Starmer Facing Wipeout, US Bombs Iran Targets, Europe’s Power Shock
5/8/202621 min
Your morning briefing. All the news you need to start your day.
On today's podcast:
(1) Keir Starmer is awaiting the results of one of the most consequential rounds of local elections in recent British history, a vote that could determine his future as prime minister and shape national policy in Europe’s second-largest economy.
(2) The US struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, an escalation that threatened to fracture a fragile ceasefire and reignite hostilities even as the two sides say they’re discussing an end to the war.
(3) The European Central Bank will have to raise interest rates if the Iran war leaves a more lasting mark on inflation, according to Executive Board member Isabel Schnabel.
(4) President Donald Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, just months after the US Supreme Court vacated earlier levies he’d imposed.
(5) President Donald Trump said he would give the European Union until July 4 to ratify its trade agreement with the US, after previously threatening to hike tariffs on auto imports as soon as this week if it failed to do so.
(6) In some circles on Wall Street, the hottest debate isn’t about a tech-stock bubble or $100 oil as the new norm. It’s whether 30-year Treasury yields will mount a sustained push over 5%.
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First 90 secondsSpeaker 00:00
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Caroline Hepker· Host0:34
[upbeat music] This is the Bloomberg Daybreak Europe podcast. Good morning. It's Friday, the 8th of May. I'm Caroline Hypka in London.
Stephen Carroll· Host0:42
And I'm Stephen Carroll in Brussels. Coming up today, Keir Starmer's Labour Party suffers heavy losses in early results from the UK's local elections as Reform and the Greens make significant gains.
Caroline Hepker· Host0:53
Oil prices ramp back up after the US bombs Iran in response to attacks on its Navy destroyers.
Stephen Carroll· Host1:00
Plus, a wartime wake-up call. Europe's power networks build up their defenses against sabotage and cyber attacks.
Caroline Hepker· Host1:08
Let's start with a roundup of our top stories.
Stephen Carroll· Host1:10
The UK's ruling Labour Party is heading for significant losses in local elections this morning. Nigel Farage's right-wing Reform UK party has already gained more than 250 council seats across England, marking a disastrous election night for Prime Minister Keir Starmer. Labour has also suffered early losses to the Greens, with expectations