Bloomberg Daybreak: Europe Edition

US job growth surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought. Nonfarm payrolls increased 162,000 last month and July’s job losses were revised away, according to Bureau of Labor Statistics data out Friday. The August increase topped all estimates in a Bloomberg survey. The unemployment rate remained at 4.1%.
Bloomberg's Tom Keene and Damian Sassower get reaction from:
Claudia Sahm, Chief Economist at New Century Advisors, brings us into the jobs report
Amy Wu Silverman, Head: Derivatives Strategy at RBC, reacts to today's jobs report
Kristina Campmany, Senior Portfolio Manager at Invesco, talks about the bond market's reaction to jobs
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Volkswagen's supervisory board backed a sweeping restructuring that calls for 50,000 additional job cuts, far fewer models and a smaller industrial footprint, giving Chief Executive Officer Oliver Blume his clearest mandate yet to overhaul Europe’s biggest carmaker.

(2) Reform UK leader Nigel Farage’s hopes of using a keynote speech at his party’s annual convention to arrest a slide in opinion polls were upended after two of his closest allies were covertly filmed discussing avoiding electoral law to secure foreign donations.

(3) OpenAI Chief Executive Officer Sam Altman says top artificial intelligence developers have fumbled at communicating the benefits of the technology, leaving the industry vulnerable to growing backlash from communities around the world.

(4) South Korea has begun preparations for a possible deployment of a naval support ship and troops to the Strait of Hormuz, local media reports said, as President Donald Trump ramped up pressure on the US ally over its lack of support for the war with Iran.

(5) At the Marché International de Rungis, the giant wholesale food market known as “The belly of Paris,” cheese supplier Philippe Ammiche finds it increasingly difficult to navigate the endless stacks of boxes from Italy.

Podcast Conversation: Gen Z’s Distaste for Bubbly Booze Remakes Canned Cocktail Market
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Europe is nearing the end of summer with a low natural gas buffer, threatening to intensify a global fight for supply.

(2) As Britain’s borrowing costs rise and hostilities flare between the US and Iran, the sums for Chancellor of the Exchequer John Healey’s debut budget are getting trickier by the day.

(3) European officials vowed to boost Ukraine and penalize Russia as tensions flared following Germany’s accusation that Moscow tried to sabotage a local airport.

(4) Broadcom predicted a boom in artificial intelligence chip sales over the next two years, helping renew optimism that it can challenge Nvidia Corp.’s dominance in the lucrative market.

(5) Driverless taxis have been operating in US cities like San Francisco and Los Angeles for a while now, but the higgledy-piggledy, rainy streets of London present a far greater challenge.

Podcast Conversation: Does Splurging on Joy Give You a Guilt Hangover?
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The yield on 30-year US government bonds climbed back to levels seen just before Treasury Secretary Scott Bessent expanded a buyback program in an effort to contain long-term borrowing costs.

(2) UK Prime Minister Andy Burnham was confronted by the harsh reality of Britain’s weak public finances on his return to parliament on Tuesday as the global selloff in government bonds left him facing a £12 billion problem

(3) The conflict between the US and Iran escalated sharply, with American forces carrying out a fresh wave of strikes and Iran saying it had retaliated.

(4) Treasury Secretary Scott Bessent said China prevented the Group of 20 from issuing a joint communique after a gathering of finance and central bank chiefs this week due to a dispute over its giant trade surplus.

(5) Nvidia is in advanced talks to acquire artificial intelligence startup Hugging Face in a transaction that may total about $14 billion, according to people familiar with the matter.

Podcast Conversation: Dyson Debuts $499 AI-Powered Toothbrush With a Built-In Camera
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) US Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss, Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues.

(2) Shein struggled in its Hong Kong debut after a years-long process to an initial public offering that eventually valued the company at a fraction of what it was once worth and still left investors questioning its value as consumer play.

(3) US Treasury Secretary Scott Bessent told Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda that the Asian country’s next step should be to raise interest rates, NHK reports, citing an interview with a US official.

(4) Anthropic agreed to a $35 billion computing deal with Lambda, a cloud provider backed by Nvidia , part of an effort to quickly expand its AI capacity, according to a person familiar with the matter.

(5) Superstar Lionel Messi announced his retirement from Argentina’s national team after more than two decades, marking the end of an era for the football-obsessed South American nation.

Podcast Conversation: US Economy Needs Clusters Like Silicon Valley: Allison Schrager
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