Crypto News: Brussels Edition: Gunning for Google

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

The EU, which has flirted over the years with breaking up Google, may have to get in line behind the US. Enforcers at the US Department of Justice said in court filings that they are considering asking a federal judge to force the tech giant to sell off parts of its business to offset antitrust concerns. It's something the EU has contemplated for a while, with outgoing competition chief Margrethe Vestager saying last year that "divestiture is the only way" to settle worries over how Google favors its own services to the detriment of ad tech rivals. While EU and US regulators eye dismantling the behemoth, Google is girding for more regulatory pressure from the EU under the Digital Markets Act.

— John Ainger and Sam Stolton

Looming Crisis | France will unveil a shock remedy for swelling deficits this evening that aims to reassure skeptical bond investors and navigate forceful opposition in a fractured parliament. The plan, which will require some stiff cuts, is an early test for Prime Minister Michel Barnier. Here's what to watch.

Spain Eco Min | The EU and China should continue talks to avoid an escalation of protectionist measures that would lead to a "lose-lose" situation for both economies, Spain's Economy Minister Carlos Cuerpo said in Bloomberg TV interview. "We need to keep on negotiating, to keep all avenues for dialogue open," he said.

War Aid | EU nations gave preliminary backing to a non-refundable loan package for Ukraine of up to €35 billion backed by immobilized Russian central bank assets as it seeks to sustain Kyiv's war efforts. But Hungary is still blocking changes to a sanctions plan that would unlock a large US contribution, saying the debate should wait until after the US election.

EU Rebuke | Commission President Ursula von der Leyen issued a withering rebuke of Viktor Orban as years of frustration over the Hungarian prime minister's pro-Russian policies led up to a face-to-face confrontation in the European Parliament. Here's how she systematically took Orban down a peg.

Securities Test | The EU is moving ahead with plans to boost its asset-backed securities market by testing the waters with those who'll be using them. The Commission is floating a wide range of potential measures, including a continent-wide securitization platform, as part of its effort to deepen the region's markets.

Sick Man | The German government revised down its growth forecast for this year to a contraction of 0.2%, the latest sign Europe's biggest economy is struggling to shake off a prolonged period of inertia. It would mark only the second instance of consecutive years of shrinking GDP since West and East Germany were reunified in 1990.

Trade Upset | Traders of everything from soybeans to coffee to rubber have been working for months to line up supplies to meet the EU's deforestation rules — and paying premiums to farmers who raise qualifying crops. But the bloc's move to delay the law by a year has upended all those long-set plans.

No Volt | Sweden's National Debt Office has ruled out activating $1.5 billion in credit guarantees for Northvolt. They were tied to a now-halted expansion of the troubled battery manufacturer's main factory. The latest blow comes as the company sought bankruptcy protection for one of its units this week.

Hold Fire | ECB Governing Council member Peter Kazimir has offered the only real resistance so far to a third cut of the year in interest rates next week — despite that outcome looking more and more assured. Here's why he thinks the "done deal" of a rate cut may not be warranted.

Europe is poised for a deluge of diesel imports this month as a surge in shipments from the US coincides with super-sized cargo arrivals from Saudi Arabia. The influx will hit a European market in which Germany, France, Spain, Italy and the UK have all reported patchy demand this year. It's on course for the highest average flow since February last year, when the EU banned the purchase of Russian fuels in protest over the war in Ukraine.

All times CET

10 a.m. Commission President von der Leyen holds news conference with Moldovan President Maia Sandu in Chisinau
12 p.m. NATO Secretary General Mark Rutte and British Prime Minister Keir Starmer deliver remarks in the UK
4 p.m. Press conference after EU interior ministers meet in Luxembourg
EU competition chief Margrethe Vestager joins G-7 industry and technology ministerial meeting in Rome
Council President Charles Michel gives a speech at the ASEAN Business and Investment Summit in Laos

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