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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 significant losses is the Labour Party facing in local elections?
Geoffrey Gundlach, the CEO of Double Line Capital, has gone so far as to reposition some of his funds for the unlikely event of a debt restructuring.
Restructuring of the existing debt holders is possible. I'm not saying this is a 30% chance even. But what if they say, you know what, our interest expense is now $3 trillion. We had a recession.
Chapter 3: How is the Reform UK party impacting the election results?
Rates have gone up. We're now issuing 30-year bonds at 6%. We can't afford it.
you know, we're drowning here. That was Geoffrey Gundlach, CEO of Double Line Capital, speaking to Bloomberg. The five-year implied probability of restructuring is below 1%, according to credit default swap pricing compiled by Bloomberg.
And those are today's top stories. Now, let's look to the market. So, Brent crude trading this morning at $101.31, about up by 1.25%, a rising given the clash between the US and Iran and doubts about an imminent deal between America and Tehran. In terms of WTI crude futures, $95.73. So, we had dipped briefly below $90 a barrel, but now we are trading just below $96 for WTI.
That also means we have risk off in the stock markets. MSCI All Country World Index is down a quarter of 1%. We're 1% lower for the MSCI Asia Pacific Index. Also, stock futures are really sinking. We saw The stock 600 closed down 1.1% yesterday. US stocks 50 futures are down by seven tenths of 1%. 10-year treasury yields are steady at 439.
We're also watching gilts, of course, which will open later on today in terms of trading. Long-end gilts could well reflect now an even higher term premium because of the local election results, a fragmenting of the UK's political environment.
That's news when you want it with Bloomberg News Now. I'm Stephen Carroll.
I'm Caroline Hepka and this is Bloomberg.
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Chapter 4: What does David Lammy say about leadership changes in the Labour Party?
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.
Listen to new episodes every other Monday. Follow Leaders with Francine Lacroix wherever you get your podcasts.
This is Tom Keen inviting you to join us for the Bloomberg Surveillance Podcast. It's about making you smarter every business day.
I'm Paul Sweeney. We bring you complete coverage of the U.S. market open. We cover stocks, bonds, commodities, even crypto. All the information you need to excel.
And I'm Alexis Christophorus. Bloomberg Surveillance also brings you the analysis behind the headlines. We do that through conversations with the smartest names in economics, finance, investment, and international relations.
We do all this live each and every weekday, then bring you the best analysis in our daily podcast. Search for Bloomberg Surveillance on Apple, Spotify, YouTube, or anywhere else you listen.
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That's the Bloomberg Surveillance Podcast with Tom Keen, Paul Sweeney, and me, Alexis Christophorus. Subscribe today, wherever you get your podcasts.
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