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

On today's podcast:

(1) President Donald Trump began a US naval blockade of the Strait of Hormuz, a move intended to raise pressure on Tehran, even as the two countries weigh another round of talks to secure a longer-term ceasefire.

(2) HSBC Chief Executive Officer Georges Elhedery said the conflict in the Middle East and broader “uncertainties” are beginning to dent client confidence as investors navigate an increasingly volatile global landscape.

(3) Italian Prime Minister Giorgia Meloni called Donald Trump’s tirade against Pope Leo XIV “unacceptable,” exposing a growing rift with the US leader over his war on Iran.

(4) Sales at LVMH’s biggest division fell at the start of this year as the war in the Middle East crimped demand for Louis Vuitton and Dior products.

(5) Hungary’s next leader Peter Magyar said he won’t stand in the way of Ukraine receiving a €90 billion ($105 billion) loan from the European Union that was blocked by the outgoing Prime Minister Viktor Orban.

(6) A Ukrainian war hero is taking President Zelenskiy's office in a new direction, and might offer a glimpse of Ukraine’s political future.

Podcast Conversation: Is the Pope American? No, He's Catholic

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

On today's podcast:

(1) US President Donald Trump’s threat to blockade the Strait of Hormuz after talks with Iran collapsed over the weekend risked widening a war now entering its seventh week, lifting oil prices and raising the prospect of further economic pain around the globe.

(2) Oil surged while stocks and bonds fell after President Donald Trump ordered a blockade of the Strait of Hormuz, heightening tensions with Iran following the collapse of weekend peace talks.

(3) The UK will not take part in the proposed US blockade of the Strait of Hormuz, setting up yet another point of contention between President Donald Trump and Prime Minister Keir Starmer over the conflict in Iran.

(4) Peter Magyar, Hungary’s next prime minister, outlined sweeping changes after ending Viktor Orban’s 16-year rule in a landslide election victory that will redefine the country’s ties with the European Union, Russia and the US administration of President Donald Trump.

(5) Hungary’s forint surged to a four-year high after Prime Minister Viktor Orban conceded defeat in Sunday’s election, with the pro-European opposition’s victory expected to help unlock billions of euros in European Union funding.

Podcast Conversation: Iran Talks Show Limits of Pakistan Peace Push: Karishma Vaswani

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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 – a look ahead to earnings from Netflix and a focus on three bank stocks for the week ahead.
• In the UK – a look ahead to the next election in Hungary.
• In Asia – a look ahead to Spain Prime Minister Pedro Sanchez's trip to China.

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