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Chapter 1: What is the main topic discussed in this episode?
Hi, I'm David Weston. Join me every week for the Wall Street Week podcast to hear stories of capitalism from around the world. From geopolitical tensions and central bank decisions to artificial intelligence, energy and infrastructure. We sit down with the CEOs, economists, policymakers and thought leaders whose decisions are shaping markets everywhere we find them.
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News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
The UK Prime Minister Keir Starmer is expected to set out a timetable to step down as soon as this morning. Starmer's allies have told Bloomberg that the timing was not certain but say the leader is considering leaving power. Business Secretary Peter Kyle says the Labour leader has spent the weekend talking to his supporters.
He has been engaging in conversations with a wide range of people, including myself, and that he is, as well as working really hard over this weekend, I think he is making time to reflect on the political realities, challenges and opportunities that he finds himself in.
The Business Secretary, Peter Kyle. Starmer considering quitting power is a remarkable turnaround from the landslide election victory he secured in 2024 after losing his Health Secretary, his Defence Secretary and the support of a quarter of his MPs. Many in the Labour Party want a change of leader.
If Starmer does set out a plan to step aside, Britain would see its seventh Prime Minister in 10 years. Labour MP Justin Madders says the newly elected Andy Burnham is the only person for the job.
He's got that human touch that we need in our leaders. I think he's got the ability to unite the party. And he's shown in Makerfield, actually, he can corral the progressive votes around him in a way that we haven't been able to succeed in recent times. So I think he's got all the qualities we need to have an excellent prime minister.
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Chapter 2: What led to Keir Starmer's potential resignation?
It's from day to day, hour to hour. But the U.S. military is providing vigilance and protection to ships that are transiting the straits. It's important that that international waterway, which is important to the world, commerce, be open and transited.
Chubbs Evan Greenberg there speaking yesterday. US Central Command said on Saturday that 17 million barrels had passed through Hormuz despite reports in Iran's media that the strait was closed.
Now, France is putting strict measures in place as the country faces a red alert for heat. It comes as many places across Europe brace for record-breaking temperatures. That includes London, Stephen. We're expecting 38 to 39 degrees Celsius. Really pretty unheard of. Smashing through June records for heat here in England. Bloomberg's Hiba Adebayo has more on that story.
Public sports events, concerts and even trains have been cancelled in France amidst an exceptional heatwave. Temperatures soared to 40 degrees Celsius in some areas over the weekend and the forecast for today is even hotter. Other parts of Europe are also dealing with the hot spell as the El Nino climate phenomenon takes effect.
Analysts believe the heat is straining Europe's energy grid as households and businesses are expected to run air conditioners hard enough to push cooling demand to all-time highs. Red heat alerts have been issued in Germany and Switzerland, with amber alerts in effect across southern England, parts of Austria, Belgium and Spain, amongst others. In London, Tiwa Adebayo, Bloomberg Radio.
And wealth managers may soon find that clients with a mere $1 million are no longer worth spending human hours on. Analysis from McKinsey says individuals with liquid assets between $100,000 and $1 million, often dubbed the mass affluent, could be handed over to AI because it can give close to private banking quality advice.
Financial professionals, meanwhile, will need to prioritise spending time with the richest clients. It comes as Citigroup plans to recruit hundreds of humans for its private banking and wealth management business. Other banks are opting for AI platforms as even high-value clients are increasingly engaging with bots.
Okay, so those are our top stories for you this morning. Let's look at the markets at the moment. So, European stocks are up just about a tenth of 1%. ZetraDAX is the outperformer, gaining three-tenths of 1% this morning. Oil prices continuing to sink. Brent crude futures down 1.7% at $79. 24 the barrel. And then looking at the bond markets.
So you've got a rally effectively across sovereign bonds in Europe. German yields down two basis points.
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Chapter 3: How is the Labour Party reacting to Starmer's leadership?
UK yields also easing a basis point this morning, 4.82%. So that's quite interesting given the political uncertainty that the UK faces, which has been hitting the pound. It's currently down two tenths against the dollar on cable 132.11. Those are the markets this hour.
That's news when you want it with Bloomberg News Now. I'm Stephen Carroll.
I'm Caroline Hepka and this is Bloomberg.
Get essential news on the people and companies pushing the tech sector to new frontiers. Hi, I'm Ed Ludlow. Join me for Bloomberg Tech, a daily podcast focused exclusively on technology, innovation and the future of business. Every weekday, we bring you the latest insights on Silicon Valley's top companies and conversations with tech's biggest decision makers.
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A new chapter in global growth is being written and much of it is happening in Africa.
Africans need to invest. There are deals to be done and business to be won.
I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future.
The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa.
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