Bloomberg Daybreak: Europe Edition26 Nov 2025

Make Or Break UK Budget, US Envoy’s Kremlin Advice, Africa's Political Fish

Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) In the 83 days since UK Chancellor of the Exchequer Rachel Reeves announced the date of her second budget, she’s told both bond-market investors and Labour Party backbenchers that it’s been drafted with them in mind. Today it will become clear whether she can please both of these very different audiences.

(2) Reform UK's leader Nigel Farage has rejected claims he made racist comments as a teenager, after an investigation rocked his attempts to paint Reform UK as a moderate party.

(3) US presidential envoy Steve Witkoff, fresh from the triumph of the Gaza peace deal, held a phone call last month with a senior Kremlin official to suggest they work together on a similar plan for Ukraine — and that Vladimir Putin should raise it with Donald Trump.

(4) White House National Economic Council Director Kevin Hassett is seen by advisers and allies of President Donald Trump as the frontrunner to be the next Federal Reserve chair, according to people familiar with the matter, as the search for a new central bank leader enters its final weeks.

(5) Apple will retake its crown as the world’s largest smartphone maker for the first time in more than a decade, lifted by the successful debut of a new iPhone series and a rush of consumers upgrading devices, according to Counterpoint Research.

(6) During the Ukraine war, Russia has stepped up its courting of African governments with offers of military cooperation, weapons, grain, and fertilizers - but also fish.

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