Good morning. Oracle co-founder Larry Ellison was briefly on top of the world. The European Central Bank will probably leave interest rates unchanged today. And get ready for a $2,000 iPhone. Listen to the day’s top stories.

— Teo Chian Wei and Ho Xue Lin

Larry Ellison briefly surpassed Elon Musk to become the world’s richest person after a 36% jump in Oracle shares added $89 billion to his wealth. The increase lifted his total net worth to more than $383 billion, according to the Bloomberg Billionaires Index. It’s the biggest one-day increase ever recorded, and put him ahead of Musk for much of the day before the Tesla CEO edged back into pole position. Read what’s driving Oracle.

The EU will significantly ramp up sanctions against Russia and its enablers after the violation of Polish airspace by Russian drones. Poland got offers of support for its air defense, Prime Minister Donald Tusk said.

Sebastien Lecornu. Photographer: Benjamin Girette/Bloomberg

France’s new Prime Minister Sebastien Lecornu is seen by colleagues as savvy and cordial, earning praise from even Marine Le Pen in private—a reputation that gives him a fighting chance to garner support for his budget plans.

The ECB is set to leave rates on hold today, with analysts seeing no more cuts this cycle. Economists expect fresh quarterly projections to temper fears about inflation being lodged below 2%.

Deutsche Bank’s US distressed-products desk reaped more than $100 million in profit this year on EchoStar bets, people familiar said. The unit traded and took positions in both equity and debt throughout EchoStar’s various units, making their winnings one of its biggest profit drivers so far in 2025.

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Deep Dive: We Were The Champions

Denmark’s corporate champions seemed untouchable. Novo Nordisk was Europe’s most valuable company last year, after riding a surge of demand for Ozempic and Wegovy. That followed the success of offshore wind developer Orsted. Now, those triumphs look fragile.

• Novo announced 9,000 job cuts—more than half in Denmark—after losing its lead in the US obesity market to rival Eli Lilly.
• Orsted was forced to scrap multibillion-dollar projects, take heavy write-downs and raise new cash amid soaring costs, supply-chain snags and Donald Trump’s war on offshore wind. 
• The turbulence at these two giants hasn’t just rattled investors and executives. Novo’s setbacks have sent tremors through Denmark’s government ministries, pension funds and households. 

The Big Take

Opinion

The biggest loser of London’s transit strike is the Labour government of Keir Starmer, Matthew Brooker writes. The strike arrived as the party was already in turmoil, and now transport chaos add to the impression of an administration adrift and unable to influence the course of events. 

Before You Go

The Apple iPhone 17 Pro. Photographer: David Paul Morris/Bloomberg

Apple is preparing shoppers for $2,000 iPhones, with the iPhone 17 Pro Max's 2TB option priced at $1,999. The company's first foldable iPhone, expected next year, and the upcoming “iPhone 20” anniversary model could further push prices up.

Bloomberg Tech: How is Europe charting a course toward tech independence and digital sovereignty? Top executives, innovators and policymakers will explore this urgent question as they unpack the next er