From Bloomberg Markets and Finance.

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.

On today’s show, oil continues to move higher with the US and Iran locked in a battle for control of the Strait of Hormuz. The White House says it’s still waiting for a new peace proposal from Iran, but has not set a deadline.

The world’s biggest chipmaker TSMC says ASML’s latest machines are too expensive, dealing a blow to Europe’s most valuable company. ASML’s most cutting-edge chipmaking machines cost upwards of €350 million ($410 million). TSMC says it’s holding off on deploying them until at least 2029 to save money.

And, EU leaders meet in Cyprus to address the mounting pressures facing the bloc. The spike in oil & gas prices has already cost the EU €22 billion in higher prices and the first day of the meeting comes a day after the Commission presented recommendations to ease prices.

Today’s guest: Negah Angha, King’s College London, Visiting Fellow

Chapters:
00:00:00 – Daybreak Europe
00:01:09 – Stocks Fall as Iran Concern Boost Oil
00:08:39 – US Says No Deadline for Iran Proposal Amid Hormuz Standoff
00:11:06 – US, Iran Locked in a Battle for Control of Hormuz
00:13:41 – Stocks, Bonds Fall as Iran Concerns Boost Oil
00:16:58 – TSMC Says ASML’s Latest Chipmaking Gear Is Too Pricey to Use
00:20:01 – Tesla Boosts Spending Plan to $25 Billion in AI, Robotics Push
00:29:11 – Negah Angha, Kings College London Visiting Fellow
00:33:46 – Lebanon, Israel to Hold Talks in Washington Today
00:39:27 – EU Leaders to Discuss Conflict in Middle East
00:41:34 – PMI Data to Shed Light on Economic Fallout From War
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