Bloomberg Daybreak: Europe Edition

Tony Halpin, a journalist specializing in Russia's economy and government, discusses the Kremlin's portrayal of talks with US officials as 'very useful,' despite no agreements on ending the Ukraine conflict. Tiwa Adebayo, an environmental reporter, reveals alarming findings from Pew Trusts about a projected 52% increase in new plastic production by 2040, highlighting serious health and pollution risks. They also touch on the implications for international diplomacy and the environmental crisis ahead.

Mark Cudmore, Markets Live executive editor at Bloomberg, dives into the recent turmoil in the cryptocurrency market, detailing nearly $1 billion in leveraged position liquidations and the implications for Bitcoin prices. He discusses the structural volatility of Bitcoin and how recent volatility reflects broader retail sentiment. Cudmore also critiques the strategies of companies holding non-yielding crypto treasuries, highlighting challenges in the world of litigation finance due to regulatory changes and capital pullbacks.

Rachel Reeves faces accusations of misleading the public about the UK's fiscal situation as she prepares for a controversial budget. Meanwhile, Prime Minister Keir Starmer pushes to reduce welfare spending amid political struggles. On the international front, US and Ukrainian negotiators make strides toward a peace framework, though no final agreement is reached. Finally, Switzerland turns down a hefty inheritance tax, sparking debates on wealth and emigration. Tune in for insights into these pressing topics!

Mandeep Singh, Global head of tech research at Bloomberg Intelligence, discusses how the surge in AI workloads is impacting cloud giants like CrowdStrike and Snowflake. He analyzes Salesforce's AI strategy and the competitive landscape. Shirley Zhao, a consumer reporter in Asia, reveals the rise of LaBubu, a viral toy sensation linked to China's economic shifts, and dives into Pop Mart's blind-box culture, its stock performance, and the potential threats from counterfeits and regulatory scrutiny.

Jenny Marsh, the Greater China economy and government editor at Bloomberg, provides an insightful analysis of Hong Kong's devastating high-rise fire that claimed 94 lives. She highlights the scrutiny over the city's safety inspection protocols and the contentious use of bamboo scaffolding. The discussion delves into the implications of these events on regulatory compliance and contractor responsibilities. Additionally, Jenny addresses arrests linked to the tragedy and their impact on housing safety, raising critical questions about infrastructure oversight in the region.

Chancellor Rachel Reeves' budget aims to bolster the UK’s fiscal health while grappling with high tax implications. The tragic Hong Kong fire raises alarm over housing safety standards. Global markets are buzzing with renewed optimism as interest rate cuts become a possibility. Meanwhile, private equity faces scrutiny in European life insurance due to mismatched timelines. Lastly, a light-hearted debate on travel attire adds a fun twist as hosts unwrap quirky eBay gifts.

Dan Hanson, Chief UK Economist at Bloomberg, breaks down the implications of the recent budget changes, revealing a £22 billion fiscal headroom amid new tax increases. Alex Wickham discusses the political fallout, suggesting short-term survival for the government, but questions their long-term strategy. Rosa Prince warns about the rising tax burden's impact on voters. Marcus Ashworth analyzes market reactions, marking a cautious relief while highlighting concerns over anti-growth measures. The panel debates critical issues like wealth taxes and political stability.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) In the 83 days since UK Chancellor of the Exchequer Rachel Reeves announced the date of her second budget, she’s told both bond-market investors and Labour Party backbenchers that it’s been drafted with them in mind. Today it will become clear whether she can please both of these very different audiences. (2) Reform UK's leader Nigel Farage has rejected claims he made racist comments as a teenager, after an investigation rocked his attempts to paint Reform UK as a moderate party. (3) US presidential envoy Steve Witkoff, fresh from the triumph of the Gaza peace deal, held a phone call last month with a senior Kremlin official to suggest they work together on a similar plan for Ukraine — and that Vladimir Putin should raise it with Donald Trump. (4) White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks. (5) Apple will retake its crown as the world’s largest smartphone maker for the first time in more than a decade, lifted by the successful debut of a new iPhone series and a rush of consumers upgrading devices, according to Counterpoint Research. (6) During the Ukraine war, Russia has stepped up its courting of African governments with offers of military cooperation, weapons, grain, and fertilizers - but also fish.Podcast Conversation: AI Slop Recipes Are Taking Over the Internet — And Thanksgiving DinnerSee omnystudio.com/listener for privacy information.

Oliver Crook, Bloomberg's Chief Europe Correspondent, dives into the escalating conflict between Russia and Ukraine, discussing recent heavy fire and the nuanced US-backed ceasefire talks. He also evaluates President Trump's diplomatic balancing act with China and Japan over Taiwan tensions. Additionally, Crook highlights the EU's contentious stance on frozen Russian assets and its implications for Ukraine's position. The conversation touches on navigating complex global dynamics amid a rapidly changing geopolitical landscape.

In this discussion with Greg Sullivan, a Russia economy and government editor for Bloomberg, we delve into the secret US-Russia talks shaping a nuanced peace plan involving Ukraine. Greg reveals how the behind-the-scenes negotiations reflect Moscow's strategic interests and the complex dynamics at play. The conversation also touches on the implications for European allies, who feel blindsided, and the delicate balance of securing Ukraine's sovereignty amidst these discussions.