Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) Friedrich Merz said he would stay put as German chancellor even after his party suffered its worst-ever result in a state election, with a tally showing the conservatives crashing out of a regional assembly for the first time in the country’s post-World War II history.

(2) US Treasury Secretary Scott Bessent lauded “very successful” talks with his Chinese counterparts on artificial intelligence, trade and investment, while China described the discussions as positive ahead of this week’s summit between leaders Donald Trump and Xi Jinping.

(3) Ukrainians are already drawing up contingency plans for what threatens to be the worst wartime winter yet.

(4) Qatari Energy Minister Saad Al-Kaabi said Treasury Secretary Scott Bessent was “wrong” when he said that the strategic Strait of Hormuz will be worthless in two years.

(5) Citigroup Chief Executive Officer Jane Fraser said that companies are racing to build up their defenses as artificial-intelligence models become even more powerful and risk spurring cyber attacks.

(6) Tue Vuong, chief executive officer of Golden Wheat, was told his wheat shipments from the Black Sea wouldn't get shipped due to the escalation in Russia's war with Ukraine.

Podcast Conversation: The Miniatures Boom Is Becoming Big Business

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – we look at upcoming home building data
• In the UK – we preview elections in Germany
• In Asia – we discuss President Xi's visit to the US this week

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Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) The Bank of Japan raised its benchmark interest rate in a split decision showing dissent within the board as it confronts mounting inflation risks and unusually explicit calls for further policy normalization from Washington.

(2) The European Central Bank must get inflation under control as failing to do so would endanger economic expansion, Governing Council member Ante Zigman warned.

(3) After the early optimism of Andy Burnham’s premiership, the UK’s new prime minister now finds himself right where he didn’t want to be: at the mercy of bond markets.

(4) DoubleLine Capital chief executive Jeffrey Gundlach warned that the next US downturn could trigger a debt crisis that sends long-term Treasury yields sharply higher — defying decades of conventional wisdom that bonds will always serve as safe haven during times of economic strife.

(5) The Trump administration will allow the core members of an Iranian delegation to travel to the United Nations in New York for the General Assembly next week, the State Department said, even as the US and Iran remain at war in the Middle East.

(6) ExxonMobil Holdings Corp. says the world is on course for rapid global temperature increases as coal use persists, pushing emissions beyond mid-century climate goals.

(7) It's the start of London Fashion week - haute couture sitting alongside high street and emerging young designers.

Podcast Conversation: AI Is Turning Beauty Standards Into Facial Scores

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