Starmer Vows to Stay On, US-Iran Clash, More
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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. And it fits into your morning. You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris on Apple, Spotify, YouTube or wherever you get your podcasts. News when you want it with Bloomberg News Now. I'm Rachel Evans. And I'm Stephen Carroll. The UK's ruling Labour Party is heading for significant losses in the local elections. Speaking this morning, Prime Minister Keir Starmer said the results are very tough and there's no sugarcoating it, adding that he takes responsibility for the losses.
Although we were right to level with the public about the scale and depth of the challenges we've faced, we didn't do enough to convince them that things will get better, that things will improve. The hope...
Starmer spoke as the right-wing Reform UK party has already gained more than 350 council seats across England as Labour racks up hundreds of losses in a disastrous election night. Leader Nigel Farage insists the best is yet to come for his party.
The pattern that's emerging over the country is that Labour are being wiped out by reform in many of their most traditional areas. And what you're going to see later on today is the Conservative Party being wiped out in their heartlands like Essex.
There is growing expectation within Westminster that the results could determine Keir Starmer's future as party leader. Labour has also suffered early losses to the Greens, with expectations of further defeats in councils that begin counting later this morning. Elsewhere, the Conservatives have also lost dozens of seats and at least one council to reform UK. Meanwhile, it has been a strong night so far for the Liberal Democrats, who have gained control of councils in Stockport and Portsmouth. The results of the Scottish and Welsh Parliament elections will be announced later today. The US has struck military targets in Iran after the country fired on three US Navy destroyers sailing in the Strait of Hormuz.
The latest clash threatens to shatter an increasingly fragile ceasefire, just as both sides say they're discussing an end to the war. President Donald Trump is threatening further strikes if there is no deal.
They trifled with us today. We blew them away. They trifled. I call that a trifle. I'll let you know when there's no ceasefire. You won't have to know. If there's no ceasefire, you're not going to have to know. You're just going to have to look at one big glow coming out of Iran. And they better sign their agreement fast.
Despite Trump's threats, Iran's leaders have not indicated whether they will accept the terms of a US offer and have shown little sign of yielding on their nuclear programme or accepting a moratorium on uranium enrichment. Here's Bloomberg's senior editor, Derek Wolbank.
This is an escalation in hostilities. You've seen this go and reflect in the immediate commodities markets. So you're seeing an instant sort of impact there. I think everyone is kind of watching to see what happens here. Is there a way to get a deal signed that reopens that critical energy waterway that brings the hostilities down? But this is certainly going in the wrong direction if you're looking for that.
That's Bloomberg's Derek Wallbank.
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