Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Federal Reserve Governor Christopher Waller said policymakers should cut interest rates this month to support a labor market that is showing signs of weakness.

(2) Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.

(3) Some traders have placed wagers in the UK options market that could net a more than 1,000% return if the Bank of England ignores inflation at an eighteen month high and delivers more cuts this year than rates pricing suggests.

(4) The US Commerce Department will impose preliminary anti-dumping duties on imports of Chinese graphite, a key battery component, after concluding that the materials had been unfairly subsidized.

(5) While rival media companies are unloading assets and cutting costs, Netflix continues to thrive.

(6) England are through to the semi-finals of the Women's European football championship after beating Sweden on penalties

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) Once again, President Donald Trump demonstrated his power to shake up global financial markets. This time, by returning to one of his favorite topics: whether to fire Federal Reserve Chair Jerome Powell.

(2) The US President said he would send letters to more than 150 countries notifying them their tariff rates could be 10% or 15% as he forges ahead with his trade agenda.

(3) JPMorgan Chase keeps putting more distance between itself and key rivals.The first half saw the bank’s market value surpass that of its three largest competitors — BofA, Citigroup and Wells Fargo — combined.

(4) Wall Street banks were optimistic Donald Trump’s second term would unleash a dealmaking boom. Instead, it’s delivered a trading bonanza.

(5) When Jon Cunliffe arrived at the Bank of England in 2013 he had a daunting task: implement the biggest ever clean-up of Britain’s banking system — designed in the wake of the financial crisis — to prevent highly leveraged lenders from collapsing. Tempted out of retirement in 2024, the 72-year-old has been asked to pull off a similar job, but this time as the architect of a reform package to fix the UK’s heavily indebted and wildly unpopular water industry

(6) Germany has rejected the European Commission’s €2 trillion ($2.3 trillion) budget proposal, hours after it was announced by European Commission President Ursula von der Leyen in Brussels.

(7) UK Prime Minister Keir Starmer and German Chancellor Friedrich Merz will sign a new Anglo-German treaty in London on Thursday that includes a commitment to assist each other in case of armed attack.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) French Prime Minister Francois Bayrou proposed scrapping two national holidays, part of a drastic effort to repair public finances that’s set to unleash a parliamentary backlash in the fall.

(2) Chancellor of the Exchequer Rachel Reeves pledged to shake up post-crisis rules that are meant to shield consumers’ money from the vagaries of investment banking as the UK government looks to the finance sector to help spur economic growth.

(3) The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.

(4) The UK’s previous government set up a secret immigration route for Afghans affected by a data breach three years ago and then kept it secret from the British public, Defence Secretary John Healey said.

(5) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.

(6) As Donald Trump’s tariff policies roiled markets almost everywhere, on Wall Street they were helping the biggest banks set records. JPMorgan’s stock traders scored their best second quarter ever, while Citigroup Inc.’s, trading division saw its best result for that period in five years. Analyst predictions were easily surpassed by the banks’ respective hauls, and even investment banking businesses did better than expected despite fears the same volatility might stymie deals.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Chancellor of the Exchequer Rachel Reeves will highlight plans to spur homeownership by easing access to mortgages in her flagship annual address to the City of London, a key moment for Britain’s finance minister as she seeks to bounce back from a rocky period that included a market-moving tearful appearance in the House of Commons.

(2) The UK economy is showing more signs of rebounding from its recent slump, with a jump in June retail sales adding to evidence of a strong pick-up in activity seen in other leading indicators.

(3) China’s economic growth exceeded expectations in the second quarter, but strong exports to markets outside the US masked deepening pressure caused by weak consumer demand at home.

(4) Nvidia Corp. plans to resume sales of its H20 AI chip to China after securing Washington’s assurances that such shipments would get approved, a dramatic reversal from the Trump administration’s earlier stance.

(5) US President Donald Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine even as he pledged fresh weapons supplies for Kyiv.

(6) The European Union has finalized a second list of countermeasures to target US goods worth €72 billion ($84 billion), including Boeing Co. aircraft, automobiles and bourbon if it decides to retaliate as transatlantic trade tensions intensify.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) The EU is preparing to step up its engagement with other countries hit by Donald Trump’s tariffs following a slew of new threats to the bloc and other US trading partners, according to people familiar with the matter.

(2) Equity-index futures retreated and Asian shares edged down in a cautious start to the week after President Donald Trump dialed up trade tensions by announcing a 30% tariff on goods from the European Union and Mexico.

(3) Hiring by UK businesses plunged at the fastest pace in nearly two years, according to a survey that suggested that the fallout from a hike in payroll taxes is showing little sign of letting up.

(4) King Charles III will host US President Donald Trump for a state visit in September, the second time Trump will have received the highest honor offered to a visiting dignitary by the UK.

(5) President Emmanuel Macron said France will make a “new” and “historic” effort to increase defense spending to counter an acceleration of threats to freedom in Europe and the risk of outright war in the coming years.

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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 ahead to U.S CPI and PPI data, along with Netflix earnings.
• In the UK – a look ahead to a speech from UK Chancellor Rachel Reeves.
• In Asia – a look at several key data points for the Japanese economy.

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Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

(2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned.

(3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit.

(4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies.

(5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth.

(6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.

(7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense.

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Your morning briefing, the business news you need in just 15 minutes.
On today's podcast:

(1) President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries, ramping up his trade rhetoric in comments that weighed on stocks and boosted the US dollar.

(2) Markets are complacent on tariffs planned by US President Donald Trump, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has warned.

(3) Keir Starmer sealed a “one in, one out” migrant returns trial with French President Emmanuel Macron that highlighted the limits for now of the UK Prime Minister’s efforts to reset relations with European nations five years after Brexit.

(4) Since arriving at Santander in 2016, Javier Garcia-Carranza has pushed through sweeping change: ousting managers, slashing costs and overhauling traditional ways of working to become one of Chair Ana Botin's closest allies.

(5) French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the economy as his government struggles to contain its budget deficit and address slowing growth.

(6) President Donald Trump said he plans to make a “major statement” on Russia, as the US prepares to send more American weapons to Ukraine via purchases from NATO allies.

(7) Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will ramp up military aid to the war-battered country, including air defense.

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