Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made. And I'm Caroline Hepker in London. We're the hosts of the Bloomberg Daybreak Europe podcast. We're up early every weekday, keeping an eye on what's happening across Europe and around the world. We do it early so the news is fresh, not recycled, and so you know what actually matters as the day gets going. From Brussels, I'm following the politics, policy and the people shaping the European Union right now. And from London, I'm looking at what all that means for markets, money and the wider economy. We've got reporters across Europe and around the globe feeding in as stories break. So whether it's geopolitics, energy, tech or markets, you're hearing it while it happens. It's smart, calm and to the point. And it fits into your morning. You can find new episodes of the Bloomberg Daybreak Europe podcast by 7am in Dublin or 8am in Brussels, Berlin and Paris. on Apple, Spotify, YouTube, or wherever you get your podcasts. Bloomberg Audio Studios. Podcasts. Radio. News. Good morning. I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. Karen, we begin with the latest on efforts to resolve the war with Iran. President Trump has gotten his national security team together to discuss the latest proposal from Tehran for an interim deal. Here's White House Press Secretary Caroline Leavitt. The proposal was being discussed. I don't want to get ahead of the president or his national security team. What I will reiterate is that the president's red lines with respect to Iran have been made very, very clear. Press Secretary Caroline Leavitt spoke at a White House news conference heard live on Bloomberg Radio. Bloomberg's Jumana Bersechi has more on what Iran is proposing. It involves a mutual lifting of the blockades that are around the Strait of Hormuz right now. So not just Iran lifting their blockade, but the U.S. as well lifting theirs. In turn, Iran also asking for war reparations and guarantees that the U.S. are not going to strike again. But crucially here, a deferral of negotiations around the nuclear file. It's Bloomberg Middle East correspondent Jumana Bersechi in Dubai. Secretary of State Marco Rubio told Fox News that Iran's offer is better than what the White House thought they'd submit. but the White House says Tehran still cannot be allowed to build a nuclear weapon. Well, Nathan, criticism of the U.S. from a world leader. Germany's Friedrich Merz says the U.S. had been humiliated by Iran. At the moment, I can't tell what strategic exit the Americans are pursuing, especially since the Iranians are obviously negotiating very skillfully, or perhaps very skillfully refusing to negotiate, and then letting the Americans travel to Islamabad only to send them back without any results. An entire nation is being humiliated by the Iranian leadership, especially by the so-called Revolutionary Guards. Germany's Friedrich Mertz speaking through an interpreter. Europe's leaders are increasingly criticizing President Trump, who has suggested he might leave the NATO alliance. Karen, UK and US relations have also been strained. That is the backdrop as King Charles III continues his state visit to Washington. Let's get the very latest from Bloomberg's Tiwa Adebayo in London. Good morning, Tiwa. Good morning, Nathan and Karen. King Charles III is set to embrace some of Washington's most formal ceremonial trappings today as he tries to emphasize the bond between the United Kingdom and the United States. It's the monarch's first visit to the country since ascending to the throne, and it takes place amidst fraught relations between the two countries due to disagreements over the war in Iran. He'll be accompanied by Queen Camilla and will become the first British sovereign to address the US Congress since his mother, Queen Elizabeth in 1991. But not everything will be plain sailing during this four-day visit. Charles has faced some calls to meet with victims of Jeffrey Epstein whilst he in the US There no indication that he will do so And that even as the scandal involving the convicted sense offender has ensnared his brother Andrew who was arrested in February over misconduct allegations, which he does deny. In London, Tia Adebayo, Bloomberg Radio. All right, Tia, thank you. The suspect in the shooting at the White House Correspondents Dinner over the weekend is being charged with trying to kill President Trump. And Bloomberg's John Tucker joins us with the very latest. John, good morning. Good morning, Karen. A criminal complaint says suspect Cole Allen vowed in a lengthy letter to go after administration officials. Quote, targets prioritized from highest ranking to lowest. The acting attorney general, Todd Blanche, laid out the most serious charge. The first count is attempted assassination of the president of the United States. This count is punishable by up to life in prison. The suspect's letter doesn't actually name President Trump at any point directly, but he does express a list of grievances about the administration's policies. The suspect appeared in court flanked by two public defenders. According to prosecutors, Allen spent years acquiring an arsenal. When arrested, he had a shotgun, a pistol, and three knives. His attorney said he has no prior arrests or convictions. John Tucker, Bloomberg Radio. Okay, John, thanks. The shooting at the dinner sparked a renewed push for President Trump's White House ballroom. and now some key Republican senators are pushing to pay for the project with taxpayer funds. They include Senate Budget Committee Chairman Lindsey Graham. The times in which we live are unusual. I've been up here for a while now. I've never felt the sense of threat that exists today. Senator Lindsey Graham's bill would authorize $400 million to pay for the ballroom with revenue from customs fees as well as private donations. House Minority Leader Hakeem Jeffries has called the ballroom a vanity project and says Congress should focus on the cost of living, the Iran war, and President Trump's immigration crackdown. Nathan, there is controversy once again involving late-night host Jimmy Kimmel and the First Family. Both President Trump and First Lady Melania Trump are calling on ABC to fire Kimmel for a joke he made a few nights before the White House Correspondents' Dinner. The comic described the First Lady as having, quote, the glow of an expectant widow. Kimmel says the barb was in reference to the age difference between the president and the first lady. Obviously was a joke about their age difference and the look of joy we see on her face every time they're together. It was a very light roast joke about the fact that he's almost 80 and she's younger than I am. It was not by any stretch of the definition a call to assassination. And Kimmel previously found himself in hot water for controversial comments he made after the assassination of conservative political activist Charlie Kirk in September. The earnings and focus in Europe and we go to London and get the very latest with Bloomberg's Ewan Potts. Ewan, good morning. Karen and Nathan, a bumper day for European earnings. Unfortunately, not a bumper quarter, though, for traders at Barclays. Fixed income revenues were broadly flat at the British Bank compared to a year ago, with equities revenues up 16%. Returns falling short of US rivals after their strong quarter. When it comes to oil trading, though, there was better news for London-based BP. Shares hired today after spiraling energy prices drove a surge in profits from trading and refining, beating analyst forecasts. In London, I'm Ewan Potts, Bloomberg Radio. All right, Ewan, thank you. There are some disappointing numbers apparently out of OpenAI. The Wall Street Journal is reporting the chat GPT maker recently failed to meet its own goals for new user acquisition and sales, while rival Anthropik gained ground in the coding and enterprise markets. The results are said to be fueling internal concerns that OpenAI may struggle to support its astronomical spending on AI infrastructure. Shares of SoftBank, which committed more than $64 billion to OpenAI, fell almost 10% in Tokyo trading. And Nathan, speaking of OpenAI, nine jurors in the San Francisco Bay Area have been seated in the AI industry closely watched trial between Elon Musk and OpenAI chief Sam Altman The trial centers on the 2015 birth of chat GPT maker OpenAI is a non startup primarily funded by Musk before evolving into a capitalistic venture. The lawsuit accuses Altman of double-crossing Musk by straying from the company's founding mission to be an altruistic steward of a revolutionary technology and instead shifting into a money-making mode behind his back. Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. The congressional deadlock over funding the Department of Homeland Security is now back in focus after Saturday's shooting at the White House Correspondents' Dinner. Senate Majority Leader John Thune blamed Democrats yesterday for refusing to negotiate on an appropriations bill. Saturday night's events were a grim reminder of the need for law enforcement. And incredibly, some of the law enforcement officers who responded are working for a department that is currently completely unfunded. But Senate Minority Leader Chuck Schumer defended his party, turning it on Thune's colleagues in the House. At this very moment, funding for Secret Service and so many other agencies is sitting idly in the House of Representatives, not waiting for Democrats. We don't run the House. Waiting for Republicans. Democrats have called for reforms following the deadly shootings of two people in Minnesota. Jessica Mann is testifying against Harvey Weinstein for a third time, recounting her allegation of a 2013 rape in a Manhattan hotel. Mann described the early stages of her relationship with Weinstein, which she said started with professional advice and turned sexual and ultimately descended into rape. Weinstein denies sexually assaulting anyone. New York Mayor Zoran Mamdani kicked around the idea of free FIFA events for the city when the World Cup is in town. Some of the soccer events at MetLife Stadium in New Jersey surrounding the global sport are cost prohibitive. So Mamdani got state leaders and the FIFA organization to host free fan events, one in each borough. These events were not initially set to be free, but the world's game should belong to the world. And so we've made the decision together for fans to be able to watch that together without having to spend a dollar. Governor Hochul said she's working on one-day permits to allow bars and restaurants to host outdoor events, even allowing them to extend their hours to 4 a.m. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr and this is Bloomberg, Karen. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. First team to move into the second one out of the NBA playoffs. Last year's champions, the Oklahoma City Thunder, they completed a first-round sweep of the Suns with a win in Phoenix. Denver stayed alive, beating Minnesota, leads three games to two. And a surprise, eight-seeded Orlando again beat Detroit. The Magic have a 3-1 lead on the top-seeded Pistons. Stanley Cup playoffs, the Penguins stayed alive, beating Philadelphia. Flyers still lead three games to two. Vegas, an overtime win at Utah. That series tied at two. That's your Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. As markets move and headlines break, what matters most is context. A Bloomberg subscription gives you unmatched reporting, sharp analysis, and powerful tools that help you connect the dots. Visit Bloomberg.com slash podcast offer to learn more. Coast to Coast on Bloomberg Radio, nationwide on Sirius XM and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager with the U.S.-Israeli war with Iran at the two-month mark today. And with negotiations and the Strait of Hormuz at a near standstill, the White House says President Trump is reviewing Iran latest proposal for an interim deal to reopen the strait and leave nuclear negotiations for later Joining us now is Terry Haynes the founder of Pangea Policy Terry, from what we understand about this proposal, is this going anywhere in this White House? Good morning. Good morning, Nathan. A couple of things. One is, based on what we know about it in public, I'd say the Iran proposal is unserious on its face. It's not designed to give the United States anything to work with. And yet another signal that the IRGC hardliners don't want to deal on any terms but their own. It also, I think, betrays weakness. But Trump will try to come back with a counter, firstly. Secondly, I would look for indications of continued United States military readiness and maybe a preparation to resume hostilities. And finally, and this is my own instinct, to be clear. There's a possibility that they may be talking to China about maybe driving a wedge here. Xi Jinping says he wants the straight open. Well, they can help. We've seen from China, though, at least from the president's side, that they received a gift, as the president put it, or that the U.S. intercepted a gift from China, possibly for Iran. Where is China amidst all this? China likes to play both sides, and it's doing it. You know, it continues. Iran is basically a client state of China, and China continues to support it. China is just, you know, just very similar to Russia. basically sucks all the energy and oil out of Iran in order to continue to feed itself and feed its industries. And, you know, so they are very much beholden to China. And at the same time, China indicates, with much fanfare last week to the Saudi crown prince, which is not incidental, that it wants the straight open. So, you know, we've got a situation where the Iranian situation, again, continues to cross over with the Trump-China summit. And I look for an opportunity there where Trump may want to make something out of it. We have just 30 seconds left, Terry. We heard the German chancellor say that the U.S. has been humiliated in negotiations with Iran and now with King Charles in the U.S. Where do you see the transatlantic alliance right now? The transatlantic alliance is in a situation where, you know, Trump is very unhappy with the Europeans for a variety of reasons, including not supporting the American war effort. At the same time, Europe continues to not only not want to try to solve its own problems, economic or military, but they always find it convenient to blame the United States rather than point the finger at themselves. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast-to-coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak. Thank you.
