Trump Doubles Down on Fed Changes, Burnham Risks Starmer Mistakes | The Opening Trade 7/2/2026

President Donald Trump and his allies are renewing a push to reshape the Federal Reserve after the Supreme Court this week blocked an effort to fire Governor Lisa Cook.

Top officials and outside allies are actively exploring ways to remove members of the Fed’s Board of Governors in Washington to clear the way for more of the president’s own picks, according to people familiar with the matter. Cook remains a target after the high court allowed her to stay in her job for now, as does former Chair Jerome Powell, said the people, who spoke on the condition of anonymity.

Some in the Labour Party are worried Andy Burnham risks repeating the mistake of not being sufficiently prepared for government, as he delays key personnel decisions. Burnham won’t announce key appointments until after the selection process for the Labour Party’s new leader formally concludes, which could give new ministers a slim window to prepare.

The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards and Tom Mackenzie.

Chapters:
00:00:00 – The Opening Trade
00:00:42 – Market Check
00:02:30 – Stocks Rebound
00:06:04 – Trump Push to Reshape the Fed
00:07:39 – Andy Burnham Eyes Warehouse Tax
00:14:23 – EuroNext Chairman & CEO Stephane Boujnah
00:17:43 – Mega IPOs in US are One-Time Events: Euronext CEO
00:25:21 – Bond Market Check
00:36:27 – French FinMin Roland Lescure on French Budget
00:43:09 – Jobs Data Eases Fed Concerns
00:47:45 – Stocks to Watch: UK Warehouse Stocks, Renk, Rheinmetall
01:03:52 – Spain June Services PMI Rises
01:07:19 – Private Credit Keeps $14 Billion Trapped
01:17:35 – SPX, Nasdaq See Best Quarter Since 2020
01:29:36 – Stoxx 600 Headed for Best Week Since May
01:32:22 – Pubs to Stay Open for England World Cup Match: Starmer
01:35:39 – Weekend: Taylor Swift Wedding, World Cup, Tour de France
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