UK Deputy PM Tax Probe, Zelenskiy Paris Talks, Billionaire's Mayfair Headache
Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) UK Deputy Prime Minister Angela Rayner admitted she underpaid taxes on a property purchase and said she was referring herself to the government’s standards watchdog, the latest blow for Keir Starmer’s Labour administration that calls her political future into question and may have long-standing consequences for the party’s leadership.(2) Chancellor of the Exchequer Rachel Reeves says growth is the solution to Britain’s economic problems. At her budget on Nov. 26, she faces the prospect of having to kill it.(3) Ukrainian President Volodymyr Zelenskiy will meet with European leaders in Paris on Thursday as he seeks to discuss security guarantees for his country, a person familiar with the matter told Bloomberg. (4) US economic activity saw “little or no change” across most of the country in recent weeks, the Federal Reserve said in its Beige Book survey of regional business contacts.(5) China’s financial regulators are considering a number of cooling measures for the stock market as they grow concerned about the speed of a $1.2 trillion rally since the start of August, people familiar with the matter said.(6) Apple is planning to launch its own artificial intelligence-powered web search tool next year, stepping up competition with OpenAI and Perplexity AI.Podcast Conversation: Xi Muses on Living to 150 in Hot-Mic Moment With Putin, KimSee omnystudio.com/listener for privacy information.
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US Joins Global Bond Rout, China Military Showcase, Poland’s Paralysis
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Treasuries dropped, following a slump in longer-maturity European debt, with the US 30-year yield climbing toward 5% at the start of a month historically tough for long bonds. (2) UK markets suffered a fresh selloff on Tuesday, with the yield on long-dated bonds hitting the highest since 1998 and the pound tumbling, as pressure mounted on Prime Minister Keir Starmer to win the confidence of investors in the government’s budget. (3) US Treasury Secretary Scott Bessent is said to be planning to start interviewing candidates this Friday to replace Jerome Powell as Federal Reserve Chair, according to the Wall Street Journal. (4) Chinese President Xi Jinping projected defiance at a once-a-decade military parade, showcasing the nation’s growing firepower and diplomatic influence alongside his closest international allies. (5) Alphabet’s Google will be required to share online search data with rivals while avoiding harsher penalties, including the forced sale of its Chrome business, a judge ruled in the biggest US antitrust case in almost three decades. (6) As NATO’s biggest defense spender relative to the size of its rapidly expanding economy and a staunch ally of Ukraine, Europe arguably needs a strong Poland more than ever. But instead, there’s the threat of increasing paralysis in Warsaw. Podcast Conversation: Defense Firms Lure Recruits With Yoga, Higher Pay, Even CondomsSee omnystudio.com/listener for privacy information.
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BONUS EPISODE: UK 30-Year Bond Yields Hit 1998 High - What Now?
As UK long-dated gilts hit a level not seen in 27 years, we have a special episode of Bloomberg Daybreak Europe. The rate on 30-year gilts rose five basis points to 5.69% on Tuesday amid a global decline in government bonds. The pound also tumbled in London trading, dropping 1.1%.Bonds are falling ahead of an autumn budget, where Chancellor of the Exchequer Rachel Reeves is under pressure to find savings or raise taxes to improve the UK’s precarious fiscal position. Our Chief UK Economist Dan Hanson and Opinion Columnist Marcus Ashworth join hosts Stephen Carroll and Lizzy Burden to discuss how serious a problem the market moves create for the government and what might come next.More Here: UK 30-Year Bond Yields Climb to Highest Level Since 1998See omnystudio.com/listener for privacy information.
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Gold Hits Record High, Nestlé CEO Affair Exit, Lab Diamond Pressure
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Gold hit a record high as the prospect of Federal Reserve rate cuts and growing concerns over the central bank’s future gave fresh legs to the multiyear rally in precious metals. (2) Nestlé dismissed Chief Executive Officer Laurent Freixe after only a year due to an undisclosed workplace affair, extending the management turmoil at the world’s biggest food company that’s known for its conservative corporate culture. (3) Revolut has kicked off a process for some employees to sell their shares in the company at a $75 billion valuation. (4) A plane carrying European Commission President Ursula von der Leyen was disrupted by what authorities suspect was Russian signals interference in Bulgaria. (5) UK Prime Minister Keir Starmer announced a raft of changes to his Downing Street team in a bid to reset his government and give him more influence over economic policy, after a stuttering first year in power saw his leadership called into question and Labour tank in the polls. (6) Across Botswana the lines of patients outside government clinics are lengthening, construction companies dependent on state jobs are firing workers and university students are threatening to boycott lectures after not getting the allowance increases they were promised. Podcast Conversation: Silicon Valley Drive to Get AI Into American Schools Is WorkingSee omnystudio.com/listener for privacy information.
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Xi, Modi & Putin Make Nice, Italy-France Tax Spat, A €2 Trillion Headache
Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Prime Minister Narendra Modi used his first trip to China in seven years to reset relations with India’s powerful neighbor while also seeking to strengthen ties with Russia as President Donald Trump ratchets up tensions with New Delhi. (2) The legal fight over President Donald Trump’s global tariffs is deepening after a federal appeals court ruled the levies were issued illegally under an emergency law, extending the chaos in global trade. (3) The next few weeks will give Wall Street a clear reading on whether this latest stock market rally will continue — or if it’s doomed to get derailed. (4) Italy and France sparred over tax competition within the European Union, reigniting a debate over whether EU countries are seeking economic advantages at the expense of their peers. (5) The UK government will look into whether it should seek changes to the European Convention on Human Rights, as the ruling Labour party seeks to blunt criticism of its handling of immigration and asylum issues. (6) There’s a near €2 trillion ($2.3 trillion) upheaval coming for European bond markets to cap a 2025 already marked by tariff twists and turns, deficit worries and now a political crisis in France. Podcast Conversation: Chefs Turn to Induction for Safety and Precision Our new look Brussels Edition newsletter launches today. Sign up here for all the stories you need to know from across the European Union - every afternoon.See omnystudio.com/listener for privacy information.
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