Bloomberg Daybreak: Europe Edition

In this Christmas Day special edition of Bloomberg Daybreak with Nathan Hager: See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) French Prime Minister Francois Bayrou said he aimed to reach an agreement with parliament on a 2025 budget that would reduce the country’s deficit to close to 5%, near the level his predecessor unsuccessfully tried to reach. (2) Honda sketched plans for a drawn-out deal that amounts to an acquisition of Nissan, as Japan’s automakers struggle to keep up in an increasingly competitive global car industry. (3) German President Frank-Walter Steinmeier used his traditional Christmas address to urge citizens to focus on what unites the nation rather than be consumed by grief and horror over Friday’s fatal attack in Magdeburg. (4) Luigi Mangione pleaded not guilty to New York state murder charges over the shooting of a top UnitedHealth Group executive, as his lawyer expressed concern about getting a fair trial in the high-profile case. (5) House investigators found “substantial evidence” former Representative Matt Gaetz paid several women — including a 17-year-old girl — for sex and bought and used illegal drugs while in Congress, according to a bipartisan committee report released Monday. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal, saying its shipping tolls aren’t inflated and that sovereignty over the waterway isn’t negotiable. (2) Donald Trump said Sunday that he will be president of the US — not Elon Musk. (3) French Prime Minister Francois Bayrou is running out of time to meet his self-imposed deadline to name a new cabinet that won’t be quickly toppled by a no-confidence vote in parliament. (4) UK private sector activity is set for a “steep” decline in the next three months, the Confederation of British Industry said, putting immediate pressure on Chancellor of the Exchequer Rachel Reeves to show she can deliver economic growth in the new year. (5) The same kind of survey failures that have left the UK unsure about the number of people in Britain’s workforce are now raising doubts about the size of its economy. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Panama’s president rebuffed Donald Trump’s threat to reimpose US control over the Panama Canal, saying its shipping tolls aren’t inflated and that sovereignty over the waterway isn’t negotiable. (2) Donald Trump said Sunday that he will be president of the US — not Elon Musk. (3) French Prime Minister Francois Bayrou is running out of time to meet his self-imposed deadline to name a new cabinet that won’t be quickly toppled by a no-confidence vote in parliament. (4) UK private sector activity is set for a “steep” decline in the next three months, the Confederation of British Industry said, putting immediate pressure on Chancellor of the Exchequer Rachel Reeves to show she can deliver economic growth in the new year. (5) The same kind of survey failures that have left the UK unsure about the number of people in Britain’s workforce are now raising doubts about the size of its economy. 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. 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 Republican-led House rejected a temporary funding plan backed by President-elect Donald Trump on Thursday with just over 24 hours to go before a US government shutdown. (2) Prime Minister Keir Starmer’s government is talking to Britain’s election watchdog about tougher rules on political donations, amid fears that Reform UK leader Nigel Farage may secure funding from Elon Musk. (3) Prime Minister Keir Starmer is set to appoint Peter Mandelson, a veteran Labour Party figure and trade specialist, as the UK’s ambassador to the US, in an effort to spare Britain from being hit by tariffs by Donald Trump. (4) For most of the UK’s inflation shock over the past two years, Bank of England policy reacted to swings in wage and prices data. Now it’s leaning much more prominently on its own forecasts. (5) The UK recorded its worst November car production numbers in 44 years amid weak demand both in Britain and across Europe. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signaling greater caution over how quickly they can continue reducing borrowing costs. (2) The Bank of Japan kept its monetary policy settings unchanged as it waits a little longer before its next move, with a dissenter’s proposed rate increase suggesting momentum for another hike is building. (3) The Bank of England is likely to warn of only gradual interest-rate cuts in 2025, ending the year with a cautious message to investors as the specter of stagflation — anemic growth and sticky inflation — hangs over the British economy. (4) The UK’s minimum wage has been pushed up by 14 pence (18 cents) an hour as a result of changes to a faulty methodology in statistics that underpin the rate. (5) Ukrainian President Volodymyr Zelenskiy said he’ll reinforce his push for security guarantees at a meeting with NATO Secretary General Mark Rutte and several European leaders in Brussels. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Honda and Nissan are exploring a merger, according to people familiar with the matter, that would create a singular rival to Toyota in Japan and better position the combined company to face competitive challenges around the world. (2) Federal Reserve officials are likely to lower borrowing costs for a third-straight meeting this week while also signaling fewer interest-rate cuts next year than previously projected. (3) First it was a collapse in the currency. Now the rest of Brazil’s financial markets are in the cross-hairs as investors lose faith in the government’s ability to contain a deepening fiscal crisis. (4) UK government borrowing costs rose to the highest level in decades relative to Germany’s, as traders grew increasingly skeptical over how much more easing the Bank of England will manage to deliver next year. (5) The UK government risks baking in higher energy costs for consumers as it pushes to meet a challenging — and upgraded — target to decarbonize the country’s power supply by 2030. 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 majority of Britain’s biggest listed companies will together account for less than 3% of the revenue raised by Labour‘s increased payroll tax, Bloomberg analysis shows, despite Prime Minister Keir Starmer’s promise to target “those with the broadest shoulders.” (2) Prime Minister Keir Starmer’s plan to boost ties with Beijing faces new hurdles after a Chinese businessman’s close links to Prince Andrew spurred demands for tougher restrictions on China’s operatives in the UK. (3) President-elect Donald Trump said Ukraine needs to reach a deal to end the Russian invasion and downplayed the value of occupied land, in the latest signal he may push for a settlement that codifies Russian territorial gains. (4) Donald Trump failed to convince a judge to set aside his conviction in the New York hush money case on presidential immunity grounds, though it’s unclear if the case will still proceed to sentencing as the president-elect continues to challenge the verdict. (5) Germany is headed for months of political deadlock as voters return to the ballot box for another federal election in February and with coalition negotiations potentially lasting several months after that. (6) The Bank of France cut its domestic growth outlook just days after President Emmanuel Macron named the country’s fourth prime minister in a year, with the central bank citing the political upheaval as a drag on household and business confidence. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Germany's Chancellor Olaf Scholz will submit to a parliamentary vote of confidence today, which he intends to lose, triggering an early election on the 23rd of February. The country's economy is now 5% smaller than it would have been if the pre-pandemic growth trend had been maintained. (2) France’s Prime Minister Francois Bayrou will meet with far-right leader Marine Le Pen on Monday, kicking off an effort to form a government that can push a budget through a divided Parliament. (3) UK Chancellor Rachel Reeves is resisting calls from English mayors to extend their revenue-raising abilities, an awkward clash that comes as her government launches its plan to extend more powers to local leaders. (4) French TV network Canal+ is set to become the largest listing on London's stock market in two years. Analysts expect the company will float with a 5 billion pound valuation when the market opens. (5) China’s retail sales growth unexpectedly weakened in November despite signs of improvement in the housing market, highlighting the urgency for Beijing to further encourage residents to spend.. 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. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) French President Emmanuel Macron will name a new prime minister this morning via a statement, his office said on Thursday evening. (2) Klarna Chief Executive Officer Sebastian Siemiatkowski said his company was able to stop hiring a year ago as it invested in artificial intelligence that’s doing the work of hundreds of staff across the firm. (3) European Central Bank policymakers expect to cut interest rates by another quarter point in January and probably also in March as inflation stabilizes at the 2% target and economic growth remains sluggish, according to officials familiar with their thinking. (4) UK consumer confidence remained subdued in December with households reluctant to splash out on big-ticket items ahead of Christmas amid ongoing economic uncertainty, a survey found. (5) Russia is nearing an agreement with Syria’s new leadership to keep two vital military bases in the Middle East state, a key objective of the Kremlin after the fall of its ally Bashar al-Assad. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Fresh inflation figures are likely to make the Federal Reserve more cautious about the pace of interest-rate cuts — but not quite yet. (2) Traders increased bets on interest-rate cuts from the European Central Bank following a similar move in Federal Reserve expectations, and now see 158 basis points of easing through the end of 2025, the most in a week. (3) US President-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration next month, CBS reported, citing multiple sources. (4) US economic indicators can move global markets by trillions of dollars at a time. The agencies that collect and publish those statistics have been pleading for an extra few million, to maintain the integrity of the financial world’s most important numbers. (5) A closely watched gauge of UK house prices hit its highest in over two years in November as buyers were buoyed by a Bank of England interest-rate cut and an end to uncertainty over Labour’s first budget. (6) All it takes is one hacker and a batch of faulty solar panels to threaten the safety of Europe’s electric grid. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) London's IPO market has declined 9% this year, with only $1 billion raised, pushing the UK to 20th place in global IPO rankings. (2) Various trade unions criticized the UK government over public sector pay proposals for next year, raising the prospect of potential industrial action and tensions that would be a blow to Keir Starmer’s administration. (3) The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine just weeks before Donald Trump returns to the White House. (4) The suspect in the fatal shooting of UnitedHealth Group executive Brian Thompson is fighting being sent to New York to face a second-degree murder charge, setting up a potentially long legal process to prosecute Luigi Mangione. (5) French President Emmanuel Macron is seeking to free his government from the stranglehold of National Rally leader Marine Le Pen by piecing together a coalition of moderates that will last until 2027. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Female representation in the boardroom almost tripled since 2010, with the most gender-diverse companies delivering higher shareholder returns compared to male-dominated boards, according to Bloomberg Intelligence. (2) Women are controlling ever-greater sums of money around the world, setting the stage for major shifts in wealth management and philanthropy. (3) One of the world's most prominent female CEOs is Jane Fraser, the boss of Citi Group. Currently halfway through her 5-year plan to turn around the bank, she tells Bloomberg she's now focusing her efforts on improving technology, reducing costs, and growing fee revenues. (4) The rebel group that toppled Syria’s President Bashar Al-Assad tasked Mohammed Al Bashir to form a transitional government, Syrian television reported. (5) Luigi Mangione, a “person of interest” in the fatal shooting of UnitedHealth Group Inc. executive Brian Thompson, was charged with possessing an illegal gun and using a fake identification after being arrested in Pennsylvania on Monday. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Israeli ground forces have crossed into Syria for the first time in more than 50 years. According to the country's military, troops have been operating in the Syrian Hermon region, advancing beyond the demilitarized zone on the border between the two countries. (2) As Bashar Al-Assad fled to Moscow, the looters started raiding the presidential palace and people took to the streets of Damascus to celebrate his demise. (3) US airstrikes hit dozens of Islamic State targets in central Syria on Sunday as President Joe Biden cautioned that Bashar al-Assad’s fall from power could open the door to a resurgence of Islamic extremism. (4) President-elect Donald Trump said he has no plans to replace Federal Reserve Chair Jerome Powell once he returns to the White House, saying “I don’t see it.” (5) Prime Minister Keir Starmer’s government is set to launch a £100 million fund aimed at helping the state run “more like a start up,” as Labour attempts to rebut criticism over its tumultuous first few months in power. 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. • In the US – a look at U.S CPI data and a preview of Oracle earnings. • In the UK – a look ahead to the upcoming ECB decision. • In Asia – a look ahead to the upcoming RBA decision and Australia’s social media ban for teens. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Emmanuel Macron said he will serve out the remainder of his presidential term as he seeks to quickly stymie the political turmoil in France after Marine Le Pen’s far-right party allied with leftist lawmakers to topple his government. (2) A measure of France’s bond risk fell amid hopes lawmakers will strike a deal on next year’s budget sooner than many investors had expected, ending months of political impasse that has weighed on markets. (3) The words “delay” and “depose” were written on a shell casing and a live round recovered in front of the New York Hilton Midtown, where UnitedHealth Group Inc. insurance chief Brian Thompson was fatally shot on Wednesday, according to people familiar with the matter. (4) UK household incomes will be held back by budget tax increases in a blow to Prime Minister Keir Starmer’s new goal of “raising living standards in every part of the UK,” according to the Confederation for British Industry. (5) Citigroup has named 344 new managing directors, the most in at least six years for the Wall Street bank. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) French President Emmanuel Macron is seeking a new prime minister after a no-confidence motion against his government was passed with the help of the far right and left. (2) The French government's no-confidence vote has created uncertainty for the euro, which may face further headwinds due to the political instability. (3) Brian Thompson, a 50-year-old UnitedHealth Group executive, was fatally shot in midtown Manhattan outside the New York Hilton Midtown where the company was hosting its investor day. (4) President elect Donald Trump's pick for the head of the US securities regulator, Paul Atkins, has lifted Bitcoin's value to a record high of over $100,000. (5) The boss of Lloyds Banking Group has warned the uncertainty around lawsuits and regulatory probes into motor finance mis-selling is making it difficult for investors to have confidence in British banking, with ripple effects across the economy. See omnystudio.com/listener for privacy information.

Far-right leader Marine Le Pen teamed up with a left-wing coalition to topple the French government, pitching the country into a prolonged period of turbulence that’s likely to further unsettle investors. For reaction and analysis, hosts Tim Stenovec and Emily Graffeo speak with Bloomberg Daybreak Europe host Stephen Carroll, reporting live from our Paris bureau and Steven Englander, global head of G10 FX Research at Standard Chartered Bank. See omnystudio.com/listener for privacy information.