Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) The fears had shadowed Wall Street off and on for months. Then, all at once, everyone rushed for the exits. The hardest hit were the companies at the heart of the artificial-intelligence boom.

(2) Jensen Huang got an expensive taste of the Democratic Party’s newfound political power Thursday. The Nvidia Corp. CEO’s net worth fell by $15.1 billion to $150.9 billion as stocks tumbled. Other big losers were SpaceX’s Elon Musk and Oracle Corp. co-founder Larry Ellison.

(3) Japan’s Nikkei 225 Stock Average slumped Friday, putting the tech-heavy gauge on course to enter a technical bear market as investors unwind artificial intelligence-related trades.

(4) Bloomberg Economics modelled what an AI market crash might look like. If the S&P 500 were to drop by 20%, it could wipe 1.6 trillion dollars from global GDP.

(5) Hedge Fund strategies designed to behave independently suddenly lost money in lockstep, exposing crowded positions, heavy leverage and vulnerabilities that had been easier to overlook during the long ascent of AI-linked stocks.

(6) Bank of England Governor Andrew Bailey said another interest-rate hike is more likely than not if the high energy costs seen in recent weeks return.

(7) French protests over the cost of living showed no signs of losing steam on Thursday, raising the pressure on the government as it struggles to push a budget through parliament.

(8) The hackers who stole $6.3 billion from Binance last week found a way to take 40% of the stolen cryptocurrency in one hit, reducing their chances of being caught in the act, and it cost them just $15.

(9) More than 10 flights were forced to divert or were searched by authorities after European airlines suffered a second wave of bomb threats in a week.

Podcast Conversation: Goldman Traders Say Phones ‘Are Exploding’ as AI Selloff Worsens
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The Republican Party’s generational collapse in this week’s midterm elections ushered in a wave of finger-pointing largely aimed at the Oval Office, exposing deep fissures within the party and opening the door for 2028 hopefuls to hone their message.

(2) Elon Musk’s Texas-based empire is coming under investor scrutiny after Democrats clinched unlikely wins in his adopted state on their way to taking control of Congress.

(3) Wall Street’s biggest trading desks are urging clients to increase their exposure to US stocks, betting that lackluster investor positioning leading up to the midterm elections has created room for a year-end rally.

(4) France is bracing for a day of strikes and demonstrations over the cost of living, extending more than a month of protests, as parliamentary talks over next year’s budget remain deadlocked.

(5) The Bank of England looks ready to raise interest rates by a quarter point to 4%, its first hike in more than three years.

(6) Artificial intelligence skills are no longer optional for the hundreds of thousands of young Britons seeking their first job, according to data from recruitment platforms that show how the technology is deciding who gets a foothold in the toughest labor market in decades.

(7) From an apartment building in Romania to a parked car in Lithuania, drones from the war in Ukraine have increasingly been inflicting damage along NATO’s eastern flank this year. The heightened risk is now spawning a small, but growing area of the insurance business.

Podcast Conversation: I’m a Proud Prepper and You Should Be Too

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On today's podcast:

(1) Democrats won control of both chambers of the US Congress in a midterm election landslide that amounted to a rejection of President Donald Trump following widespread voter discontent with the economy and the war in Iran.

(2) President Donald Trump congratulated Democrats for doing “a good job” after the party inflicted devastating defeats on his Republican allies, winning back both houses of Congress and picking up several governors’ mansions. But the president, in an interview with Fox News early Wednesday morning, didn’t take responsibility for a long night of GOP defeats, including many in what had been considered reliably conservatives states.

(3) Some of the night’s most stunning GOP losses were notched by candidates Trump had personally anointed. In the Texas Senate race, Democrat James Talarico beat Republican Attorney General Ken Paxton to score the party’s first statewide win in more than 30 years. And in South Carolina, Senator Darline Graham, who was appointed to a US Senate seat after her brother Lindsey Graham’s death, came up short in her quest for a full six-year term against Democrat Annie Andrews.

(4) In Michigan, Democrat Abdul El-Sayed became the first Muslim elected to the US Senate in the face of repeated attacks from Trump, who labeled him a “jihadist.” Even Republican Senator Susan Collins in Maine, who’d previously held her seat in a blue state, was unable to hang on and conceded to Democrat Troy Jackson.

(5) A Democratic sweep of both houses of Congress rippled across global markets, sending stocks and the dollar lower while boosting Treasuries on speculation that the result will put the brakes on President Donald Trump’s agenda.
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Voters across the US go to the polls today, passing judgment on the first half of Donald Trump's second term. All 435 House seats and 35 Senate seats are being contested as well as 36 State governor races. Republicans currently control both chambers of congress -- but polls point to significant Democratic gains that could flip those majorities.

(2) Supermarkets across Europe were hit by suspected cyberattacks that resulted in sudden changes in the temperatures of their fridges and freezers on Monday, echoing a more widespread problem in France last month.

(3) Iran President Masoud Pezeshkian said his government has been granted more authority by the country’s supreme leader to pursue peace talks, as President Donald Trump hinted at progress in negotiations.

(4) Gold is trading slightly lower today, after its biggest jump in two months yesterday as hopes of progress in US-Iran peace talks eased inflation anxiety. Despite the pressure from oil and interest rates, demand from a key group of buyers has remained strong.

(5) Walt Disney is moving toward thousands of job cuts with the entertainment giant asking some managers to target 20% in annual cost savings, according to people familiar with the matter.

(6) Apple delivered a mixed outlook to investors in its first quarterly report under Chief Executive Officer John Ternus, with narrower profit margins overshadowing an upbeat sales forecast.

(7) Six months after his resounding defeat of Orbán’s Fidesz party, Magyar is moving as fast as he can. That includes combing through mountains of files seeking evidence of corruption or theft of public money on Orbán’s watch.

Podcast Conversation: Where to invest $1,000,000
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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Recent artificial intelligence related market stumbles have somewhat burst the bubble of infallibility around the sector, said Howard Marks, co-chair of Oaktree Capital Management.

(2) Russia's emergencies ministry said on Monday that a "massive cyberattack" hit its application, designed to warn people of incoming drone attacks and other threats.

(3) US officials are promoting a plan for Russia to resume sales of natural gas to Europe via pipelines running through Ukraine, the Wall Street Journal reported.

(4) Mass demonstrations in Germany that passed largely peacefully on Saturday erupted in violence as night fell and rioters faced off against police in Frankfurt, Cologne, Hamburg and Berlin.

(5) Representative Haley Stevens, who lost the Democratic primary for Michigan’s US Senate seat, backed Republican candidate Mike Rogers, breaking with Democratic nominee Abdul El-Sayed and exacerbating a split between progressives and moderate party members.

(6) After crossing the finish line of the Mexico City Grand Prix behind race winner Max Verstappen and Lewis Hamilton, F1 history-maker Kimi Antonelli placed his hands on the steering wheel and his voice cracked as he said, “We did it, we did it.”

Podcast Conversation: Trying Not To Sound Like AI Is Changing How We Write
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