Crypto News: Brussels Edition: Trump snubs Zelenskiy

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

Volodymyr Zelenskiy got a preview of the challenges to come in navigating Donald Trump's potential return to power. The Ukrainian president won't get a hoped-for meeting with the Republican candidate for the White House during his trip to the US, we're told. The snub follows Zelenskiy's visit with Joe Biden to an artillery-shell factory in the swing-state of Pennsylvania. That, along with an interview where Zelenskiy questioned Trump's pledge to negotiate a quick end to the war, alienated the Republican camp. At a campaign stop in Mint Hill, North Carolina, the candidate lashed out at Zelenskiy for making "little nasty aspersions." After using his address at the UN General Assembly to sharply criticize China for its role in the war, the Ukrainian leader is due to present his "victory plan" to Biden later today. Political maneuvering ahead of the November election is happening in Europe too. Donald Trump Jr. has taken the Republican campaign message to Serbia and Romania, saying his father would be a "great benefit" to eastern Europe.

— Max Ramsay

French Austerity | France's new government plans to cut spending after warning that the budget deficit had widened much more than expected. Finance Minister Antoine Armand said the country's fiscal "credibility" is on the line in the upcoming budget that'll be presented next month.

Perfect Storm | Europe's carmakers are facing deepening challenges, with weak demand for electric vehicles and rising costs, the head of the region's car lobby group told Bloomberg TV. That's not helping Swedish battery maker Northvolt, which is facing a liquidity crunch as it struggles to make deliveries to its customers.

Taoiseach Interview | Ireland's Simon Harris wants to see an ambitious agenda from the incoming competitiveness council, he told Bloomberg TV in New York. Harris also said Ireland would dedicate the nearly €14 billion tax bill it's receiving from a recent Apple court ruling for housing, energy and water infrastructure.

Gas Transit | The Commission is not involved in talks to facilitate the continued transit of natural gas via Ukraine to the bloc, according to a top official. Negotiations were continuing last week between some government and company officials over imports of gas from Azerbaijan to replace a transit deal with Russia that expires at the end of the year.

Landlord IPO | European real estate firms have raised $5.6 billion this year via equity offerings, we've calculated, triple the amount in the same period last year. Investor interest is returning to the previously beleaguered sector with the onset of interest rate cuts and low valuations.

Transfer Time | US investment firm Oaktree Capital Management has injected €47 million of new equity into Inter Milan after taking over the football club in May. Meanwhile, AS Roma-owner Dan Friedkin faces a potentially expensive new challenge with his effort to acquire Everton.

Chinese Challenge | Chinese carmakers with global expansion plans face a challenge: overcoming some consumers' perception that their EVs are lower quality. Take our quiz to see if you can tell the difference between an electric car made in China and one made elsewhere?

Munch Sale | One of Norway's largest collections of Edvard Munch paintings is up for sale after shipping heir and art enthusiast Petter Olsen was declared bankrupt. The collection includes several self portraits of the artist — but not his most famous work, The Scream.

The global economy is settling into a newfound stability as the stress of strong inflation eases, according to the OECD. The organization cautioned major central banks should take a "prudent" approach, cutting interest rates at a slower pace than they adopted when raising them in 2022 and 2023. The European Central Bank has taken a similar stance, opting for 25 basis-point moves.

All times CET

Ministers meet in Brussels for competitiveness council, with doorsteps from 9 a.m. and press conference around 3:30 p.m.
EU antitrust chief Margrethe Vestager meets Canada's competition commissioner, Matthew Boswell, in Ottawa
UN General Assembly continues in New York, with speech from Council President Charles Michel at 9 p.m.
The EU's top court rules after 9:30 a.m. on cases involving the Commission's handling of a Gazprom antitrust probe, the blocking of Carles Puigdemont's election to the European Parliament and Infineon's fight against an EU state aid ruling

Don't keep it to yourself. Colleagues and friends can sign up here.

How are we doing? We want to hear what you think about this newsletter. Let our Brussels bureau chief know.

Stay updated by saving our new email address

Our email address is changing, which means you'll be receiving this newsletter from noreply@news.bloomberg.com. Here's how to update your contacts to ensure you continue receiving it:

Gmail: Open an email from Bloomberg, click the three dots in the top right corner, select "Mark as important."
Outlook: Right-click on Bloomberg's email address and select "Add to Outlook Contacts."
Apple Mail: Open the email, click on Bloomberg's email address, and select "Add to Contacts" or "Add to VIPs."
Yahoo Mail: Open an email from Bloomberg, hover over the email address, click "Add to Contacts."