Bloomberg Daybreak: Europe Edition

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

On today's podcast:

(1) President Donald Trump said the US would respond to the European Union’s countermeasures against his new 25% tariffs on steel and aluminum, raising the risk of further escalation in his global trade war.

(2) Ozempic-maker Novo Nordisk is planning to make more of its medicines for the US market in the country; Boeing risks a gummed up supply chain and higher aircraft costs it may not be able to pass on; Chinese online retailer Shein is offering incentives to its top apparel providers to set up new production capacity in Vietnam.

(3) Senate Democratic leader Chuck Schumer said his party would block a Republican spending bill to avert a government shutdown on Saturday and urged the GOP to accept a Democratic plan to provide funding through April 11 instead.

(4) The correction in the US stock market may be complete as credit markets aren’t pricing in recession risks, according to JPMorgan Chase.

(5) The UK and France are scrambling to bolster Ukraine’s negotiating position as US President Donald Trump seeks to force through a settlement in its war with Russia.

(6) London is expected to record the largest drop in house prices in the UK in the near term, according to property agents, as the capital is disproportionately hit by economic uncertainty and higher taxes.

(7) Bloomberg has learned that investors are quietly betting that Donald Trump's overtures to Moscow will eventually translate into Russia's return to the global financial markets.

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

(1) European Central Bank President Christine Lagarde warned that an escalation of disputes over trade levies kicked off by US President Donald Trump may have a detrimental effect on the world economy.

(2) President Donald Trump threatened to impose a 200% tariff on wine, champagne and other alcoholic beverages from France and elsewhere in the European Union, the latest escalation in a growing transatlantic trade war.

(3) China stands to gain from the ongoing trade wars between the US and its allies, the European Union’s foreign policy chief Kaja Kallas said in an interview with Bloomberg Television.

(4) Tariff worries rattled Wall Street again Thursday, pushing the S&P 500 into a correction that left it at the lowest in six months.

(5) Senate Democratic leader Chuck Schumer had two choices as the clock ticked down to the government funding deadline: drop his threat to block the Republican bill or force a disruptive March 15 shutdown.

(6) More than half of UK Prime Minister Keir Starmer’s cabinet have urged his chancellor, Rachel Reeves, to rethink her plans to scale back welfare and spending, in an extraordinary sign of growing concern within the governing Labour Party over the scale of looming cuts.

(7) Russian President Vladimir Putin said he wants to discuss a proposed ceasefire in Ukraine with his US counterpart Donald Trump, though he warned that any truce should lead to a long-term resolution of the war.

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

On today's podcast:
(1) Confidence in the resilience of the global economy is cheering up the Davos crowd against a backdrop of war and prospective political upheaval in the year ahead.

(2) Data released Wednesday presented a mixed bag for China's economy, which hit an official growth target for the year but has failed to shake off several of the problems most persistently weighing on domestic demand and confidence.

(3) Federal Reserve Governor Christopher Waller says the US central bank should take a cautious and systematic approach when it begins cutting interest rates, a process that can start this year absent a rebound in inflation.

(4) Rishi Sunak suffered a major setback as a right-wing politician whom he made deputy chairman of the governing Conservative Party to boost support ahead of a looming UK general election resigned over the prime minister's refusal to toughen his signature anti-immigration bill.

(5) Zelenskiy turns on Davos charm with humor, handshakes and hugs. The Ukrainian president spent 24 hours pitching the Wall Street elite for investment and patching up ties with old allies as part of a push to shore up the faltering war effort.

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

(1) UK Chancellor of the Exchequer Jeremy Hunt suggested falling debt interest costs may give him the headroom to deliver tax cuts at his budget in the spring, boosting the governing Conservative Party in what's likely to be an election year.
(2) The Czech Republic declared Saturday a national day of mourning after the worst shooting in the country's history left at least 15 people dead at Prague's Charles University.
(3) Apple has stopped selling the Apple Watch Series 9 and Ultra 2 in the US on its online store, just days before a ban related to a patent dispute takes effect.
(4) Elon Musk is lashing out at the state of US financial markets. In a wide-ranging talk with ARK Investment Management's Cathie Wood he bemoaned the high regulatory burden faced by publicly traded companies, the pressure from shareholders that limits efficiency, and how passive investing is stoking volatility.
(5) The shift away from cars with dirty combustion engines is running into a new hurdle: Drivers don't want to buy used electric vehicles, and that's undermining the market for new ones, too.

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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..

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