Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Israel has resumed combat against Hamas in the Gaza Strip after a week-long truce between the two sides ended this morning. Israeli jets started striking Gaza soon after deadline passed (2) Bloomberg Economics believes typical signs of a recession started in October 2023. The baseline is that unemployment should increase persistently in 2024, approaching 5% by year-end – a mild recession by historical standards. (3) Rishi Sunak has pledged to spend £1.6 billion on climate projects, as the British premier arrives at the COP28 summit trying to show leaders the UK remains committed to the cause. (4) Britain ordered investigations into the proposed acquisition of the Telegraph newspaper by a vehicle backed by Abu Dhabi's Sheikh Mansour Bin Zayed Al Nahyan, in the latest twist in a battle to control the famed conservative media brand.  (5) After two years of delays and production snags, Tesla has finally handed the first Blade Runner-esque Cybertrucks over to customers. Elon Musk delivered a handful of vehicles to their new owners Thursday.See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Israel and Hamas have agreed to extend their truce for at least another day, allowing for the release of more hostages held by the militant group in Gaza. (2) Henry Kissinger, the child refugee who rose to become US secretary of state and defined American foreign policy during the 1970s with his strategies to end the Vietnam War and contain communist countries, has died. He was 100. (3) US economic activity slowed in recent weeks as consumers pulled back on discretionary spending, the Federal Reserve said in its “Beige Book” survey of regional business contacts. (4) One of China's largest investment banks has warned its analysts against making any bearish calls and to avoid showing off their lavish lifestyle, as Beijing continues to clamp down on well-paid bankers.  (5) Elon Musk, the billionaire owner of X, says the advertisers that have stopped spending on the platform due to his endorsement of an antisemitic post can "f——" themselves.See omnystudio.com/listener for privacy information.

Henry Kissinger, the child refugee who rose to become US Secretary of State and defined American foreign policy during the 1970s with his strategies to end the Vietnam War and contain communist countries, has died. He was 100. Not long before his passing, Kissinger sat down with Bloomberg Editor-in-Chief John Micklethwait for an extended conversation. He talked about his life and career, what shaped his worldview, and his thoughts on the current state of global affairs. Listen here for that special conversation, in its entirety.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 famed investor Charles Munger has died at the age of 99. As Warren Buffett's right hand man for almost 60 years he helped transform Berkshire Hathaway from a failing textile maker into a global conglomerate. (2) Two Federal Reserve officials who led the push for higher interest rates to curb inflation last year signaled they could be comfortable holding rates steady for now, reinforcing expectations that the central bank's current hiking cycle is done. (3) Billionaire investor Bill Ackman tells Bloomberg he is betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting. (4) Hamas has turned over 12 more hostages — 10 Israelis and two Thai citizens — to the Red Cross, according to the Israeli prime minister's office, despite earlier competing claims of violations of the deal that brought their war to a temporary pause. (5) A special report on risky AT1 bonds which are booming again after being decimated by the implosion of Credit Suisse.  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Israel and Hamas agreed Monday to extend a cease-fire in their devastating war until Thursday morning, as 11 more freed hostages arrived in Israel. (2) Billionaire Elon Musk said that he'd like to help rebuild Gaza after the war with Hamas in a conversation with Prime Minister Benjamin Netanyahu, part of a day-long series of meetings with political leaders in Israel.  (3) Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said. (4) Inflation in UK shops has fallen to a 17-month low as retailers fight to attract shoppers ahead of the crucial holiday period.  (5) Homebuyers are getting the edge in the UK property market, forcing the growing ranks of sellers to slash prices in order to secure deals. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Rishi Sunak denied his economic plans are about to deliver a fresh bout of UK austerity, even as the official fiscal watchdog warned his tax-cutting strategy assumes a significant squeeze on stretched public services. (2) Israel and Hamas signaled that a temporary cease-fire in Gaza could be extended beyond Monday to allow for the release of more hostages and prisoners. (3) Elon Musk will meet with Israeli President Isaac Herzog and representatives of the families of hostages held in Gaza, in an apparent effort to defuse a growing furor over his endorsement of an antisemitic tweet. (4) Joe Biden will skip COP28 according to the NYT. Leaders and officials from more than 200 countries are expected to attend the US climate summit that starts in Dubai Thursday. (5) British lawmakers should review the role and operation of the Bank of England every five years as part of reforms to improve accountability at the central bank and make it "work better" after a string of "errors" that let inflation surge.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) US Equities 2024 Outlook: The Double Dip 2) Falling house prices could worsen the crunch facing households when they come to refinance their fixed-rate mortgage deals, according to research from the Bank of England. 3) South Korea’s early trade data show exports are likely to maintain their growth momentum this month, continuing their rebound from a year-long slump and helping brighten the outlook for global commerce. 4) Republican ultra-conservatives are running out of patience less than four weeks after installing one their own, Mike Johnson, as House speaker, signaling turmoil ahead and heightened risk of a government shutdown 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) A temporary ceasefire in the war between Israel and Hamas has begun. An initial group of women and children hostages will be released by Hamas in the afternoon. In total Hamas has agreed to free 50 hostages while Israel will release 150 jailed Palestinians. All of those involved in the deal are women and children. (2) Barclays is working on plans to reduce costs by as much as £1 billion ($1.3 billion) over several years, which could involve slashing as many as 2,000 jobs, according to Reuters. (3) Germany will suspend a constitutional limit on net new borrowing for a fourth consecutive year after Chancellor Olaf Scholz's government was forced into a radical budget overhaul by a ruling last week from the nation's top court. (4) UK consumer confidence rebounded in November, with households more willing to splash out on major purchases ahead of Christmas, a survey found.  (5) A growing number of London's richest homebuyers are choosing to rent rather than buy as high interest rates and a tough tax environment curb investment. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Chancellor Jeremy Hunt will provide a £21 billion stimulus to the UK economy in the run-up to the next election, threatening to fuel inflation and prompt the Bank of England to keep interest rates in painfully high territory. (2) Far-right lawmaker Geert Wilders won the Dutch elections and said he plans to lead the country's next government, in a shock result that will resound across Europe. (3) Israel and Hamas's talks over a deal for a short-term truce continued overnight, with Israeli officials signaling that the release of hostages from Gaza would be delayed for a day until Friday. (4)  Warren Buffett said that the donation of his fortune to charitable causes after his death will be open to public scrutiny, though the 93-year-old billionaire said he's still doing fine for now. (5) A special report on Viktor Orban's $1 Billion School for Tomorrow's Nationalists. The Budapest-based college has turned into a powerful tool for the populist Hungarian leader to export his world view. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Israel and Hamas backed a deal that will free dozens of hostages from Gaza in return for a four-day pause in fighting and the release of a number of Palestinian prisoners — the first lull in a conflict that began Oct. 7 and has killed thousands of people. (2) OpenAI will bring back Sam Altman and appoint new board members, after nearly all of its employees threatened to quit over his surprise ouster. Altman is returning to his role as chief executive officer and the new board will be chaired by Bret Taylor and include Larry Summers and Adam D'Angelo. (3) UK Chancellor of the Exchequer Jeremy Hunt aims to boost business investment by £20 billion ($25 billion) a year by unleashing a package of measures on Wednesday including making permanent a 100% tax relief on investment spending by British businesses.  (4) Binance Holdings and its Chief Executive Officer Changpeng Zhao pleaded guilty to anti-money laundering and US sanctions violations under a sweeping settlement with the US that allows the cryptocurrency exchange to continue operating. (5) Nvidia investors gave a cool reaction to its latest quarterly report, which blew past average analysts' estimates but failed to satisfy the loftier expectations of shareholders who have bet heavily on an artificial intelligence boom. See omnystudio.com/listener for privacy information.