Bloomberg Daybreak: Europe Edition

Keir Starmer asserts Britain's ambition on the global stage at a pivotal summit, while tensions escalate due to the Ukraine conflict. Jimmy Lai’s trial highlights ongoing struggles for democracy in Hong Kong. Trump’s appointment of Howard Lutnick hints at a protectionist economic direction. Meanwhile, a new report reveals the UK has underestimated employment figures. NVIDIA prepares for critical earnings, all while a quirky mention of Delta Airlines serving Shake Shack burgers adds a humorous touch to serious discussions.

Ken Griffin expresses his anxiety over Trump's potential tariff policies and their effect on U.S. businesses. European Central Bank President Christine Lagarde emphasizes the need for Europe to collaborate on defense and climate amid faltering productivity. Significant legal challenges loom for Google, as antitrust officials push for a sale of its Chrome browser. Meanwhile, geopolitical tensions rise with lengthy prison sentences in Hong Kong for democracy advocates, prompting concerns from the West.

The U.S. is ready to lift restrictions, allowing Ukraine to strike limited military targets in Russia. In a surprising twist, Xi Jinping's meeting with Joe Biden highlighted China's dual approach of friendship and readiness for conflict. Meanwhile, the search for Donald Trump's chief economic advisor reveals chaotic internal struggles. In Germany, support for Chancellor Scholz is waning ahead of potential elections, while UK inflation may push policymakers to tread carefully on interest rates. The podcast delves into these intriguing dynamics shaping global politics.

Prepare for a dive into Nvidia's anticipated earnings and its substantial market influence! Explore housing market challenges, where prices and incomes don’t align, alongside key economic indicators. The G20 summit highlights geopolitical tensions, especially regarding Ukraine, while the People's Bank of China's rate decision could shift global dynamics. Gain insights on how these events intertwine with mental health awareness, making for a compelling discussion.

Federal Reserve Chair Jerome Powell highlights the strong US economy, hinting at a gradual approach to lowering interest rates. In the UK, concerns arise over the potential backlash against US-led protectionism, with Bank of England's Andrew Bailey urging caution. Jamie Dimon comments on Trump's tariff strategies, aiming for constructive discussions. Meanwhile, China's retail sales surge, indicating positive outcomes from recent stimulus efforts. A political figure also pushes for a reevaluation of UK bank regulations to support economic growth.

The UK plans to pool £1.3 trillion of pension funds into 'megafunds' to boost investment. In the U.S., Trump's nomination of loyalist Matt Gaetz as attorney general raises eyebrows. Uncertainties loom over future interest rate adjustments by the Federal Reserve, coinciding with Bitcoin's surge past $93,000. Meanwhile, Macron advocates for synchronized financial regulations between the EU and the U.S., addressing global trade dynamics. These discussions reflect broader economic implications and evolving political landscapes.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Billionaire Elon Musk and entrepreneur Vivek Ramaswamy will lead a new Department of Government Efficiency tasked to “dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” President-elect Donald Trump announced. (2) The expected appointment of officials with strong anti-China views to President-elect Donald Trump’s cabinet was welcomed by hedge fund veteran Kyle Bass, even as it risks straining ties between the world’s largest economies. (3) Federal Reserve Bank of Minneapolis President Neel Kashkari said he’ll be looking at incoming inflation data to determine whether another interest-rate cut is appropriate at the US central bank’s December meeting. It comes as traders are loading up on bets for further losses in the Treasury market in anticipation that Donald Trump’s pledged policies will rekindle inflation and keep US interest rates high. (4) Germany’s election campaign kicks into high gear on Wednesday, when Chancellor Olaf Scholz makes his case in a public address for another term, despite polls showing voters are overwhelmingly looking for a change. (5) The Bank of France expects the economy to stagnate in the fourth quarter after growth was boosted by the Paris Olympics in the previous three months and as the political situation continues to add to business uncertainty. (6) Apple, aiming to catch up with rivals in the smart home market, is nearing the launch of a new product category: a wall-mounted display that can control appliances, handle videoconferencing and use AI to navigate apps.  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1)  President-elect Donald Trump is poised to pick two men with track records of harshly criticizing China for key posts in his new administration, a sign relations between the superpowers may deteriorate further in coming years. Senator Marco Rubio — who has taken an aggressive stance on China's emergence as an economic power — is set to become the first sitting secretary of state to have been sanctioned by Beijing. Florida Representative Mike Waltz, who has called China a "greater threat" to the US than any other nation, is in line to be national security adviser. (2) Bitcoin's record-breaking rally took the digital asset past $89,000 and lifted the overall value of the crypto market above its pandemic-era peak as traders bet on a boom under President-elect Donald Trump. (3) China is planning to cut taxes for home purchases as the government dials up fiscal support to revive a moribund housing market, according to people familiar with the matter.  (4) The UK will begin issuing digital gilts within the next two years, using blockchain technology to "tokenize" its government debt, Chancellor Rachel Reeves is expected to say in a speech Thursday. The hope is that it will make gilt trading faster and cheaper. (5) Nestle needed change at the top — so it's leaning on tradition with a new boss from within to win investors back See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) President-elect Donald Trump said he will install Tom Homan, the former acting head of the U.S. Immigration and Customs Enforcement agency, as a “border czar” with oversight over immigration, maritime and aviation security. (2) Trump spoke with Russian President Vladimir Putin on Thursday, the first phone conversation between the two men since Trump won the election, according to reporting in the Washington Post. (3) The bond-market selloff unleashed by Donald Trump’s presidential victory last week ended almost as quickly as it began. Yet firms like BlackRock, JPMorgan Chase and TCW have issued a steady drumbeat of warnings that the bumpy ride is likely far from over. (4) German Chancellor Olaf Scholz said he’s open to moving up a parliamentary confidence vote by several weeks to before Christmas, potentially speeding up the country’s early election to February. (5) UK Chancellor Rachel Reeves will champion free trade and economic growth in a keynote speech this week, as Labour faces pressure to both preempt protectionist trade policies expected from the incoming Trump administration and to reassure businesses facing a higher tax bill. See omnystudio.com/listener for privacy information.

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 preview of U.S CPI data and earnings from Walt Disney. In the UK – a preview of UK Chancellor Rachel Reeves speech in London. In Asia – a look at the effects of Donald Trump's re-election on US-China relations, and a preview of Tencent earnings. See omnystudio.com/listener for privacy information.