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

On today's podcast:

(1) The US equity market is in bubble territory, with metrics such as the Shiller cyclically adjusted price-to-earnings ratio, the real equity risk premium, and the Buffett Indicator pointing to overvaluation.

(2) Anthropic expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom.

(3) Treasury Secretary Scott Bessent said that he’s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in year

(4) Oil headed for a substantial weekly gain, as a US push to isolate Iran’s economy raised the specter of further market disruption.

(5) France’s fiscal deficit would widen by at least 0.5% of economic output if political divisions prevent the adoption of a 2027 budget before presidential elections, the state’s finance auditing body cautioned.

(6) British consumers are more confident than at any point since Labour took power two years ago, further evidence that the national mood has improved since Andy Burnham took over as prime minister in July.

Podcast Conversation: How Dachshunds  Became One of the World's Hottest Breeds

Your morning briefing. All the news you need to start your day. On today's podcast: (1) The US equity market is in bubble territory, with metrics such as the Shiller cyclically adjusted price-to-earnings ratio, the real equity risk premium, and the Buffett Indicator pointing to overvaluation. (2) Anthropic expects to match or beat the size of SpaceX&rsquo;s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom. (3) Treasury Secretary Scott Bessent said that he&rsquo;s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in year (4) Oil headed for a substantial weekly gain, as a US push to isolate Iran&rsquo;s economy raised the specter of further market disruption. (5) France&rsquo;s fiscal deficit would widen by at least 0.5% of economic output if political divisions prevent the adoption of a 2027 budget before presidential elections, the state&rsquo;s finance auditing body cautioned. (6) British consumers are more confident than at any point since Labour took power two years ago, further evidence that the national mood has improved since Andy Burnham took over as prime minister in July. Podcast Conversation: <a href="https://www.bloomberg.com/news/features/2026-08-21/why-dachshunds-are-becoming-one-of-the-world-s-most-popular-dog-breeds" data-destination="https://www.bloomberg.com/news/features/2026-08-21/why-dachshunds-are-becoming-one-of-the-world-s-most-popular-dog-breeds">How Dachshunds&nbsp; Became One of the World's Hottest Breeds</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

Stock Bubble Warning, France Deficit Blowout Risk, Poland’s $1T Problem

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/1fcaa3c4-5dd6-4add-b687-b4ad005e0543/transcript