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

On today's podcast:

(1) A global selloff in chip stocks is rippling through Asian markets, reviving concerns that the AI rally has gone too far, too fast. South Korean stocks slumped as Meta Platforms’s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers.

(2) Apple is in negotiations to purchase chips from two Chinese semiconductor makers on a Pentagon blacklist to help reduce the impact of a global memory shortage that’s forced the company to raise prices across its product line.

(3) The US floated the idea of granting political and economic benefits to NATO allies that spend more on defense, raising the prospect of a two-tier alliance just before leaders gather for an annual summit.

(4) Chancellor Friedrich Merz’s coalition reached an agreement on a set of reforms for Germany’s pension system, labor market and income tax, according to officials familiar with the deliberations.

(5) Bank of England Governor Andrew Bailey cautioned that it is too early to consider interest-rate cuts, warning households are yet to feel the full effect of the Iran war.

(6) Harry Kane revelled in having his “hero moment” as he saved England from a humiliating World Cup exit to the Democratic Republic of Congo.

(7) Near a windswept beach off the southern coast of Australia lies a weirdly accurate indicator of global conflict.

Podcast Conversation: Halifax to Rebrand to Lloyds, UK Bank Confirms

Your morning briefing. All the news you need to start your day. On today's podcast: (1) A global selloff in chip stocks is rippling through Asian markets, reviving concerns that the AI rally has gone too far, too fast. South Korean stocks slumped as Meta Platforms&rsquo;s plan to sell computing power raised questions over excess in AI capacity, driving a selloff in chipmakers. (2) Apple is in negotiations to purchase chips from two Chinese semiconductor makers on a Pentagon blacklist to help reduce the impact of a global memory shortage that&rsquo;s forced the company to raise prices across its product line. (3) The US floated the idea of granting political and economic benefits to NATO allies that spend more on defense, raising the prospect of a two-tier alliance just before leaders gather for an annual summit. (4) Chancellor Friedrich Merz&rsquo;s coalition reached an agreement on a set of reforms for Germany&rsquo;s pension system, labor market and income tax, according to officials familiar with the deliberations. (5) Bank of England Governor Andrew Bailey cautioned that it is too early to consider interest-rate cuts, warning households are yet to feel the full effect of the Iran war. (6) Harry Kane revelled in having his &ldquo;hero moment&rdquo; as he saved England from a humiliating World Cup exit to the Democratic Republic of Congo. (7) Near a windswept beach off the southern coast of Australia lies <a href="https://www.bloomberg.com/graphics/2026-opinion-australia-tungsten-mine-us-war-defense-china/?sref=AuZ8DRMf">a weirdly accurate indicator of global conflict</a>. Podcast Conversation: Halifax to Rebrand to Lloyds, UK Bank Confirms

Bloomberg Daybreak Europe is the daily morning podcast that helps you understand the stories shaping Europe and the world before the day gets going.

Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.

Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg’s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.

Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe is the essential way to start your morning informed and ahead.

Bloomberg Daybreak Europe is the daily morning podcast that helps you understand the stories shaping Europe and the world before the day gets going.
Produced in the early hours each weekday, the show delivers fresh reporting, sharp analysis and clear context on politics, business and global markets by 7am London time. From decisions made in Brussels and London to developments across the global economy, Daybreak Europe connects the dots between power, policy and money.
Hosted by Stephen Carroll in Brussels and Caroline Hepker in London, and powered by Bloomberg&rsquo;s global network of more than 3,000 journalists and analysts, the podcast goes beyond headlines to explain what is changing, why it matters and what could come next.
Trusted by professionals, business leaders and investors, but made for anyone curious about how economics and politics shape everyday life, Bloomberg Daybreak Europe&nbsp;is the essential way to start your morning informed and ahead.

Bloomberg Daybreak: Europe Edition

Leveraged AI Bets Frenzy, US Pitches Two Tier NATO, The Mine That Predicts Wars

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ca416662-cf4a-4fb6-a0ca-b47b005ed76a/transcript