Europe's Severe Heat Warning, Tech Rout Stabilizes, More
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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.
Last night, France's evening power prices hit the highest level since 2022. Heating homes in winter is normally seen as the major energy challenge in Europe, but J.P. Morgan's climate team are some of the many around the world seeing that changing. They see investing opportunities in the power sector as humanity turns to air conditioning to cope with extreme heat waves. In London, Sweaty, James Walcock, Bloomberg Radio.
And there's more volatility in global markets this morning after a tech-led sell-off revived concerns that the AI rally has gone too far. A tentative rebound in Asian equities following Tuesday's rout seems to be picking up after a fresh bout of selling hit the sector earlier. Those moves came after chipmakers Micron, Marvell and others led the Philadelphia Semiconductor Index to a 7.9% plunge in U.S. trading yesterday. Jay Hatfield is the CEO of Capital Advisors.
It's really not a tech pullback. This is just a chip wreck in the sense that there was a huge rotation.
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.
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