Bloomberg Daybreak: Europe 06/27/2025
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. Today's guest: Johannes Reck, GetYourGuide, Co-Founder & CEO (Source: Bloomberg)
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BofA's Hartnett Sees Risk of Stock Bubble on Fed Pivot, Tax Cuts
(Bloomberg) -- The risk of a speculative stock-market bubble is increasing as expectations of US interest-rate cuts draw massive investment flows into equities, according to Bank of America Corp.'s Michael Hartnett. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown US State Budget Wounds Intensify From Trump, DOGE Policy Shifts With the US moving closer to trade deals with China and other partners, tariff wars and geopolitics are becoming less of a concern for investors. Instead, they are pricing a greater chance of Federal Reserve rate cuts and waiting to see if President Donald Trump's tax bill is passed in Congress next month. A 'pivot from tariffs to tax cuts/rate cut' could lead to a high risk of a bubble in the second half of the year, and a further weakening of the dollar, Hartnett's team at BofA wrote in a note. Already this year, $164 billion has flowed into US equities, on course for the third-largest annual inflow in history, the note said, citing data from EPFR Global. The S&P 500 index is within striking distance of a record high, while 10-year Treasury yields have slid more than 30 basis points off their May highs. Swap markets are currently expecting that the Fed will cut rates four times over the next 12 months. The 'best way to gain exposure is via 'long US growth/long global value' equity barbell,' Hartnett added, referring to an investment strategy that seeks to strike a balance between risk and reward. Yet absent a bubble in artificial intelligence, earnings growth acceleration is the 'most plausible upside surprise' for US and global stocks in the second half of the year, the team added. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P.
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14 minutes ago
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Air India baggage handling company apologises after video shows staff partying days after crash
A viral video showing senior officials from Air India's partner company dancing at a staff party has caused widespread anger, with the celebrations taking place just days after the deadly crash of Air India flight AI171 in Ahmedabad on 12 June. Air India SATS has released a statement regarding the viral video showing a senior executive partying with other members of staff less than 10 days after the fatal plane crash, saying the footage was 'completely out of context'. Air India SATS (AISATS) is a 50-50 joint venture between Air India Limited, a Tata Group company, and SATS Ltd, a Singapore-based firm formerly known as Singapore Airport Terminal Services. The partnership specialises in providing airport services, including baggage handling, across Indian airports. The footage shows Abraham Zachariah, chief operating officer of Air India SATS (AISATS), dancing with other staff members as loud music plays during a party held at the company's Gurugram office on 20 June. In a statement, the company said: 'AISATS is aware of a video being circulated on social media that unfortunately is completely out of context. 'Notwithstanding, we sincerely regret any emotional discomfort this may have caused,' the statement said, IANS reported. It has only been a few days since the tragic Ahmedabad plane crash. Many families have not yet been able to see their loved ones for the last time; several bodies have still not been handed over. Grief hangs heavy in households, funeral pyres are yet to cool. And at such a… — Squint Neon (@TheSquind) June 22, 2025 The viral video triggered outrage on social media, as the celebration occurred while many families were still waiting to receive the bodies of crash victims. The footage drew strong criticism from users on X. Problem with Indian corporates is that they don't have heart, only thing matter is money. If someone dies let's give some money to victim's family, no accountability, no investigation & no arrest. They just create a public image through charity, so no question asked. — Big_Sarcastic (@Big_sarcastic) June 22, 2025 One user wrote: 'Problem with Indian corporates is that they don't have heart, only thing matter is money. If someone dies let's give some money to victim's family, no accountability, no investigation & no arrest. They just create a public image through charity, so no question asked.' Another user replied: 'Would've been more advisable for you to defer and not host parties at such times @airindia.' Air India guys are shameless and pathetic — Gulmohar 🌸 (@Bekaarbaate) June 22, 2025 Another user called it 'pathetic and highly insensitive', and another said: 'You should be ashamed of yourselves. I hope you clowns are grounded.' The devastating Air India crash occurred at around 2pm local time on 12 June, when a London-bound Air India Boeing 787 Dreamliner plunged into accommodation for medical students at Ahmedabad's BJ Medical College just moments after take-off. It was the first crash of its kind involving a Boeing 787 anywhere in the world. The Independent has reached out to AISATS for further comment.
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15 minutes ago
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Turkey Plans to Skip Minimum-Wage Raise in Boost for Investors
Turkey's government plans to skip a mid-year increase in the minimum wage, according to people with knowledge of the matter, resisting political pressure to alleviate rising living costs. Such a move would likely be viewed positively by investors, who see restrictions on salaries as a means to gauge the willingness of Turkish officials to tackle persistently high inflation.
