Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) The UK economy shrank more than expected in October as elevated borrowing costs and wet weather took their toll, setting the stage for another quarter of stagnation that is widely forecast to persist through 2024. (2) The COP28 climate talks in Dubai ended in a deal that saw a commitment to transition away from all fossil fuels for the first time. (3) Germany’s ruling alliance has sealed an agreement on a revised 2024 finance plan, pushing past internal divisions laid bare after a critical funding tool was struck down by the nation’s top court. (4) Argentina devalued the peso by 54%, overhauled its crawling peg and announced massive spending cuts to eliminate its primary fiscal deficit next year as the first steps in President Javier Milei's shock-therapy program.  (5) Netflix has released global midyear viewer data for every title on its service for the first time. The political thriller The Night Agent was the most-watched title globally in the first half of 2023, generating 812.1 million hours of viewing.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Prime Minister Rishi Sunak staved off a potential rebellion from members of his Conservative Party, winning a parliamentary vote on legislation designed to green-light his signature plan to deport asylum-seekers to Rwanda. (2) Walgreens has been holding early talks about ways to separate Boots, which could be valued in a deal at about £7 billion, according to the people. Bloomberg understands that it's studying a London IPO as one possibility. (3) Argentina devalued the peso by 54%, overhauled its crawling peg and announced massive spending cuts to eliminate its primary fiscal deficit next year as the first steps in President Javier Milei's shock-therapy program. (4) Divisions between President Joe Biden and Israeli Prime Minister Benjamin Netanyahu over the conflict in Israel spilled into public view, with the leaders' competing visions for the post-war Gaza Strip underscoring a deepening split between the allies. (5)  Netflix has released global midyear viewer data for every title on its service for the first time. The political thriller The Night Agent was the most-watched title globally in the first half of 2023, generating 812.1 million hours of viewing.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) UK wage growth slowed at the sharpest pace in almost two years, a further sign that the labor market is cooling in response to a flagging economy. Bloomberg's Senior UK Economist Dan Hanson says it's "a little bit of a Goldilocks report". (2)  Right-wing members of Rishi Sunak's UK Conservative Party caucus said his attempt to implement a plan to deport asylum seekers to Rwanda "doesn't go far enough," underscoring the risk to the prime minister of a Parliamentary rebellion. (3) Talks are ongoing to secure an oil and gas cut agreement on the final day of the COP28 climate summit in Dubai. (4) Google's mobile app store maintains a monopoly in the market for distribution of programs and payments on its Android software, a federal jury in California decided, dealing a blow to the technology giant in a high-stakes antitrust battle with Epic Games Inc.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1)  Right-wing members of Rishi Sunak's UK Conservative Party caucus said his attempt to implement a plan to deport asylum seekers to Rwanda "doesn't go far enough," underscoring the risk to the prime minister of a Parliamentary rebellion. (2) Prime Minister Rishi Sunak said he kept government scientists in the dark about his controversial Eat Out to Help Out, an acknowledgment likely to fuel questions over his judgment in pushing a policy that encouraged Britons to mingle in pubs and restaurants during the pandemic. (3) Talks are ongoing to secure an oil and gas cut agreement on the final day of the COP28 climate summit in Dubai. (4) Google's mobile app store maintains a monopoly in the market for distribution of programs and payments on its Android software, a federal jury in California decided, dealing a blow to the technology giant in a high-stakes antitrust battle with Epic Games Inc. (5) The pace of spiraling rental costs in Britain's housing market is finally beginning to slow according to Zoopla See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Arm's CEO Rene Haas told Bloomberg that whoever wins the next election, further restrictions on skilled migration will hurt growth. (2) The Prime Minister is due to answer questions at the Covid inquiry today. Last month, the government's former chief scientific officer told the hearing it was "obvious" Rishi Sunak's Eat Out to Help Out scheme would fuel the spread of the virus. (3) The S&P 500 Index will hit a record high in 2024 as the US avoids sinking into a recession, although a weaker consumer will mean the index gains less than this year's 20% surge, according to Bloomberg's latest Markets Live Pulse survey. (4) University of Pennsylvania president Liz Magill and Board chair Scott Bok resigned this weekend. It comes days after Congressional testimony in which Magill declined to say that calling for the genocide of Jews always violates the university's code of conduct. (5) For decades, many of the world's richest people chose to safeguard their assets in overseas locales ranging from the Cayman Islands to Switzerland and the British Virgin Islands. But a new wealth hub is becoming wildly popular with billionaires — the skyscraper-studded emirate of Abu Dhabi.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. 1) In the US - We preview Federal Reserve policy meeting and news conference with Chair Jerome Powell. Economists see the Fed’s policy committee maintaining a benchmark interest rate target of 5.25% to 5.5%, with bond traders leaning toward a cut in the first half of 2024. 2) In the UK - It's a big week ahead for central banks in Europe too - with both the Bank of England and the European Central Bank meeting on Thursday. Market bets on rate cuts from policymakers in London and Frankfurt have been ramping up - but there's more data to come too. 3) In Asia - The Chinese economy has struggled this year in its post-Covid recovery. For months, the optimists have been hoping for signs of a turning point. Might there be a glimmer of improvement in the week ahead? 4) In Washington DC - we look ahead to what we can expect from congress in the new year.  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 Palestinian Authority is working with US officials on a plan to run Gaza after the ongoing war is over, with one of its top leaders arguing that Israel's aim to fully defeat Hamas is unrealistic and the militant group should instead join a new governing structure.  (2) Israeli Prime Minister Benjamin Netanyahu has threatened devastation in Beirut and southern Lebanon if Hezbollah opens a second front in the war with Hamas. (3) The rally in the yen spilled over into a second day as traders wagered that the Bank of Japan will scrap the world's last negative interest-rate regime much sooner than previously thought. (4) Rishi Sunak faces a crucial two weeks if he is to control feuding Tory Members of Parliament and lead them into a general election expected next year. The latest fight is about whether the government should bend or ignore domestic and international laws so the UK can deport asylum-seekers to Rwanda without considering their claims. (5) The dynasty behind the luxury brand Hermès added $56 billion to their wealth to become the world's third-richest family, according to Bloomberg's annual ranking. Abu Dhabi's ruling Al Nahyan family topped the Waltons as the world's richest, with wealth of $305 billion. 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 heads of Wall Street's biggest banks took their most direct swing yet at Washington's plans to force them to set aside more cash as a buffer against losses. (2)  Senate Republicans blocked $66 billion in emergency Ukraine aid, heightening the risk US funding for the country's war effort will run dry as a partisan stalemate over immigration policies persists in Washington.  (3) European Commission President Ursula von der Leyen and European Council President Charles Michel have meet with Chinese leader Xi Jinping in Beijing. The EU officials are holding their first in-person summit with China in four years. (4) The UK's immigration minister resigned over Prime Minister Rishi Sunak's latest proposal to deport asylum seekers to Rwanda, underscoring concerns that the anti-immigration plan doesn't go far enough to pacify a rebellion in the ruling party. (5) Two months ago, Egypt looked like a country in grave danger of financial collapse. Now the world has urgent new reasons to come to the rescue. See omnystudio.com/listener for privacy information.

 Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Russia's President Vladimir Putin heads to Saudi Arabia as Bloomberg uncovers how Russia is sidestepping Western oil sanctions. (2) The London Stock Exchange faces tough questions after it's hit by a third outage in three months. (3) A Bloomberg scoop: The European Commission is set to recommend delaying tariffs on electric vehicles traded with the UK. (4) Bitcoin goes on a tear to add more than 165% since last year's rout. (5) Goldman boosts its pay pool despite slumping profits. The lender's top leaders say last year’s pay slump contributed to public sniping from unhappy staff. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Britain's 100 largest companies saw their tax bill rise 7.25% in the past year to a total of £90 billion ($113 billion), accounting for a 10th of all of the government's receipts. (2) Qatar's wealth fund is offloading almost half of its shares in Barclays, a surprise move that comes as the bank's executives ready a strategic overhaul for early next year. (3) Lloyds Banking Group has received £1.2 billion from the owners of the Telegraph newspaper, marking an end of the bank's involvement in a saga that's spawned government investigations and sparked a nationwide discussion on freedom of the press.  (4) Rishi Sunak's government raised the salary requirement for people applying to live in the UK, one of a series of measures designed to show voters his ruling Conservative Party has a plan to deliver on its pledge to reduce net migration ahead of a general election expected next year. (5) The OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full. See omnystudio.com/listener for privacy information.