Crypto News: Brussels Edition: Orban's club

Welcome to the Brussels Edition, Bloomberg's daily briefing on what matters most in the heart of the European Union.

Far-right factions across the EU are forming new alliances that could strain their unity in the new European Parliament. Italy's League party leader Matteo Salvini — a junior member in Giorgia Meloni's government — yesterday pledged his support to Hungarian Prime Minister Viktor Orban's new nationalist grouping, with a view to exiting Marine Le Pen's Identity and Democracy family. The formation of Orban's alliance, which features his ruling Fidesz party and nationalists in Austria and the Czech Republic, could end the Hungarian leader's EU isolation. Salvini's move would come in the wake of a recent Meloni demonstration of ire with Brussels, as she voted against two EU appointments and abstained on a measure for a new term for Commission President Ursula von der Leyen.

— Samuel Stolton

Tighter Ties | Chancellor Olaf Scholz will travel to Warsaw today for the first joint cabinet meeting between the German and Polish governments since 2018, upgrading the relationship after Prime Minister Donald Tusk returned the nation to the European mainstream last year and France's lurch to the right throws ties off balance.

Meta Risk | Meta has been slapped with a warning from EU regulators over its subscription model for ad-free services on Instagram and Facebook, risking heavy fines under the bloc's Digital Markets Act.

UniCredit Appeal | UniCredit asked the EU General Court to assess the legality of a European Central Bank decision that forced the Italian lender to further reduce its Russian presence. UniCredit operates in Russia through a subsidiary with some 3,100 employees and over 50 branches.

Bulgarian Turmoil | Former Bulgarian Prime Minister Boyko Borissov's party proposed a government cabinet in a bid to end political turmoil. The plan includes a cabinet led under Premier-designate Rosen Zhelyazkov, which requires majority approval from parliament.

Poland Prices | Poland's government is reviving plans to help borrowers struggling to pay back the EU's costliest mortgages. Polish home prices grew at the fastest pace in the EU last year, helped by loan subsidies offered by the previous government.

Nvidia Charges | French antitrust enforcers are preparing to charge Nvidia with allegedly anticompetitive practices, as the world's most valuable chipmaker faces mounting regulatory scrutiny.

Paris Games | Air France-KLM warned of a revenue shortfall at its French operations this summer because passengers are avoiding Paris over concerns disruptions and high prices during the Olympic Games.

Hot Europe | Temperatures across most of Europe will rise again next week after a brief respite over the coming days. Wildfires are still raging in Greece, where authorities are under pressure to tackle dozens of blazes.

Mercedes Magic | Mercedes is preparing to unveil a range of new electric vehicle models after its first generation of battery-powered cars fell short. Previously, the world's biggest premium carmaker pared back plans on electrification after demand slowed, especially in Europe.

German inflation slowed after two months of accelerating as the country's economic recovery showed signs of stalling. Consumer prices rose 2.5% from a year earlier in June — down from 2.8% in May and in line with a Bloomberg survey of analysts. The scale of the retreat across Europe toward the 2% target will determine how quickly the ECB can lower interest rates following an initial move last month. Other factors weighing on the minds of policymakers include the political turmoil in France and the actions of other major central banks like the Federal Reserve.

All times CET

8 a.m. Hungarian ambassador to the EU Balint Odor speaks at European Policy Center event
3:45 p.m. US Ambassador to NATO Julianne Smit speaks to Bloomberg TV
Hungarian Prime Minister Orban will meet with Ukrainian President Volodymyr Zelenskiy in Kyiv, the Financial Times reports
European Parliament President Roberta Metsola chairs meeting of political group heads, with Commission chief von der Leyen.