Bloomberg Daybreak: Europe Edition

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) The Supreme Court’s decision to take up Donald Trump’s bid for immunity from criminal prosecution raises the prospect that a trial to hold him accountable for trying to overturn the 2020 election could face a lengthy delay — potentially until after the November election.(2) Senate Republicans have to choose just how loyal to Donald Trump they want their next leader to be in the wake of Mitch McConnell’s bombshell decision to step aside after the November election.(3) Congressional leaders reached a last-minute deal to avoid a disruptive US government shutdown, setting up another clash with ultra-conservatives who swiftly blasted the agreement.(4) Chancellor of the Exchequer Jeremy Hunt has considered scrapping Britain’s non-domiciled tax status as he seeks ways to fund pre-election giveaways in his budget next week.(5) Three Federal Reserve officials said the pace of interest-rate cuts will depend on incoming economic data, suggesting the path to lower borrowing costs may look different than in previous rate-cutting cycles. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Wall Street's biggest banks have seen staffing levels surge in Paris despite the fact that many of those firm's top bosses feel constrained by the country's strict labor laws.  (2) Apple is cancelling a decade long effort to build an electric car, according to people with knowledge of the matter, abandoning one of the most ambitious projects in the history of the company. (3) Central bankers around the world have traditionally been scrupulous about insisting on their independence from politics. But the rise of anti-democratic groups and populists around the world has spurred European policymakers to step into the fray. (4) The Bank of England may sell all the UK government bonds bought under quantitative easing to better prepare for a future crisis, a move that would put it at odds with the US Federal Reserve. (5) Deutsche Bank's decision to force workers into the office more frequently has met with fierce internal criticism, demonstrating the challenges in reversing a policy introduced during the Covid pandemic. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) Sweden has cleared the final obstacle to gaining NATO membership in a move that will solidify the alliance's grip over Northern Europe and the Baltic region. (2) China's state-backed funds have poured more than 410 billion yuan ($57 billion) into onshore shares this year in a bid to prop up the market, according to estimates by UBS which expects further purchases.  (3) Fast-fashion company Shein is considering the possibility of switching its initial public offering to London from New York because of hurdles to the listing in the US, according to people with knowledge of the matter. (4) Inflation in UK stores slowed to the lowest level since March 2022, signaling further respite for households as retailers doubled down on promotions and passed on lower costs. (5) A new law tracing the origin of cocoa beans threatens to jolt the price of chocolate and skin-care products. See omnystudio.com/listener for privacy information.

 Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) As the best hedge fund strategy of 2023 becomes a magnet for mainstream investors, the risk models it relies on are getting a lot tougher to crack. (2) Warren Buffett's Berkshire Hathaway says its cash pile scaled a new record as the billionaire investor decried a lack of meaningful deals that would give the firm a shot at "eye-popping performance." (3) Ukrainian President Volodymyr Zelenskiy said his country has lost 31,000 soldiers since Russia's full-scale invasion started two years ago as he stressed that a decision from the US Congress on $60 billion in aid was needed within a month. (4) A former deputy chairman in Rishi Sunak's ruling Conservative party has been suspended after growing pressure from within the party over his claim that London Mayor Sadiq Khan is controlled by "Islamists." (5) Global trade ministers are gathering in Abu Dhabi for the World Trade Organization's summit, amid a tide of trade protection and questions over the WTO's relevance. 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 - Lowes earnings and fresh economic data In the UK - Its the Mobile World Congress in Barcelona  In Asia - Baidu earnings are on tap  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast:(1) Nvidia’s surge to an all-time high is the biggest single-session increase in market value in history, besting Meta’s historic gain just three weeks ago.(2) Former Treasury Secretary Larry Summers is warning that financial markets are underestimating the risks of political and social turmoil around the world.(3) Three top Federal Reserve officials hammered home the message Thursday that the US central bank is still on track to cut interest rates this year — just not anytime soon.(4) Russia is steadily expanding its influence across Africa with arms sales, Kremlin-sponsored beauty pageants and more recently -- free grain.(5) House of Commons Speaker Lindsay Hoyle faced growing calls from Conservative and Scottish National Party politicians to resign over the chaotic scenes in Parliament(6) For the first time since 1972, the US is back on the moon. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes.On today's podcast: Nvidia surged in late trading after delivering another eye-popping sales forecast, adding fresh momentum to a stock rally that already made it the world's most valuable chipmaker.Minutes from the Federal Reserve's latest gathering show most officials remained more worried about the risk of cutting interest rates too soon than keeping them high for too long and damaging the economy.Beth Hammack had been billed as one of the most likely candidates to break into Goldman Sachs Group Inc.'s all-male top tier. Now, she's calling it quits after 30 years at the Wall Street giant.A vote on the Israel-Hamas war triggered chaos in the UK's House of Commons with the Scottish National Party walking out in protest and Prime Minister Rishi Sunak's Conservatives also refusing to cast their ballots.Why a $2.3 billion rail project spanning three African countries is critical to boosting adoption of electric vehicles. 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 US has told allies that Russia could deploy a nuclear weapon or a mock warhead into space as early as this year, according to people familiar with the matter. (2) As Russia's war in Ukraine enters a third year, President Vladimir Putin's forces have shifted to the offensive and captured the eastern city of Avdiivka after months of fighting. In a conflict where momentum has ebbed and flowed, the mood is now noticeably darker in Kyiv. (3) HSBC reported fourth-quarter profit fell 80% after taking unexpected charges on holdings in a Chinese bank and from selling its French retail operations.  (4) Citigroup lifted Chief Executive Officer Jane Fraser's pay about 6% to $26 million for a year in which she kicked off a major overhaul of the Wall Street giant to simplify operations and boost profitability. (5) UK Chancellor Jeremy Hunt will have £23 billion of headroom for pre-election tax cuts in his budget next month but any giveaways will be "sandwiched between far bigger past and future tax rises," according to the Resolution Foundation. See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast:(1) Barclays says it will go on a major cost-cutting drive as part of efforts to boost returns above 12% in the coming years, ending months of speculation about the future direction of one of Europe's largest investment banks. (2) Capital One has agreed to buy Discover in in a $35 billion all-stock deal to create the largest US credit card company by loan volume, giving the combined entity a stronger foothold to compete with Wall Street's behemoths.  (3) China has ramped up support for the troubled property sector with its biggest-ever cut to a key mortgage reference rate, raising expectations for more aggressive measures to support the economy in the months to come. (4) A coalition of international law enforcement agencies, including the FBI and UK National Crime Agency, said they have disrupted LockBit, one of the most prolific hacker groups of all time, including shutting down websites the organization used for ransomware payments. (5) After decades of occupying different business areas, the last two remaining banks with links to the storied Rothschild name are encroaching on each other's territory.  See omnystudio.com/listener for privacy information.

Your morning briefing, the business news you need in just 15 minutes. On today's podcast: (1) After decades of occupying different business areas, the last two remaining banks with links to the storied Rothschild name are encroaching on each other's territory. (2) Capital One has agreed to buy Discover in in a $35 billion all-stock deal to create the largest US credit card company by loan volume, giving the combined entity a stronger foothold to compete with Wall Street's behemoths.   (3) China has ramped up support for the troubled property sector with its biggest-ever cut to a key mortgage reference rate, raising expectations for more aggressive measures to support the economy in the months to come.  (4) BHP's first-half net income slumped 86% from the year before, after oversupply in the nickel market forced the world's biggest miner to write down the value of key assets. (5) Volkswagen, Renault and Stellantis are thinking the unthinkable, exploring tie-ups with sworn competitors to make cheaper electric vehicles and fend off existential threats. See omnystudio.com/listener for privacy information.