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Early results in the local elections showed Nigel Farage's populist Reform UK racking up sweeping gains over Prime Minister Keir Starmer's Labour. The results reaffirm a splintering of British politics that's seen the insurgent Reform and Green parties make up ground on the right and left. Bloomberg's Alex Morgan reports from London.

Alexandra Ivanova, fund manager at Invesco Asset Management, discusses the outlook for credit markets and where she sees opportunities. "Software has been one of the big underperformers," Ivanova tells Bloomberg Television. "There are places there that I think there are resilient businesses."

Commerzbank CEO Bettina Orlopp discusses the company's performance as the lender lifted its guidance for profit this year and outlined more job cuts. Orlopp also discusses the hostile takeover attempt by UniCredit, saying it would put a lot of revenue at risk. She speaks on Bloomberg Television.

Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

The shape-shifting artificial intelligence trade and the ongoing conflict in the Middle East dominated conversations in a week that saw strong earnings results. The Opening Trade spoke with leading market voices and company executives to get their take.

Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today's key themes for analysts and investors on "Bloomberg: The Opening Trade."

Fabio Bassi, head of cross-asset strategy at JPMorgan, discusses market sentiment as global equities rose on optimism that the US and Iran were nearing a deal. "The AI upstream theme is a critical diver of the dynamic of the equity market," Bassi tells Bloomberg Television. He adds that despite the oil supply shock in response to the situation in the Middle East, the message from earnings is still "positive."

US Ambassador to the EU Andrew Puzder says President Donald Trump could go ahead with a 25% tariff on European cars and trucks "relatively soon" if there is no progress on the bloc's ratification of a a trade deal that the two sides initially reached last July. Puzder talks with Bloomberg's Oliver Crook in Brussels.

Moody's Marc Pinto says private credit has proven resilient through a recent liquidity crunch, with software-heavy BDC portfolios holding up and troubled borrowers still low at around 0.5%. Pinto, the Global Head of Private Credit at Moody's Ratings, says the sector should continue expanding, though elevated redemptions are likely through year-end before stabilising closer to 5%. Pinto discussed the outlook on Bloomberg The Opening Trade with Anna Edwards, Guy Johnson and Tom Mackenzie.

Moody's Marc Pinto says private credit has proven resilient through a recent liquidity crunch, with software-heavy BDC portfolios holding up and troubled borrowers still low at around 0.5%. Pinto, the Global Head of Private Credit at Moody's Ratings, says the sector should continue expanding, though elevated redemptions are likely through year-end before stabilising closer to 5%. Pinto discussed the outlook on Bloomberg The Opening Trade with Anna Edwards, Guy Johnson and Tom Mackenzie.