Bloomberg Daybreak: Europe Edition
No Putin-Zelenskiy Meeting, Waller Sees Sept Cut, Reform Lures Lobbyists
· Summarized
Key takeaways
- A meeting between Putin and Zelensky is unlikely as tensions in Ukraine escalate.
- The Federal Reserve is considering a quarter-point rate cut, with potential for further cuts depending on economic data.
- Iran faces international scrutiny again as Europe refers its nuclear non-compliance to the UN for sanctions.
- Reform UK is gaining traction among lobbyists and could become a prominent force in UK politics.
Summary
Putin-Zelensky Meeting Unlikely
German Chancellor Friedrich Merz stated that a meeting between Ukrainian President Volodymyr Zelensky and Russian President Vladimir Putin is highly unlikely, contradicting prior comments from President Donald Trump that hinted at such a meeting. This comes amid escalating tensions and airstrikes in Ukraine.
Federal Reserve Insights
Federal Reserve Governor Christopher Waller expressed support for a quarter-point interest rate cut in September, potentially paving the way for more reductions in the following months. Waller's comments coincided with record highs in the stock market, even as traders await further inflation data for guidance on future rate changes.
Iran Sanctions Referred to the UN
European powers referred Iran to the UN for failing to comply with international requirements regarding nuclear negotiations, leading to potential re-imposition of sanctions. This escalation highlights ongoing concerns about Iran's nuclear program and its compliance with international norms.
Reform UK's Growing Influence
Lobbyists are increasingly showing interest in attending Reform UK's annual conference, a sign that corporate Britain is beginning to take Nigel Farage's political movement seriously. This shift indicates that Reform UK might become a significant player in the political landscape.
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Show notes
Your morning briefing, the business news you need in just 15 minutes
On today's podcast:
(1) German Chancellor Friedrich Merz says a meeting between Ukrainian President Volodymyr Zelenskiy and Russia’s Vladimir Putin is unlikely to materialize, even though it was touted earlier by President Donald Trump.
(2) European powers referred Iran to the United Nations to face the re-imposition of tough international sanctions after the Islamic Republic failed to comply with demands to negotiate with the US and allow nuclear inspectors to resume their work.
(3) Federal Reserve Governor Christopher Waller again called for lower interest rates, saying he would support a quarter-percentage point reduction in September and anticipates additional cuts over the next three to six months.
(4) A solid economic reading drove stocks to fresh all-time highs, but Wall Street traders refrained from making big moves before inflation data that could bring more clues on the pace of Federal Reserve rate cuts. Short-dated Treasury yields rose. The dollar fell.
(5) Lobbyists are lining up to attend Reform UK’s annual conference next week in a sign corporate Britain is increasingly taking Nigel Farage’s outfit seriously as an electoral force.
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