Bloomberg Daybreak: Europe Edition

US sanctions on major Russian oil producers aim to cripple Putin's economy amidst the ongoing war in Ukraine. Meanwhile, Elon Musk passionately advocates for his staggering $1 trillion pay package during Tesla's earnings call, while criticizing shareholder advisory firms. The EU is pushing for tighter regulations to enhance competitiveness, and Huawei's DeepSeek emerges as a compelling AI alternative for African startups despite concerns over data access and Chinese law. Innovative market moves and government responses are shaping the global landscape.

Ashley Furlong, a health reporter for Bloomberg, dives into the pressing infrastructure woes hindering Cambridge's life sciences sector, notably sewage and utility capacity issues. She exposes how Anglian Water's limits impact development and contribute to broader UK infrastructure challenges. The conversation also touches on corporate hesitance and the implications for drug pricing negotiations, illuminating the critical link between local resources and national healthcare innovations.

In a dramatic shift, Donald Trump now questions Ukraine's ability to defeat Russia. The UK plans to invest over £100 million in troops for a possible ceasefire. Meanwhile, the US and Australia strike a deal to access rare earths, challenging China's supply dominance. Sanae Takaichi makes history as Japan's first female prime minister. An AWS outage disrupts major online services, and BNP Paribas faces scrutiny linked to Sudan human rights abuses. Plus, insights into recent museum heists and their motivations.

John Liu, Greater China Executive Editor at Bloomberg, shares his insights on China's mixed economic signals, highlighting a puzzling 4.8% Q3 growth amidst weak domestic spending. He discusses the significance of the upcoming five-year plan meeting and expectations for targeted policy measures, focusing on technology and consumption rather than broad stimulus. Liu also examines how China's economic stability influences its negotiating stance in U.S.-China talks, especially regarding critical issues like rare earths and soybeans.

Join Mishal Husain as she transitions from the BBC to engage in deep, thoughtful conversations with influential personalities like Elon Musk and Shonda Rhimes. Her curiosity-driven approach uncovers the human side of these high-profile figures, revealing their perspectives on a rapidly changing world. Each week promises a fresh look into the lives and thoughts of leaders and innovators, all aimed at making sense of today's complex landscape.

This week, Paul Allen, a Bloomberg correspondent from Sydney, dives into Australia’s strategic mineral reserves ahead of Prime Minister Albanese's meeting with President Trump. He highlights potential US-Australia collaborations in critical minerals and discusses barriers to refining capacity in Australia. Allen also addresses the delicate balance Australia must maintain between its ties with China and the US, alongside insights on the AUKUS defense pact and its implications for national security.

In this engaging discussion, journalist Michelle Hussain speaks with Mark Carney, the Canadian Prime Minister, who emphasizes NATO's need to remain vigilant against Russian threats. Tony Halpin offers insights into Trump's upcoming summit with Putin in Budapest, exploring its implications for Ukraine. The conversation also delves into a troubling decline in US regional banks, highlighting market fears of fraud. With discussions about Carney balancing climate concerns with oil industry realities, this podcast is packed with timely political and economic insights.

Chinese state actors have compromised UK classified systems for over a decade, raising serious security concerns. Meanwhile, the US Treasury Secretary hints at extending tariff pauses if China eases rare-earth export controls. In the UK, Chancellor Rachel Reeves needs to significantly increase her fiscal buffer to prevent tax hikes. The French Prime Minister appears likely to survive no-confidence votes by suspending a pension reform. Lastly, Ken Griffin shares skepticism about AI's impact on hedge fund performance, contrasting with other industry leaders.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Federal Reserve Chair Jerome Powell signaled the US central bank is on track to deliver another quarter-point interest-rate cut later this month, even as a government shutdown significantly reduces its read on the economy. (2) US President Donald Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the relationship between the world’s two largest economies.  (3) JPMorgan Chase CEO Jamie Dimon sounded warnings on the potential for a deterioration in credit quality, a cautionary note that put a damper on the firm’s surge in trading and investment-banking revenue. (4) ASML’s orders beat analyst expectations in the third quarter, as demand for its chip-making machines was fueled by hundreds of billions of dollars in investment into artificial intelligence infrastructure. (5) Prime Minister Sebastien Lecornu won the crucial support of the Socialist Party in France’s National Assembly, significantly improving the chances of his new government surviving two no-confidence votes Thursday. (6) Bank of England Governor Andrew Bailey raised concerns about the UK economy running “under potential” and a softening jobs market, as Chancellor of the Exchequer Rachel Reeves flew to Washington to make her growth pitch to investors. Podcast Conversation: The Best New Hotel in London Fixes What’s Wrong With LuxurySee omnystudio.com/listener for privacy information.

Rachel Metz, Bloomberg's AI reporter, dives into Europe's battle for AI independence. She discusses the continent's worries about reliance on American giants like NVIDIA and OpenAI, emphasizing the importance of local investment and talent retention. Metz explores the challenges Europe faces in defining its own AI sovereignty and the funding gaps that hinder progress. She also considers the realistic prospects for collaboration with global firms, painting a picture of a region striving for technological resilience amidst competitive pressures.