Stocks Extend Rally; EU to Accept 10% Tariff; Apple Could Outsource AI | Daybreak Europe 07/01/2025

Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

On today’s show, stocks in Asia extend their record-breaking rally after the S&P 500 hit yet another all-time high. There’s optimism that the US economy can withstand the uncertainties around US tariffs. The EU signals that it’s willing to accept a 10% universal tariff, with exemptions. While Donald Trump threatens Japan with higher levies over rice exports.

The US President’s pressure on Fed Chair Jerome Powell continues, with a handwritten note. And Bloomberg learns that Apple is considering using third-party AI to power Siri.

Today’s guest: Shamaila Khan, UBS Asset Management, Head of Global Emerging Markets & Asia Pacific Fixed Income

Chapters:
00:00:00 – Daybreak: Europe
00:02:29 – Asian Stocks Mixed as Tariff Concerns Linger
00:03:46 – Asian FX Markets in Focus
00:04:49 – EU Said Prepared to Accept US Universal Tariff
00:06:21 – Tariff on EU Exports to US Could Jump to 50%
00:07:51 – Trump Maintains Pressure on Powell
00:09:26 – US Dollar Index Biggest 1H Loss Since 1973
00:11:48 – Senate Does All-Nighter with Trump’s Tax Bill
00:13:12 – Trump Wants Tax Cut Bill Passed By July 4
00:16:35 – Apple Weighs Using Outside AI for Siri
00:18:24 – Apple Mulls Using AI From Anthropic and OpenAI
00:19:34 – Zuckerberg Debuts Meta ‘Superintelligence’ AI Group
00:25:48 – Lagrade on ECB Strategy
00:26:37 – Lesetja Kganyago, South African Reserve Bank Governor
00:34:25 – Shamaila Khan, UBS AM Head of Global Emerging Markets and Asia Pacific Fixed Income
00:41:19 – UK PM Starmer Works to Quell Labour Mutiny
00:44:00 – Some MPs Want Starmer to Sack Chancellor Reeves
00:45:12 – SPX vs. Trade Policy Uncertainty
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