| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.European finance chiefs |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union. European finance chiefs reacted warmly but cautiously to the de-escalation of US-China trade tensions as they gathered in Brussels. The plan between Washington and Beijing to temporarily lower tariffs shows there's room for deal-making, but the EU has made slow progress so far — and the bloc was once again a target for President Donald Trump, who called it "in many ways nastier than China." French Finance Minister Eric Lombard said a further "disarmament" is needed. His colleagues, including new German counterpart Lars Klingbeil, emphasized their support for the commission's efforts to find an amicable solution — or retaliate if talks fail. Ministers continue meeting today. As European negotiators look for clues on how to proceed, lessons from Trump's pact with the UK may be limited, while Xi Jinping's decision to stand his ground was vindicated. — Max Ramsay | |
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| Turkey Talks | Trump said he's thinking of flying to Turkey on Thursday to join potential conversations over the Ukraine conflict between Volodymyr Zelenskiy and Vladimir Putin. The US president's comments suggested more certainty for the talks, after Zelenskiy said he would be in Turkey, where Putin had proposed direct negotiations. Sticking Points | The UK and the EU are still trying to resolve disagreements over fisheries and food checks with less than a week to go until a summit in London. Prime Minister Keir Starmer plans to use the gathering to announce a major reset in post-Brexit relations. Luring Researchers | Luring US researchers to Europe is a "big opportunity" amid Trump's challenge to university funding, according to the EU's commissioner in charge of research, startups and innovation. Ekaterina Zaharieva told Bloomberg TV the bloc wants to boost research in areas like AI, quantum and cleantech. Suing Google | Alphabet's Google is facing at least €12 billion in damage claims from dozens of price comparison websites across the EU, we've found. The companies allege the US giant stole their customers. It's linked to a 2017 decision by the commission to fine Google for illegally leveraging its search dominance. | |
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| Early Repayment | Greece plans to repay loans from its first bailout program 10 years ahead of schedule, the country's finance minister Kyriakos Pierrakakis told us in an interview in Brussels. Fiscal prudence is not a policy choice "it's a regime," he said. Blackout Investigation | Power failures in southern Spain preceded the nationwide blackout that left millions in the dark two weeks ago, according to the most detailed report yet on the events leading up to the debacle. The Spanish government has yet to come out with findings on why the outage took place. Fourth Term | Albania's premier is on track to win an unprecedented fourth term in charge. Edi Rama has sought to finally take the Adriatic country into the EU and cement its status as a tourist destination. The incumbent's Socialist Party won 52% of the vote in parliamentary elections, with 70% of precincts and a portion of diaspora ballots tallied. Purchasing Power | UniCredit, Italy's second-largest bank, posted its highest quarterly profit ever. The results give a boost to CEO Andrea Orcel as he seeks to grow the lender through deals, despite pushback on his approaches for Commerzbank and Banco BPM. | |
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| Hungary's government deficit rose to a record of around $8 billion through April as interest payments outpaced tax income growth. It's led the government to announce a spending freeze in parts of the budget, though it didn't say which areas are on hold. | |
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| All times CET - EU finance ministers meet in Brussels, with arrivals from 8 a.m.
- Energy ministers hold informal meeting in Warsaw, with arrivals from 8:15 a.m.
- European Council president Antonio Costa in Serbia and Bosnia, holds press conference with Serbian President Aleksandar Vučić at 9:30 a.m. and Bosnia and Herzegovina's presidency at 5:20 p.m.
- 7:30 p.m. European Parliament President Roberta Metsola delivers a speech at the Baden-Württemberg representation on Re-launching Europe
- EU competition chief Teresa Ribera holds exchange of views with EU Parliament's industry committee
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