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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 recent proposals are the US and Iran considering to end the war?
And its latest roadmap gives Europeans yet more reason to question the free market model they've long relied on. The continent's largest economy, Germany, has seen declines in manufacturing output and a struggling auto industry. Goldman Sachs says China's renewed focus on manufacturing and trade could cost the euro area, 0.6% of GDP by the end of the decade.
In London, Freddie Fulston, Bloomberg Radio.
The European Union has reached a provisional deal to change some of its regulation of artificial intelligence. It includes a new ban on generating non-consensual sexual images and child sexual abuse material. The deal also delays the implementation of some provisions of the EU's AI Act by up to 16 months.
The agreement was reached between negotiators for the Member States and the European Parliament in the early hours of this morning. Formal adoption is expected in the coming weeks.
Polling stations are open from 7am in the UK today for voters to take part in elections across Britain. Wales and Scotland will choose new members of their devolved parliaments, while in England more than 5,000 council seats are on the ballot. These elections are the biggest vote since Labour came to power in 2024. Results are expected to come in on Friday and over the weekend.
The Bank of England is privately starting to doubt Britain's official growth statistics. GDP data next week is likely to paint a rosy picture of the economy. But Bloomberg understands that Bank of England officials think the UK's statistics agency is overplaying the numbers. Bloomberg's James Walcock has more.
The hope starts in May. Last year, first quarter GDP came in at 0.7%. That's a remarkably high figure for Britain's ailing economy, spawning articles about a UK economic turnaround. Then growth fell to practically zero in the third and fourth quarter, dashing those hopes.
The same pattern has repeated for the last three years, and now both the Bank of England and private forecasters are starting to doubt the data. One culprit may be seasonality. The suspicion is that the Office for National Statistics is struggling to adjust for shifts in spending habits after the pandemic.
The ONS told Bloomberg it will start publishing non-seasonally adjusted GDP figures next week. But it means the central bank goes into a potential oil supply shock, doubting if growth really is getting better. In London, James Woolcock, Bloomberg Radio.
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