US-Vietnam Trade Deal; Starmer Belatedly Backs Reeves After Selloff | Daybreak Europe 07/03/2025

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. And we’ll tell you what matters for investors in Europe, giving you insight before trading begins.

On today’s show, the US agrees a trade deal with Vietnam, cutting tariffs on Vietnamese exports from 46% to 20%. Stocks in Asia fluctuate on the news, after the S&P 500 set yet another record. Traders now look ahead to the US jobs report.

In the UK, Prime Minister Keir Starmer belatedly backs his Chancellor, but only after gilt yields soared and the pound slumped. Rachel Reeves’ tearful appearance in parliament had led to questions about her future.

Plus, Congress pulls another all-nighter in a bid to get Donald Trump’s One, Big, Beautiful Bill passed before Independence Day.

Chapters:
00:00:00 – Daybreak: Europe
00:02:06 – Asian Shares Post Modest Gains Before US Payrolls
00:03:03 – Japan’s Bond Market Faces First 30-Year Sale Since Issuance Cut
00:04:15 – Trump Says Trade Deal Reached with Vietnam
00:06:02 – 20% Tariff on Vietnamese Exports to US
00:07:05 – Japanese Carmakers Face $19B Hit From Tariffs
00:09:48 – UK Bond Yields Spike Higher
00:10:45 – June US Nonfarm Payroll Due Today
00:11:29 – UK PM Starmer Says Reeves Will Stay as UK Chancellor
00:12:47 – UK Chancellor Reeves Appeared Emotional in PMQ
00:14:15 – Starmer Crisis Shows UK Still Lives at Mercy of Bond Market
00:16:58 – Trump’s Centerpiece Budget Bill Stalls in House
00:18:55 – Tax Bill Narrowly Passed in Senate, Stuck in House
00:21:58 – Tesla Shares Rally After Results
00:22:23 – BYD Indefinitely Delays Planned Mexico Plant
00:22:46 – Sources: Foxconn Pulls Chinese Staff from India
00:23:08 – Oracle, OpenAI Expan Stargate Deal for More US Data Centers
00:23:28 – US: Iran Nuke Program Set Back by 2 Years
00:26:33 – US Lifts Chip Design Export Curbs
00:28:59 – Starmer Says Reeves Will Stay as UK Chancellor
00:31:28 – UK Bond Yields Spike Higher
00:32:57 – Rehn on Europe’s Economy, Inflation and Rates Path
00:36:11 – The Women of Wall Street
00:40:05 – Equities on Course for Rocky 2H
00:45:17 – UK Politics and Markets in Focus
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