As fighting in Ukraine drags on and Donald Trump demands that Europe take greater responsibility for its own security, the UK is confronting the hard reality of rebuilding its military strength. The challenge lies in overcoming years of underinvestment, failed contracts, and recruitment struggles. While European allies are pledging billions of euros to boost domestic defense manufacturing, the UK is scrambling to catch up in an industry it once dominated. In this special podcast, Daybreak Europe host Caroline Hepker speaks with CEOs and industry experts, along with our Political Correspondent Ellen Milligan and Bloomberg’s Chief UK Economist Dan Hanson, to assess whether Britain has what it takes to realize its ambition of once again becoming a major military power.

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On today's podcast:

(1) Donald Trump’s combative trade policies have tipped the world economy into a downturn, with the US among the hardest hit, the OECD said. The Paris-based organization slashed its global forecasts for the second time this year, citing the impact of the American president’s tariff onslaught. 

(2) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats.

(3) Far-right lawmaker Geert Wilders pulled his Freedom Party out of the Netherlands’ ruling coalition, causing the government to collapse and triggering a snap election.

(4) Thames Water’s preferred bidder KKR has pulled out of a rescue deal in a major setback for the utility. The US alternative asset manager “will not be in a position to proceed, and its preferred partner status has now lapsed,” Thames said in a statement Tuesday.

(5) Private credit firms enjoy a “significant” capital advantage over traditional banks that’s unlikely to disappear, according to Bill Winters, chief executive officer of Standard Chartered

Podcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave Lee

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) US President Donald Trump is eager to land more trade deals, but talks with China and Europe continue to languish amid communications breakdowns and fresh tariff threats. 

(2) Treasuries began June on the back foot with 30-year bond yields testing the 5% level as concerns over President Donald Trump’s tariff policies resurfaced at the start of a data-heavy week for assessing the health of the world’s largest economy.

(3) French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni will look to patch up difficult relations during a bilateral meeting in Rome on Tuesday, as Europe grapples with the seismic geopolitical shifts caused by the Trump administration.

(4) Russia and Ukraine wrapped up a second round of talks in Istanbul that failed to bring the two sides closer to ending the war, but laid the groundwork for a new exchange of prisoners.

(5) The UK envisages taking an enhanced role in NATO’s nuclear deterrence amid doubts surrounding the US commitment to the alliance, as Prime Minister Keir Starmer pledges to make Britain “war-ready” to counter Russian aggression in Europe.

(6) Immigration minister Seema Malhotra said it is still too soon to know whether the government’s plans to make it harder for migrants to claim settlement in the UK will apply retroactively to those already in the country, potentially extending the wait for millions who arrived in the country since the pandemic.

Podcast Conversation: Musk’s Chatbot Can Be ‘Non-Woke’ or Truthful, Not Both: Dave Lee

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On today's podcast:

(1) Ukraine staged a dramatic series of strikes across Russia, deploying drones hidden in trucks deep inside the country to hit strategic airfields as far away as eastern Siberia.

(2) The UK will create an “always on” munitions production capacity to allow it to scale-up its defense industry when needed, as it increasingly shifts to a war footing with Russia’s assault on Ukraine showing little sign of ending. 

(3) A nationalist candidate backed by Donald Trump won Poland’s presidential election, defeating the centrist mayor of Warsaw in a blow to the country’s pro-European Union government.

(4) Six people were injured in an attack on an event in Boulder, Colorado, held in support of Israeli hostages, police and FBI officials said, sparking renewed concern about threats of antisemitic violence in the US. The FBI says the suspect was heard to yell 'Free Palestine' while using a makeshift flamethrower.

(5) China accused the US of violating their recent trade deal and vowed to take measures to defend its interests, dimming the prospect of an immediate leadership call that Donald Trump wants to have to further bilateral talks.

(6) The dollar will tumble to levels last seen during the Covid-19 pandemic by the middle of next year, hit by interest rate cuts and slowing growth, according to predictions by Morgan Stanley.

Podcast Conversation: Jesse Armstrong: ‘I’m Interested in the Power, Not the Money’

Podcast Image Source: Ukrainian Security Service

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the U.S jobs report.
• In the UK – a look ahead to the ECB’s monetary policy decision.
• In Asia – a look ahead to economic data in Vietnam.

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On today's podcast:

(1) A federal appeals court offered President Donald Trump a temporary reprieve from a ruling threatening to throw out the bulk of his sweeping tariff agenda, giving at least some hope to a White House now facing substantial new restrictions on its effort to rewrite the global trading order.

(2) US Treasury Secretary Scott Bessent said trade talks with China are “a bit stalled,” and that a call between President Donald Trump and his counterpart Xi Jinping may be needed for the world’s two largest economies to reach a deal.

(3) President Donald Trump pushed Federal Reserve Chair Jerome Powell to lower interest rates at their first in-person meeting since the president’s inauguration, the White House said.

(4) Buried deep in the more than 1,000-page tax-and-spending bill that President Donald Trump is muscling through Congress is an obscure tax measure - section 899 - that's setting off alarms on Wall Street and beyond.

(5) The US economic outlook remains stronger than Europe despite sweeping policy uncertainty causing ripples across the economy, according to Citigroup Inc. Chief Executive Officer Jane Fraser.

(6) Bank of England Governor Andrew Bailey has urged the government to strike a deeper trade deal with the European Union to improve growth and “minimize negative effects” of Brexit.

Podcast Conversation: Why Wall Street Interns Are Safe From AI: Marc Rubinstein

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On today's podcast:

(1) The vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court, dealing a major blow to a pillar of his economic agenda.

(2) US assets got a boost Thursday after a vast majority of President Donald Trump’s global tariffs were deemed illegal and blocked by the US trade court. Upbeat earnings from Nvidia Corp. also lifted investor sentiment.

(3) Billionaire Elon Musk said Wednesday that his time as formal adviser to President Donald Trump is coming to a close, raising questions about the future of the Department of Government Efficiency effort he spearheaded.

(4)  Nvidia hief Executive Officer Jensen Huang soothed investor fears about a China slowdown by delivering a solid sales forecast, saying that the AI computing market is still poised for “exponential growth.”

(5) Federal Reserve officials broadly agreed heightened economic uncertainty justified their patient approach to interest-rate adjustments, minutes from their latest policy meeting showed Wednesday.

(6) The UK said it plans to require the country’s pension funds to invest in private markets and the domestic economy, a move widely opposed by the City of London’s investment managers. 

Podcast Conversation: Trump Bristles at ‘TACO Trade’ That Bets on Him Backing Down

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) For decades, Asia’s export powerhouses had a simple financial strategy: Sell goods to the US, then invest the proceeds in American assets.

(2)  Investors are on tenterhooks Wednesday for an auction of 40-year Japanese government bonds as volatility in the nation’s yields continues to rumble through global debt markets.

(3) President Donald Trump warned in a social media post Tuesday that Russian leader Vladimir Putin was “playing with fire”, as the US weighs whether to target Moscow with additional sanctions over its long-range missile and drone barrage against Ukraine.

(4) US Homeland Security Secretary Kristi Noem urged Poles to vote for the nationalist opposition candidate in Sunday’s presidential election, wading into a tightly-contested campaign that threatens to derail efforts to rebuild the country’s democratic institutions. 

(5) SpaceX’s colossal Starship rocket suffered a leak, tumbled out of control in space and disintegrated as it hurtled back to Earth during a test flight on Tuesday, in a third setback in a row for the Elon Musk-led company.

(6) The UK government said it would cut back planning hurdles faced by smaller housebuilders, as Prime Minister Keir Starmer seeks to deliver on his target of building 1.5 million new homes.

Podcast Conversation: Car Lovers' Best Advice for How to Plan the Perfect Summer Drive

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) A 53-year-old man has been arrested after a car ploughed into a crowd of people during Liverpool's Premier League victory parade. Merseyside Police said the suspect was white, British and from the Liverpool area.

(2) The European Union said it agreed to accelerate negotiations with the US to avoid a transatlantic trade war, signaling a more amicable approach just days after President Donald Trump criticized the bloc for taking advantage of the US and slow-walking talks.

(3) President Donald Trump’s erratic policies offer a “prime opportunity” to strengthen the euro’s international role and allow the currency bloc to enjoy more of the privileges so far reserved for the US, European Central Bank President Christine Lagarde said.

(4) NATO Secretary General Mark Rutte confirmed the alliance will seek to adopt a new defense spending target of 5% of GDP at a June summit, meeting a demand by US President Donald Trump that had originally seemed unrealistic.

(5) Freed from the clutches of government ownership, NatWest Group Plc is getting ready to chart its own course for the first time in almost two decades.

(6) The UK government plans to train 120,000 British builders, engineers and care workers as it tries to curb migration without worsening skill shortages.

(7) King Charles III arrived in Canada to open a new parliamentary session at the invitation of Prime Minister Mark Carney, a move designed in part to send a message to US President Donald Trump about the northern country’s sovereignty.

 Podcast Conversation: Tom Cruise Really Did Get a US Aircraft Carrier for This Mission

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On this special holiday edition of Bloomberg Daybreak US edition, host Nathan Hager speaks with Bloomberg Opinion columnist Barry Ritholtz on what he's watching in markets for the rest of 2025. Also, Mandeep Singh looks at Nvidia and the Magnificent 7 and Mike McGlone breaks down the ceiling for Bitcoin. 

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