Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) European banks have reported a bumper set of earnings this morning, with profits beating expectations, but they're also warning of the future effects of the ongoing Hormuz blockade.

(2) Oil prices remain firmly in triple digits this morning, as the US-Iran war enters its third month.

(3) The shock decision by the United Arab Emirates to quit OPEC blindsided its partners of six decades. Now the cartel will have to fight to stay relevant in a fast-shifting global oil market.

(4) The EU has accused social media giant Meta of failing to keep children off its services.

Podcast Conversation: King Charles Is Doing an Impossible Job in America
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) US equity-index futures rose as investors positioned ahead of a raft of earnings from the largest technology companies in what has been a generally upbeat reporting season. Markets are also awaiting a Federal Reserve policy decision.
(2) The US has warned banks they are at risk of secondary sanctions if they support Chinese private refiners that buy Iranian oil, cranking up pressure on Tehran even at the cost of further irking Beijing just weeks ahead of a leaders’ meeting.
(3) The shock decision by the United Arab Emirates to quit OPEC blindsided its partners of six decades. Now the cartel will have to fight to stay relevant in a fast-shifting global oil market.
(4) Traders in the Treasury options market are bracing for long-dated bond yields to surge past 5% as a rally in oil prices continues unabated.
(5) UBS has posted $3 billion dollars in profit in the first three months of the year - smashing past expectations.
(6) King Charles III called on the US to maintain its leadership role in the world, and to support Ukraine and the North Atlantic Treaty Organization, in a remarkably pointed speech for a monarch that urged Americans to resist the pull of isolationism.
(7) The Netherlands is gearing up for a new tax on paper profits, sparking public and political opposition and opening another front in the international push to target the wealthy.

Podcast Conversation: King Charles Is Doing an Impossible Job in America
See omnystudio.com/listener for privacy information.

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

On today's podcast:

(1) The White House said US officials were discussing Iran’s latest proposal but maintained “red lines” on any deal to end the eight-week war, including preventing Tehran from obtaining a nuclear weapon.
(2) South Korea has leapfrogged the UK to become the world’s eighth-biggest stock market, fuelled by a high-octane rally in its artificial intelligence-linked technology champions.

(3) US President Donald Trump welcomed King Charles III to the White House for a visit fraught with doubt about the future of Britain’s so-called special relationship with America and fresh security concerns in the wake of the shooting at the White House correspondents’ dinner.

(4) Any hope that Keir Starmer had of putting aside the Peter Mandelson saga will have to wait as the British prime minister braces for another day of parliamentary inquiry into his disastrous appointment of Mandelson as ambassador to the US.

(5) A California man is being charged with trying to kill US President Donald Trump during an attack on a Washington gala dinner over the weekend.

Podcast Conversation: Madrid's Luxury Amenities Clash With the City's Laid-Back Vibe and Spain’s Largest Cities Diverge Paths to Tackle a Housing Crisis
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Iran has given the US a new proposal to reopen the Strait of Hormuz and end the war that includes postponing nuclear negotiations, Axios reported, citing a US official and two people with knowledge of the matter.

(2) The man accused of storming the White House Correspondents’ Dinner spent years quietly acquiring his arsenal, purchasing a shotgun from a Torrance, California, firearms dealer eight months before the attack and a semi-automatic pistol two years earlier, according to a law enforcement intelligence profile reviewed by Bloomberg.

(3) Senator Thom Tillis said he’s dropping his blockade of Kevin Warsh’s nomination to head the Federal Reserve, saying the Justice Department’s decision to end a criminal probe targeting Fed Chair Jerome Powell removed a threat to the central bank’s independence.

(4) Policymakers in the US and across the Group of Seven will probably keep interest rates steady this week while watching nervously for signs of higher energy costs fanning inflation.

(5) China’s commerce ministry criticized EU over its discriminatory measures on foreign investment in EVs, batteries, solar and critical raw materials by creating investment barriers, according to a government statement.

(6) Germany sounded out European lenders to defend Commerzbank against UniCredit’s takeover bid earlier this year, according to people familiar with the matter.

(7) To say the special relationship is going through a rough patch ahead of King Charles III’s visit would be an exercise in British understatement.

Podcast Conversation: Adidas Gets Running Lift in London From Two Sub-2 Hour Marathons
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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 – we preview the Federal Reserve's rate decision and big tech earnings
In the UK – we look ahead to the Bank of England's upcoming rate decision
In Asia – we discuss the Golden Week holiday in Japan
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