Bloomberg Daybreak: Europe Edition

Chancellor of the Exchequer Rachel Reeves faces a budgetary hole in the UK. President Joe Biden's struggles within his party. UK regulators revamp rules for IPOs. Toy drones reshape war economics in Ukraine. Bill Hwang found guilty in Archegos collapse.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Keir Starmer signaled Ukraine can use Britain’s Storm Shadow missiles to strike military targets inside Russia, confirming he would continue the previous UK government’s policy on the use of its long-range weapons in the Russia-Ukraine war.(2) Even as congressional Democrats argued Tuesday over whether to stand behind Joe Biden’s candidacy, the White House and lawmakers grasped for a unified strategy: trying to change the subject from the president’s mental acuity to Donald Trump’s policy goals.(3) French President Emmanuel Macron’s former prime minister, Edouard Philippe, called for parties of the center and center-right to join forces to form a new government as political jockeying gains steam in the aftermath of a snap election that has left the country’s parliament deeply divided.(4) Federal Reserve Chair Jerome Powell said officials are increasingly wary of potential risks to the labor market from high borrowing costs as they seek more evidence inflation is slowing down.(5) China’s consumer prices eked out another small gain in June, hovering near zero for a fifth month, a sign that deflationary pressures continue to impede an economic recovery.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 Joe Biden has not undergone any special neurological testing since his annual physical in February, his physician said as the administration looked to quell concerns about frequent visits to the White House by a Parkinson’s specialist. (2) Joe Biden and NATO’s 31 other leaders had hoped their summit this week would celebrate fresh unity against Russia’s Vladimir Putin, send a warning to China and prove the alliance is as strong as ever in its 75th year. (3) A political shock in France has forced bond investors to confront the reality that the nation’s fiscal deficit is an issue for here and now, not years down the road. (4) Traders should brace for a significant pullback in the stock market as uncertainty swirls around the US presidential campaign, corporate earnings and Federal Reserve policy, according to Morgan Stanley’s Mike Wilson. (5) Archegos Capital Management founder Bill Hwang’s lawyer made his final pitch to a jury poised to start deliberating his fate, arguing the US government’s fraud and market-manipulation case over the meltdown of the prolific investor’s family office “makes no sense.”  See omnystudio.com/listener for privacy information.

A left-wing coalition's surprise win in France's legislative election disrupts far-right hopes. Market analysts speculate on the impact of the unexpected victory on French and global markets. UK's Labour Party plans to boost private investment after landslide election win. Pressure mounts on Joe Biden from House Democrats amid reelection doubts.

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 – it's the start of earnings season and the Archegos trial goes to jury In the UK – we look at the challenges facing new Prime Minster Keir Starmer In Asia – we will preview China's trade and CPI/PPI 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) Keir Starmer's Labour Party won the UK general election and is on course for a huge parliamentary majority with votes still being counted, a result that upends British politics after Rishi Sunak's Conservatives imploded.(2) Labour passed the magic number of 326 seats for a House of Commons majority just before 5 a.m. on Friday, confirming a change of government that was predicted for months but is still a remarkable turnaround for Starmer's party in a single electoral cycle.(3) Some big Tory names have already lost their seats including Defence Secretary Grant Shapps. The exit poll puts them on course to win 131 seats, as Nigel Farage's populist Reform UK Party took chunks out of the Tory support.(4) UK equity-index futures climbed and the pound held recent gains after the Labour Party won a majority of seats in Parliament, giving it a clear mandate to deliver on its pledge for greater economic stability.(5) Before the vote, Labour placed economic stability at the top of its manifesto and pledged to stick to tough spending rules. Rachel Reeves, an ex-Bank of England staffer who's set to become the UK's finance minister, said that the administration would not raise three of the UK's key taxes on wages and goods.  See omnystudio.com/listener for privacy information.

Pressure mounts on Biden to drop out of US presidential race, while Kamala Harris gains new support. Zelenskiy challenges Trump on ending war with Russia. UK voters head to polls. Fed officials await evidence on inflation. Analysis of political and market developments.

UK General Election Final Push, Biden blames jet lag for poor performance, Marine Le Pen's party's tactics in France, S&P 500 hits record high, Boris Johnson's campaign appearance, concerns about Joe Biden's health and potential replacements in US politics

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) The European Central Bank doesn’t yet have sufficient evidence that inflation threats have passed, President Christine Lagarde said — feeding expectations that officials will take a break from cutting interest rates this month.(2) French President Emmanuel Macron’s centrist alliance and the left-wing New Popular Front are weighing whether to pull candidates from the second round of the legislative election on Sunday to keep the ascendant far right out of power.(3) Tuition caps and rising inflation have forced schools to slash costs and recruit more lucrative international students. That strategy is now colliding with limits on immigration.(4) The Democratic National Committee is considering formally nominating Joe Biden as early as mid-July to ensure that the president is on November ballots, while helping to stamp out intra-party chatter of replacing him after last week’s poor debate performance.(5) The criminal trial over Donald Trump’s attempt to overturn the 2020 election could be delayed for a year or more after the US Supreme Court ruled Monday that presidents have some immunity for their “official” acts. See omnystudio.com/listener for privacy information.

Marine Le Pen's National Rally dominates French vote as Macron and opponents strategize. Euro strengthens amid election buzz. UK polls predict Conservative defeat. Biden campaign pushes back against calls to drop out of 2024 race.