Bloomberg Daybreak EU

Your morning briefing. All the news you need to start your day. On today's podcast: (1) President Donald Trump began a US naval blockade of the Strait of Hormuz, a move intended to raise pressure on Tehran, even as the two countries weigh another round of talks to secure a longer-term ceasefire. (2) HSBC Chief Executive Officer Georges Elhedery said the conflict in the Middle East and broader “uncertainties” are beginning to dent client confidence as investors navigate an increasingly volatile global landscape. (3) Italian Prime Minister Giorgia Meloni called Donald Trump’s tirade against Pope Leo XIV “unacceptable,” exposing a growing rift with the US leader over his war on Iran. (4) Sales at LVMH’s biggest division fell at the start of this year as the war in the Middle East crimped demand for Louis Vuitton and Dior products. (5) Hungary’s next leader Peter Magyar said he won’t stand in the way of Ukraine receiving a €90 billion ($105 billion) loan from the European Union that was blocked by the outgoing Prime Minister Viktor Orban. (6) A Ukrainian war hero is taking President Zelenskiy's office in a new direction, and might offer a glimpse of Ukraine’s political future.

Your morning briefing. All the news you need to start your day. On today's podcast: (1) President Donald Trump said he was “optimistic” about a deal with Iran but later threatened Tehran over charging fees in the Strait of Hormuz, as Israeli strikes in Lebanon and the continued closure of the vital waterway jeopardized diplomatic talks. (2) Saudi Arabia has lost more than half a million barrels a day of oil output capacity because of Iranian attacks while a key pipeline that bypasses the Strait of Hormuz was also hit, ratcheting up risks to global energy supplies from the war in the Middle East. (3) The White House sent an internal staff-wide email that warned employees against using confidential information to place trades on financial markets and fast-growing event betting platforms. (4) Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting on concerns that the latest artificial intelligence model from Anthropic PBC will usher in an era of greater cyber risk. (5) Italian Prime Minister Giorgia Meloni ousted the chief executive officer of Leonardo SpA, the state-backed aerospace and defense contractor, while retaining CEOs at energy firms Eni and Enel. (6) Wars in the Middle East and Ukraine are reshaping investor risk perceptions, highlighting Africa as more resilient than its reputation suggests.