Chapter 1: What is the main topic discussed in this episode?
Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
We're up early every weekday, keeping an eye on what's happening across Europe and around the world.
We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going.
From Brussels, I'm following the politics, policy and the people shaping the European Union right now.
And from London, I'm looking at what all that means for markets, money and the wider economy.
We've got reporters across Europe and around the globe feeding in as stories break.
So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens.
It's smart, calm and to the point.
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Chapter 2: What recent events are affecting US interests in the Middle East?
According to Bloomberg Intelligence, disruption to Qatari liquefied natural gas cargos via a Hormuz halt or direct impacts to production and export infrastructure in the country could erode about 20% of the global supply. In London, Tiwa Adebayo, Bloomberg Radio.
Oil prices have also surged as traders assess the effect of the conflict on supplies and transit links through the Strait of Hormuz. Global benchmark Brent crude is about 8% higher this morning, above $78 a barrel after earlier rallying by as much as 13%, to the highest since January 2025. Tanker traffic through the strait, which handles a fifth of the world's oil, has largely stopped.
Iranian authorities said yesterday that they had attacked three oil vessels, while President Trump said the US forces sank nine Iranian naval ships. At their monthly meeting, OPEC Plus agreed to increase oil production by 206,000 barrels a day, only slightly higher than the pace they had agreed at previous meetings.
And travel chaos has extended through the Middle East and beyond, causing major disruption at some of the world's busiest airports. Carriers across the Persian Gulf are extending an unprecedented flight suspension after Iran targeted airports over the weekend. European airline stocks have plunged in trading today. IAG, the British Airways owner, shares are down by over 6%.
Air France, KLM, 7.8% lower. Bloomberg's transport reporter, Danny Lee, says it's not clear when the air traffic disruption might end.
We're looking at around thousands of flights a day being cancelled in and out of some of these key transit hubs, particularly Dubai, the world's busiest international airport for transit travel. And that also extends to Abu Dhabi and Doha. So with the region's airspace also being closed, it really means that the airlines cannot operate in the Persian Gulf.
Danny Lee adds the disruption also extends to flights which is normally passed through the airspace. Tens of thousands of people have been stranded in a region that functions as a global super connector. And those are your top stories on the markets.
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Chapter 3: How is the US responding to Iran's military actions?
The stock 600 1.7% lower. The FTSE Mib in Italy down by 2.3%. The FTSE 109 tenths lower. Oil prices 8% higher for Brent crude this morning, $78.62. The Bloomberg dollar spot index up by half of 1%. The euro 7 tenths weaker at 1.17%. 65 this morning. Gas prices, as we mentioned, up over 20% for the key European benchmarks. And on Wall Street, S&P E-mini futures are down by 1.2%.
Nasdaq futures 1.6% lower this morning. That's news when you want it with Bloomberg News Now. I'm Stephen Carroll and this is Bloomberg.