Bloomberg Daybreak: Europe Edition

Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) A global selloff in chip stocks is rippling through Asian markets, reviving concerns that the AI rally has gone too far, too fast. South Korean stocks slumped as Meta Platforms’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers.

(2) Apple is in negotiations to purchase chips from two Chinese semiconductor makers on a Pentagon blacklist to help reduce the impact of a global memory shortage that’s forced the company to raise prices across its product line.

(3) The US floated the idea of granting political and economic benefits to NATO allies that spend more on defense, raising the prospect of a two-tier alliance just before leaders gather for an annual summit.

(4) Chancellor Friedrich Merz’s coalition reached an agreement on a set of reforms for Germany’s pension system, labor market and income tax, according to officials familiar with the deliberations.

(5) Bank of England Governor Andrew Bailey cautioned that it is too early to consider interest-rate cuts, warning households are yet to feel the full effect of the Iran war.

(6) Harry Kane revelled in having his “hero moment” as he saved England from a humiliating World Cup exit to the Democratic Republic of Congo.

(7) Near a windswept beach off the southern coast of Australia lies a weirdly accurate indicator of global conflict.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Ireland takes over the EU Presidency today, at a moment when its policies on technology and defense are under scrutiny.

(2) The US government removed foreign access restrictions on Anthropic PBC’s Fable 5 artificial intelligence model, clearing it for wider distribution after the startup resolved the Trump administration’s safety concerns.

(3) President Donald Trump reported earning at least $1.4 billion in 2025 from crypto and memecoin-related businesses, according to his latest annual financial disclosure.

(4) US negotiators Jared Kushner and Steve Witkoff had positive discussions with regional leaders in Qatar and technical talks with Iran are moving ahead, according to a senior administration official, as the countries seek to ease tensions in the wake of recent attacks that imperiled an already fragile ceasefire.

(5) The Spanish government is set to grant residency permits to more than 1 million undocumented migrants, double the number that was projected when a mass regularization program was announced in April, according to a person familiar with the matter.

(6) Thousands of people joined anti-migrant protests in South Africa yesterday, in a culmination of weeks of demonstrations around the country.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Europe is becoming less vulnerable to outside shocks thanks to a better financial framework and progress on the green transition, Christine Lagarde said.

(2) The European Union and China set an October deadline to make progress on trade disagreements, as tensions rise between the two economic powers.

(3) A top Iranian official reiterated the country’s determination to maintain control over maritime traffic moving through the Strait of Hormuz, raising the stakes ahead of fresh negotiations with the US on ending their war for good.

(4) The Supreme Court has handed President Donald Trump sweeping power to bend much of the federal regulatory state to his will, a major expansion of executive branch influence that will enable him to fire the heads of independent agencies that police markets, protect consumers and enforce workplace rules.

(5) WhatsApp will let the messaging service’s 3 billion global users select a username for their account, a change meant to increase privacy by letting people connect on the platform without having to share their phone number.

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The US and Iran have agreed to stop attacking each other before peace talks resume this week over the Strait of Hormuz and other issues, paving the way to end days of tit-for-tat attacks that tested a fragile truce.

(2) Russian President Vladimir Putin said fuel supply problems persist for motorists and businesses, including queues at gas stations, as Moscow weighs measures to stabilize the domestic market after refinery outages.

(3) Britain has scrapped plans to replace its aging warships with a new destroyer and will instead procure at least six so-called common combat vessels as it seeks to prepare the military for modern warfare.

(4) Andy Burnham will pledge the biggest devolution of power in England in modern times in his first major speech since confirming his intention to succeed Keir Starmer as prime minister.

(5) China can endure a further deterioration — or even a freeze — in economic and trade ties with the European Union if talks are treated as a mere formality, according to Yuyuantantian, a social-media account affiliated with China Central Television.

(6) Wall Street banks are capitulating on bets for a stronger euro, as markets see the US outpacing Europe on interest-rate hikes for the rest of this year.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to the U.S June jobs report with a focus on three stocks for the week ahead.
In the UK – a look ahead to this year’s Wimbledon tournament.
In Asia – a look ahead to key readings on growth and inflation for Vietnam's economy.
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