China Vanke Co.’s state-owned backer reported its biggest annual loss in two decades, driven largely by its investments in the embattled developer, which has been grappling with a liquidity crunch for more than two years.
Spain’s Deputy Prime Minister & Economy Minister Carlos Cuerpo said the country is more resilient to an increase in fossil fuel prices thanks to its bet on renewables. But he warned that as the Iran war drags on, it may start impacting the tourism sector heading into the peak holiday season. Cuerpo said Spain has been an outlier in terms of growth and job creation among European economies and that in 2026, Spain will continue to outperform.
Cuerpo also said Spain should retain a seat on the European Central Bank Executive Board in next year’s reshuffle, while rejecting the notion he might want the role for himself. He spoke with Bloomberg’s Francine Lacqua on the sidelines of the Bloomberg CityLab event in Madrid. (Source: Bloomberg)
The Credit Agricole CFO said the cost of risk is very controlled, but cited a ‘wait-and-see’ attitude from corporates in the first-quarter. That’s after Credit Agricole missed estimates on net income in the first quarter while a key metric of capital strength declined. Clotilde L’Angevin spoke exclusively to Bloomberg Television on the ‘Opening Trade’. (Source: Bloomberg)
Laura Cooper, global investment strategist at Nuveen, says markets are “recalibrating to the risk that we could see persistent energy prices come through.” She adds that further pressure is expected in European earnings, as opposed to US earnings, which have surprised expectations. She speaks on Bloomberg Television. (Source: Bloomberg)
The United Arab Emirates’ decision to leave OPEC won’t lead to an imminent price war since the Iran conflict has throttled producers’ ability to unleash supplies, Russian Deputy Prime Minister Alexander Novak said.
UBS Group AG’s wealth-management business in the Americas showed tentative signs of revival after a period of client fund outflows and departures by key staff.
UBS Group AG Chief Financial Officer Todd Tuckner said that recent developments have cooled excitement among the lender’s rich clients about private credit, adding to the challenges facing the asset class.
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia.
On today’s show, US President Donald Trump has told aides to prepare for an extended US Naval blockade of the Strait of Hormuz. That’s according to the Wall Street Journal, which says Trump has determined that this is a less risky option than resuming bombing or extracting the US from the conflict entirely.
The UAE’s shock decision to exit OPEC has blindsided its partners of six decades, leaving the cartel fighting to stay relevant in a fast-shifting global oil market.
And UBS, Santander and Deutsche Bank all reported first quarter earnings that sailed past estimates.
Today’s guests: Bill Farren-Price, The Oxford Institute for Energy Studies, Head of Gas Research; Raja Akram, Deutsche Bank, CFO; Håkan Samuelsson, Volvo Cars, CEO (Source: Bloomberg)
PetroChina Co. posted its best ever quarterly profit as China’s largest oil and gas producer benefited from rising energy prices due to the war in the Middle East.
