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Chapter 1: What is the main topic discussed in this episode?
I'm Francine Lacroix, an award-winning journalist, and I've got a new podcast, Leaders with Francine Lacroix from Bloomberg Podcasts. I've interviewed everyone from heads of state to fashion icons about the news of the moment. But I've always been curious, who are these people as leaders? I don't think there's one right way to be a leader.
Make decisions. A poor decision is always better than no decision.
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News when you want it with Bloomberg News Now. I'm Lizzie Burden. And I'm Caroline Hepker. Red warnings for extreme heat have been issued across Europe as the continent grapples with a record-breaking heat wave. In Spain, temperatures have already reached 44 degrees Celsius.
France recorded its hottest day ever yesterday, prompting the Eiffel Tower and the Louvre Museum to restrict visiting hours. And in England, temperatures of 37 degrees are expected today, with rail operators cancelling services and some schools closing.
According to the EU's Climate Change Service, Europe is the world's fastest warming continent, with temperatures rising twice as fast as the global average. President of the European Meteorological Society, Liz Bentley, says that even more punishing conditions are likely in the years ahead.
As we go into future decades, as our climate continues to warm, what we feel is actually extreme now is going to be seen as quite cool summers. You know, the temperatures that we're having at the moment will be actually seen as quite cool.
Liz Bentley's warning aligns with projections from the UN's climate agency that the next five years are likely to see even more heat records shattered.
Now, the UK has issued a rare summer energy warning as soaring temperatures put pressure on the electricity system. The grid operator is asking power stations to make any spare electricity available as a precaution, although it does not expect blackouts. Bloomberg's James Walcock reports on how the heat wave is affecting networks across Europe.
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Chapter 2: What are the latest updates on Europe's extreme heat wave?
I actually told our traders to take some chip exposure off yesterday. It's just getting too extreme. It's the end of June. Hedge funds are kind of running the market. They're buying, they were until yesterday, buying chips, selling Mag7, selling really every other tech company, software companies. And then it just rolled over today, got overdone.
Even with that assessment from Jay Hatfield, the Nasdaq is up still more than 30% since the end of March.
US President Donald Trump has been forced to defend his deal with Iran as he faces growing domestic pressure over his strategy with Tehran. Trump says that Iran will only be able to use funds released from frozen accounts to buy food and medical supplies from the United States.
But Tehran quickly disputed those comments, with the two sides also offering conflicting accounts on other key issues, including the future of nuclear inspections. Here's the US President.
They're wrong. They know they're wrong. They told us inside and we have it down 100% inspections. And if they were right, I'd cancel the meetings right now.
Trump's latest efforts to shore up support for the Iran deal comes as the Republican-led Senate voted to end U.S. involvement in the conflict. The resolution, though, is unlikely to force any change in the administration's strategy because it would almost certainly be blocked by a presidential veto.
Italy is seeking to mend ties with the United States after a spat between Prime Minister Giorgio Meloni and President Donald Trump. Foreign Minister Antonio Tajani has told Bloomberg that the country should work to de-escalate tensions, describing their alliance as indispensable. Speaking at a separate event, Maloney also appealed for Italy's bilateral work with the US to return to normalcy.
Last week, the two leaders traded barbs with Trump, alleging that Maloney begged for a photo with him at the G7 summit, a claim that she said is made up.
Yeah, Antonio Tajani. We have to get our Italian accents in gear for that one, don't we, Lizzie? Right, let's also think about the footy, shall we?
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Chapter 3: How are European countries responding to record-breaking temperatures?
England have edged closer to the knockout stages of the World Cup, but it was a frustrating nil-nil draw against Ghana. Thomas Tuchel's side are on four points in their group now and they are guaranteed to finish at least third. England midfielder Jude Bellingham says that they will take positives from the game, even though they didn't get the win.
It's amazing to be able to play so early, a strong opponent from Africa who pose completely different threats. And you saw that today. It was tough to break them down. But yeah, part of the beautiful thing of the World Cup is that you get to play against styles of play that you don't normally get to play against. And it will stand us in good stead going into the rest of the tournament for sure.
Jude Bellingham and the England squad will have to wait until Saturday's game against Panama to confirm their place in the last 32. Meanwhile, Cristiano Ronaldo has become the first player to score in six World Cups. He found the net twice for Portugal as they thrashed Uzbekistan 5-0. So those are the top stories for you today, including the football. Let's also think about the markets.
Then European stocks flat to slightly lower. We saw a small gain at the start of trading a few minutes ago, but actually now we're in the red. 5,100 also down a tenth of 1%. The Zeta DAX down half of 1% this morning. Little movement in terms of interest. Sorry, German yields are down a basis point 2.9%. Oil prices are declining, continuing to do so. Brent crude futures down by 1.3%.
And trading at $76.08. Stock futures for the US market open. NASDAQ rebounding up about half of 1% for stock futures. That's news when you want it with Bloomberg News Now. I'm Caroline Hepker. I'm Lizzie Burden. And this is Bloomberg.
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Chapter 4: What warnings have been issued regarding energy supply in the UK?
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