Good morning. Donald Trump extends a China trade truce for 90 days. UK wage growth may show signs of slowing. And Elon Musk lashes out at Apple. Listen to the day’s top stories.
UK wages may show signs of cooling, with growth in average weekly earnings forecast to ease to 4.7% in the three months to June from 5% previously. The unemployment rate is expected to hold steady at 4.7%. Total British retail sales rose 2.5% last month from a year earlier, driven by an uptick in inflation rather than demand, the British Retail Consortium said.
France’s economy is set to grow in the third quarter at a pace similar to the previous three months, driven by manufacturing and services. The Bank of France predicted GDP will increase around 0.3%.
Corporate news: BBVA will go ahead with its takeover offer for Banco Sabadell despite investor backing for the rival’s decision to sell its UK unit TSB. An unidentified institutional investor is offering its $619 million stake in UBS. And Intel CEO Lip-Bu Tan met with Trump, who praised his “amazing story.”
Photographer: Chip Somodevilla/Getty Images
Elon Musk lashed out against Apple’s app store practices, accusing the iPhone maker of favoring OpenAI. The billionaire founder of xAI, which now houses the Grok AI team and X social network, said Apple makes it impossible for anyone other than OpenAI to reach the top of the App Store charts.
Deep Dive: Arms Race
Time may be running out for European companies looking to capitalize on a huge rally in defense stocks by listing on public markets for the first time.
Bloomberg’s European defense index has soared nearly 70% this year, even as investors wait for a massive increase in military budgets to translate into order books.
Companies should try to get IPOs off the ground before contracts are awarded, analysts said.
European and Ukrainian leaders fear Trump may again be outplayed by Vladimir Putin at their Alaska summit and they’re right to be nervous, Marc Champion writes. The hastily arranged meeting risks repeating past concessions made with little strategic gain.
Jellyfish swarms forced Electricite de France to shut four nuclear reactors. A “massive and unforeseen” number of the creatures was found in the filter drums of pumping stations. Jellyfish populations can “bloom” during marine heat waves.
Taylor Swift revealed the name of her 12th studio album, The Life of a Showgirl. No release date was announced, but her site said vinyl editions would ship before Oct. 13, the AP reported. Get excited.
More From Bloomberg
Enjoying Morning Briefing? Check out these newsletters:
Markets Daily for what’s moving in stocks, bonds, FX and commodities
Breaking News Alerts for the biggest stories from around the world, delivered to your inbox as they happen
Balance of Power for the latest political news and analysis from around the globe
The Readout for essential UK insights on the stories that matter
The London Rush for getting briefed ahead of your morning calls with the latest UK business headlines, key data and market reaction
Like getting this newsletter? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and subscriber-only insights.
Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. Learn more.
You received this message because you are subscribed to Bloomberg's Morning Briefing: Europe newsletter. If a friend forwarded you this message, sign up here to get it in your inbox.
