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Chapter 1: What is the main topic discussed in this episode?
The Big Take podcast from Bloomberg News keeps you on top of the biggest stories of the day.
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Andy Burnham appears set to become the UK's seventh prime minister in a decade. Both potential rivals and supporters in the Labour Party have publicly backed the newly elected MP for the leadership. Paymaster General Nick Thomas-Simmons is one of the ministers backing Burnham.
There is a question about leading us into the next general election and defeating reform. And I think Andy Burnham has just shown comprehensively in Makerfield that he can do that. We've seen him do it in an election. So I am backing Andy Burnham and, yes, looking for a swift transition.
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Chapter 2: Who is the UK's next potential leader?
Trying to win over Trump by appointing Peter Mandelson as his US ambassador is seen as the UK leader's most damaging scandal. Even at the end, Trump stole the spotlight, announcing Starmer's resignation on social media before it was made official. In London, James Woolcock, Bloomberg Radio.
Now to SpaceX, where shares have fallen by as much as 4.9% this morning, below the first days open after the huge IPO of SpaceX. Yesterday, SpaceX shares slipped for a third day in a row, wiping out some $600 billion in market value.
Chapter 3: What factors led to Andy Burnham's rise in the Labour Party?
That decline continuing at the start of the U.S. day today. The news comes after the Elon Musk-led firm announced that it is selling investment-grade bonds for the first time. Bloomberg's Nora Melinda says that the share price dip is being driven by concerns about the company's borrowing.
Now, we do know that this high bond sale is typically pretty unusual for a situation like this, where we know SpaceX has not yet made itself profitable. Also, we know that the company is going to be burning cash through 2029. So you are going to see a bit of investor angst, and that's what you're seeing here today.
So that was our markets reporter, Nora Melinda, speaking there. SpaceX stock fell as much as 16% on Monday, adding to the declines today, at one point falling as low as $147. But the firm still looks to be priced at around the sixth largest company in the world.
The United States is issuing a 60-day licence allowing Iran to sell oil on the international market as talks about a peace deal continue. The move gives Tehran an economic lifeline with oil prices dropping on the signs of progress. US President Donald Trump says negotiations are going well.
We're doing very well with respect to the Hormuz Strait. We took in more oil yesterday than has ever gone through the Strait. You probably see that. We have an oil gusher. The Strait is totally open. You know that. And we're negotiating. We'll see how that all goes. But we have two things. We have an open Strait, and we have a country that will never have a nuclear weapon.
We'll never, ever have a nuclear weapon.
The president's optimism is being challenged by the continued fighting in Lebanon that threatens to derail talks. Tehran indicated it wouldn't relent on using leverage over the Strait of Hormuz if Israel continues its attacks in Lebanon.
Now, Alan Greenspan has died at the age of 100. According to a statement by his wife, the former chair of the Federal Reserve died due to complications of Parkinson's disease. Bloomberg's editor-in-chief, John Micklethwaite, remembers him.
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Chapter 4: How is the UK political landscape changing with Burnham's leadership?
Greenspan was one of the great central bankers on multiple different levels, really. Very, very intelligent. Also kind of very cryptic in terms of the way he often communicated to people. But I think he also had this very long sort of intellectual history. It goes back all the way to the fact that he was involved with Anne Rand and stuff like that.
He went through different kinds of intellectual fashions. And on the whole, he ran the economy pretty well. There will always be people who question, you know, how much his loosening set up the kind of financial crisis. But, you know, there were other factors at work there as well. It wasn't just him. So I think he goes as a giant of central banking.
That was Bloomberg's editor-in-chief, John Micklethwaite, remembering Alan Greenspan.
The German and French governments have agreed to hold equal shares in defence firm KNDS as it prepares to IPO. That's according to a statement released by both countries yesterday. In a separate announcement, Friedrich Merz's government said it is seeking a 40% stake in the firm, subject to the approval of the German parliament.
The news comes after Germany reached an agreement over the weekend with KNDS's family owners to take a stake in a deal valuing the company between 15 and 18 billion euros. The listing is set to be one of Europe's biggest in recent years. France holds 50% of KNDS is implying to sell shares in the IPO to cut its stake to about 40%.
And lastly, Lionel Messi has set a World Cup record after scoring his 17th and 18th goals in the tournament yesterday. The Argentinian forward, who is now the top goalscorer in World Cup history, helped his country advance to the round of 32 with a 2-0 victory over Austria yesterday.
The milestone puts the Inter-Miami captain ahead of France's Kylian Mbappe and Germany's Miroslav Klose, who have both scored 16 goals in the World Cup matches. So a bit of the World Cup for you to finish our top stories.
On the markets, we're looking at the stock 600 down by 1.3%. NASDAQ futures now 2.5%. Lower S&P E-minis also down by 1.4%. Big sell-off in tech shares in Asia as well, which we'll get into the details of in a moment. We're watching the Japanese yen as well. A sudden spike in the afternoon session. It's now a tenth of 1% stronger against the dollar, 161.34 as well.
And just to bring you up to date, on the latest PMI numbers we've had out in Europe this morning as well. The composite PNI number for the Eurozone rising to 49.5. The forecast had been for 49.2, so remaining in contraction, but a slightly stronger reading than expected. There had been a stronger number out of France as well, 47.6, although still in contraction.
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