| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.Both European and US sid |
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| Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.
Both European and US sides are making encouraging noises about reaching a trade deal by the July 9 deadline, when additional tariffs of 50% would otherwise be imposed on most European exports. "From the experience of the last few months, we can clearly see that the US is in on the deal," French Finance Minister Eric Lombard said in an interview with newspaper La Tribune Dimanche. But the result of the negotiations is expected to be unbalanced, with some US duties remaining, including a 10% baseline levy on EU exports. Some European officials are arguing for retaliation in such a scenario. EU envoys will discuss the state of the negotiations today as talks with the US continue this week, while advancing possible countermeasures in case talks break down. — Jorge Valero | |
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| Green Roadmap | The Commission is poised to propose that certain high-quality credits can account for 3% of the pollution cut by 2040, according to a draft we've seen. The 90% net emissions reduction goal will be a reference point toward so-called climate-neutrality by the middle of the century in its proposal on July 2. Worrying Heat | Major heat waves across Southern Europe pushed temperatures above 40 C, prompting warnings about the risk of wildfires. The Italian Health Ministry placed 21 out of 27 monitored cities under its highest heat alert. In Spain, some cities including Seville registered temperatures as high as 42 C. Shadow Tactics | As the EU continues to target Russia's shadow fleet, at least 13 ships have been marshaled to potentially service Arctic LNG 2, an export facility, according to images and data we compiled. Russia's increasing fleet of vessels should be sufficient to lift cargoes if Moscow can find buyers, experts said. Market Rebound | European stocks outperformed their US peers by the biggest margin on record in dollar terms during the first half, the most dramatic sign of how the region's markets are staging a comeback. The rebound isn't confined to stocks: the euro is up 13% against the dollar in the six months through June. | |
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| Massive Attacks | Ukraine said Russia fired a record 537 missiles and drones in "massive" overnight attacks, with most of them repelled by air defenses. Russia targeted seven regions including Lviv, Kharkiv and Zaporizhzia. Serbia Protests | Serbian police clashed with anti-government protesters after tens of thousands rallied in Belgrade demanding an early election to remove President Aleksandar Vucic. Meanwhile, Serbia received assurances from China that it would speed up exports of minerals needed for electric-vehicle production, Vucic said. Freedom Parade | Hundreds of thousands of people marched through Budapest on Saturday, joining the city's Pride parade in one of the biggest displays of public defiance to Prime Minister Viktor Orban. Commissioner Hadja Lahbib, dozens of MEPs and ministers of EU governments joined the march. Flight Disruptions | Telecom Italia said it wasn't involved in the events that led to flight chaos in northwestern Italy on Saturday night, with dozens of flights cancelled. The disruption was caused by a breakdown in a control center in Milan. The problem affected the connectivity allowing radar data to flow, but Telecom Italia said there are backup networks. | |
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| German Chancellor Friedrich Merz has a narrow window of opportunity to lift economic growth with a debt-fueled fiscal package, primarily focused on boosting defense. But the high expectations among companies and investors could be dashed by political infighting or misguided implementation. | |
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- Defence Commissioner Andrius Kubilius speaks at event organized by the Latvian Chamber of Commerce and Industry
- EU Parliament's economic affairs committee debates with financial services chief Maria LuÃs Albuquerque on list of high-risk third countries in money laundering
- Commission President Ursula von der Leyen speaks at plenary session of the 4th UN International Conference on Financing for Development in Sevilla
- Economy Commissioner Valdis Dombrovskis and European Central Bank President Christine Lagarde attend the 2025 ECB Forum on Central Banking in Sintra, Portugal
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