Bloomberg Daybreak: Europe Edition

Topics include US GDP and PCE data impact, Iran's upcoming Presidential election, US-China relations, FedEx's cost-cutting efforts, and implications of the US-China relationship on electric vehicles and semiconductors.

Topics include France's financial hub status at risk post-snap elections, Germany's asylum outsourcing plans, Blackstone's move into riskier investments, Bank of England's hint at rate cut, UK's Labour Party housing policy, and Wall Street bets on Fed interest rate cuts.

Bank of England expected to delay rate cut due to election, hedge funds focusing on training superstars, France's business lobby criticizes far-right and leftist parties, AI may replace finance jobs, China prepares to retaliate against EU tariffs on electric cars

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Nvidia’s relentless rally has propelled the semiconductor giant’s market capitalization over its mega-cap tech peers, helping it clinch the title of the world’s most-valuable company as the artificial intelligence wave continues. (2) Rishi Sunak’s Conservatives are on track to lose more than two thirds of the seats they won at the last general election when Britons cast their votes next month, according to the latest seat-by-seat analysis pointing to an electoral wipe-out for the prime minister’s party. (3) Some UK private schools say they’ll have to cut bursary programs that help low-income families should the party follow through on charging schools a value-added tax. (4) France and Italy will be among seven countries that will face a European Union infringement procedure for their excessive deficits last year, according to a person familiar with the matter. (5) National Rally leader Jordan Bardella said he will not become prime minister if his party doesn’t get a resounding victory in France’s snap election, setting a high bar for the far right to take the reins of policymaking. (6) Russian President Vladimir Putin arrived for his first visit to North Korea in 24 years as the US warned the meeting could further arms transfers from Kim Jong Un’s regime that aid the Kremlin in its assault on Ukraine. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) France’s political turmoil is causing concern in some European Union capitals that initiatives like joint military spending and a fresh push to support Ukraine could fall by the wayside. (2) European Central Bank President Christine Lagarde said officials are being “attentive” to financial market-developments, shortly after her colleague Philip Lane said he’s not worried about French turbulence. (3) Nickel is pouring into the electric vehicle supply chain from an Indonesian industrial park with a history of fatal accidents. (4) Russian President Vladimir Putin will visit North Korea and Vietnam in rare trips to long-time partners as he faces renewed challenges in his war on Ukraine. (5) Banks and asset managers including HSBC Holdings and BlackRock are helping finalize proposals for UK housing and energy policy that could form key planks of the Labour Party’s growth agenda if it wins next month’s general election.See omnystudio.com/listener for privacy information.

 Your morning briefing, the business news you need in just 15 minutes.On today's podcast: (1) Far-right leader Marine Le Pen said she won't try to push out President Emmanuel Macron if she wins France's snap parliamentary election in an appeal to moderates and investors. (2) French and Swiss finance firms are more likely to have former politicians as board members than their European peers, underscoring the close links between policy making and the world of money in the two nations, an Ernst & Young study showed. (3) The specter of the UK's epic market meltdown two years ago is looming large over politicians as Britain prepares to go to the polls on July 4. (4) Less than three weeks before the UK's general election, Prime Minister Rishi Sunak was beset by disastrous polls over the weekend that suggest he has little chance of turning his Conservative Party's fortunes around before the vote on July 4th. (5) In the face of calls around the world to diversify out of the dollar in recent years, the US has nabbed almost one-third of all the investment that flowed across borders since Covid struck. 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 look ahead to U.S Retail Sales, and Housing data. In the UK – a preview of next week’s Bank of England meeting. In Asia – a look ahead to a slew of Chinese eco activity data. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On Today's Podcast: (1) The Bank of Japan is making investors wait until its July meeting for details on its paring of bond buying, sparking renewed weakness in the yen and a pushing back of bets on an interest rate hike next month. (2) French bonds tumbled, driving yields over safer German peers to the highest level in seven years, amid concerns Marine Le Pen’s far-right National Rally party will usher in looser fiscal policies if it wins upcoming elections. (3) Reform UK leader Nigel Farage declared his party “the opposition to Labour” after an opinion poll showed it had overtaken the Conservatives for the first time, the latest evidence suggesting Prime Minister Rishi Sunak is heading for a heavy election defeat. (4) Labour Leader Keir Starmer set out his party’s plan for government in a cautious pitch focused on growth and security that prioritized preserving a commanding lead in UK polls, while skirting the tough economic choices he’ll have to make if he wins power. (5) The UK’s Labour Party confirmed plans to raise taxes on private equity fund managers. In its election manifesto, published Thursday, Labour pledged to change the taxation rules, which the party said would raise £565 million ($722 million) annually if it wins the general election on July 4.  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Federal Reserve officials have dialed back their expectations for interest-rate cuts this year, though Chair Jerome Powell kept the door open for more as he emphasized the new forecasts represented a conservative approach. (2) G7 leaders are set to reach a political agreement to provide Ukraine with $50 billion of aid using the profits generated by frozen Russian sovereign assets, according to an Elysee official. (3) Labour is expected to reiterate its promise to target carried interest in its election policy pledges when the party announces its election manifesto today. (4) French President Emmanuel Macron said he won't resign if his party suffers a poor result in a snap parliamentary election as he appealed to voters not to succumb to the "fever of the extremists." (5) Fired SpaceX engineers have filed a lawsuit against Elon Musk for sexual harassment and retaliation in California state court, escalating their multifront legal battle with the billionaire chief executive and his aerospace company. SpaceX and Elon Musk did not immediately respond to requests for comment on the lawsuit. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1)  Finance Minister Bruno Le Maire warned that France would be plunged into a debt crisis similar to one sparked in the UK two years ago if far-right leader Marine Le Pen were to win legislative elections slated for the end of the month and implement her economic program. (2) Conservatives on the left and right of the UK's ruling party lashed out against Prime Minister Rishi Sunak's manifesto, saying there's little prospect the electoral offer will shift opinion polls showing Keir Starmer's Labour is set for power in next month's election.(3) Federal Reserve officials may not be ready to finalize closely watched projections for interest rates until the publication of a key report on consumer prices on the final day of their two-day policy meeting.(4) The Biden administration is considering further restrictions on China's access to chip technology used for artificial intelligence, targeting new hardware that's only now making its way into the market, people familiar with the matter said.(5) While the Italian prime minister's star keeps rising internationally, problems lurk back home with allies she can't quite trust and an economy operating on borrowed time. See omnystudio.com/listener for privacy information.