian oil to China, stepping up economic pressure just days before President Donald Trump meets his counterpart Xi Jinping.

(5) Michael Burry, the investor made famous in The Big Short, is warning that the Nasdaq 100 Index is headed toward a dramatic reversal after a “parabolic” surge that has driven technology valuations to unsustainable heights.

(6) In the time it usually takes to watch one football match, the Kospi index shed more than $300 billion in value as the gauge slumped on Tuesday. That’s a bit more than $3 billion a minute in the benchmark index alone, and the scale of the slide helped sour sentiment across Asia.

(7) On the 13th floor of the Berlaymont building in Brussels, Ursula von der Leyen has built a presidential operation that exerts control over every aspect of what goes on inside the European Commission

Podcast Conversation: What Teens Need From Parents in the Age of AI

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Prime Minister Keir Starmer’s political problems have likely grown too big to solve with a single speech. For now, he will try to forestall an immediate challenge to his job.

(2) President Donald Trump and Iran rejected each other’s latest peace proposals to end the 10-week conflict as the two sides struggle to maintain a fragile ceasefire.

(3) President Donald Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday, hours before China confirmed the state visit.

(4) China’s factory prices grew at the fastest pace since the pandemic four years ago as the fallout from the Iran war sharply raises costs and leaves profits under pressure.

(5) US allies in Europe anticipate that President Donald Trump will withdraw more forces from the continent after he announced he would pull 5,000 troops out of Germany, people familiar with the matter said.

(6) Over the past year, Alphabet has gone from an artificial intelligence afterthought to the one firm in the market with dominant positions in nearly every aspect of the technology.

(7) Two months of crisis in the Middle East show the conventional tactic of ditching emerging-market assets in times of market stress is no longer a sure-fire defensive play.

Podcast Conversation: Gelato Is Getting Weird and Not Everyone Is Happy About That

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S CPI, PPI, and Retail sales data, along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to the annual Cannes film festival.
• In Asia – a look ahead to US Treasury Secretary Scott Bessent's Trip to Japan.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Keir Starmer is awaiting the results of one of the most consequential rounds of local elections in recent British history, a vote that could determine his future as prime minister and shape national policy in Europe’s second-largest economy.

(2) The US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, an escalation that threatened to fracture a fragile ceasefire and reignite hostilities even as the two sides say they’re discussing an end to the war.

(3) The European Central Bank will have to raise interest rates if the Iran war leaves a more lasting mark on inflation, according to Executive Board member Isabel Schnabel.

(4) President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, just months after the US Supreme Court vacated earlier levies he’d imposed.

(5) President Donald Trump said he would give the European Union until July 4 to ratify its trade agreement with the US, after previously threatening to hike tariffs on auto imports as soon as this week if it failed to do so.

(6) In some circles on Wall Street, the hottest debate isn’t about a tech-stock bubble or $100 oil as the new norm. It’s whether 30-year Treasury yields will mount a sustained push over 5%.

Podcast Conversation: New Media Mourns the Old Media It Helped Destroy

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The US and Iran were circling around a fresh proposal to end the war on Wednesday, as President Donald Trump searches for an exit from a conflict that has elevated energy prices and damaged his political standing.

(2) A maritime coalition led by France and the UK is ready to escort tankers through the Strait of Hormuz if Iran agrees to a US proposal to end the war, according to a French official.

(3) The Israeli army carried out an attack in the southern suburbs of Beirut on Wednesday, the first in the vicinity of the Lebanese capital since a US-brokered ceasefire came into effect last month.

(4) China’s financial regulator advised the country’s largest banks to temporarily suspend new loans to five refiners recently sanctioned by the US over their ties to Iranian oil, according to people familiar with the matter.

(5) Figures next week are likely to paint a rosy picture for the UK economy in the first quarter. The trouble is that fewer and fewer people believe them.

Podcast Conversation:AI Bots Auditioning for Wall Street Trading Are Mostly Losing

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump said he would pause an effort to help stranded ships exit the Strait of Hormuz to see if the US can reach an agreement with Iran to end the war.

(2) Anthropic unveiled a set of new artificial intelligence agents designed to handle a broader mix of financial services tasks, part of the company’s push to win over Wall Street.

(3) UK long-term borrowing costs jumped to a 28-year high as worries intensified over local government elections and the impact of soaring energy prices on the economy.

(4) Friedrich Merz took to the podium at the Chancellery in Berlin last week to announce the first installment of a comprehensive overhaul of Germany’s social system that he hopes will demonstrate his vision to move the country forward.

(5) French President Emmanuel Macron nominated Emmanuel Moulin, one of his closest advisers, to run the Bank of France.

(6) The European Union wants the main parts of a US trade deal adopted by July, as it pushed Washington to respect previous commitments made under the pact.

Podcast Conversation: Why the Best Public Art Keeps Disappearing

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The US and Iran exchanged fire in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets and casting doubt on the fate of a four-week ceasefire.

(2) Stocks pulled back from record highs and the dollar strengthened after the US and Iran exchanged fire, escalating Middle East tensions and fueling inflation concerns.

(3) European Union Economy Commissioner Valdis Dombrovskis warned of the stagflationary effect that the Iran war is creating for the bloc.

(4) Some of the US’s closest allies including Canada and the UK are warning that the international system of security and trade championed by western powers for more than 70 years is broken beyond repair — and that it’s up to Europe to fashion a new global order.

(5) HSBC Holdings Plc reported profit that missed estimates, weighed down by an unexpected UK fraud-related charge and rising economic risks stemming from the conflict in the Middle East.

(6) Prime Minister Keir Starmer is due to host meetings to tackle antisemitism on Tuesday after two men were stabbed in north London last week in the latest attack targeting British Jews.

(7) When Christine Lagarde addressed a central bank conference late last year, her frustration was clear: Europe had been debating a digital euro for years, but it was still nowhere close to being done. But with the first issuance of a digital central bank currency expected only in 2029, and delays still cropping up, so have fears that the bloc may have already fallen behind.

Podcast Conversation: So When Does the Energy Price Shock Hit Europe?

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