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

On today's podcast:

(1) Keir Starmer is awaiting the results of one of the most consequential rounds of local elections in recent British history, a vote that could determine his future as prime minister and shape national policy in Europe’s second-largest economy.

(2) The US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, an escalation that threatened to fracture a fragile ceasefire and reignite hostilities even as the two sides say they’re discussing an end to the war.

(3) The European Central Bank will have to raise interest rates if the Iran war leaves a more lasting mark on inflation, according to Executive Board member Isabel Schnabel.

(4) President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, just months after the US Supreme Court vacated earlier levies he’d imposed.

(5) President Donald Trump said he would give the European Union until July 4 to ratify its trade agreement with the US, after previously threatening to hike tariffs on auto imports as soon as this week if it failed to do so.

(6) In some circles on Wall Street, the hottest debate isn’t about a tech-stock bubble or $100 oil as the new norm. It’s whether 30-year Treasury yields will mount a sustained push over 5%.

Podcast Conversation: New Media Mourns the Old Media It Helped Destroy

Your morning briefing. All the news you need to start your day. On today's podcast: (1) Keir Starmer is awaiting the results of one of the most consequential rounds of local elections in recent British history, a vote that could determine his future as prime minister and shape national policy in Europe&rsquo;s second-largest economy. (2) The US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, an escalation that threatened to fracture a fragile ceasefire and reignite hostilities even as the two sides say they&rsquo;re discussing an end to the war. (3) The European Central Bank will have to raise interest rates if the Iran war leaves a more lasting mark on inflation, according to Executive Board member Isabel Schnabel. (4) President Donald Trump&rsquo;s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration&rsquo;s economic agenda, just months after the US Supreme Court vacated earlier levies he&rsquo;d imposed. (5) President Donald Trump said he would give the European Union until July 4 to ratify its trade agreement with the US, after previously threatening to hike tariffs on auto imports as soon as this week if it failed to do so. (6) In some circles on Wall Street, the hottest debate isn&rsquo;t about a tech-stock bubble or $100 oil as the new norm. It&rsquo;s whether 30-year Treasury yields will mount a sustained push over 5%. Podcast Conversation: <a href="https://www.bloomberg.com/opinion/newsletters/2026-05-07/new-media-mourns-the-old-media-it-helped-destroy" data-destination="https://www.bloomberg.com/opinion/newsletters/2026-05-07/new-media-mourns-the-old-media-it-helped-destroy">New Media Mourns the Old Media It Helped Destroy</a>

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

 Starmer Facing Wipeout, US Bombs Iran Targets, Europe’s Power Shock

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/ee08442a-8ac7-4baa-92ee-b444006198c0/transcript