The Trump administration is reportedly preparing for the president to nominate Kevin Warsh to be the next Federal Reserve chair. Warsh, a former Fed governor and one of the four finalists on Trump’s shortlist to be the next central bank leader, is said to have visited the White House on Thursday. Gold and silver sold off heavily on the news, cooling a record-breaking rally. The Bloomberg dollar index climbed, gaining versus all its major peers, while the Treasuries drop was led by the long-end with 30-year yields jumping. 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, Guy Johnson and Tom Mackenzie. (Source: Bloomberg)

Siemens AG became Germany’s largest company by market value, overtaking SAP SE after the software firm’s shares plunged following a disappointing sales outlook.

US equity futures gain as large tech firms including Meta announce plans to spend more on AI. SAP and Microsoft lag as their cloud businesses disappoint. The dollar weakens amid debasement fears while gold extends its record rally. Oil prices rise as President Trump warns Iran of military strikes if a nuclear deal is not reached soon. Marija Veitmane of State Street and Joel Kulina of Wedbush discuss this earnings season. (Source: Bloomberg)

SAP SE shed €38.7 billion ($46.3 billion) in market value on Thursday after reporting disappointing financial results, knocking the software maker out of its place as Germany’s largest company.

Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. On today's show, President Trump has warned Iran to make a nuclear deal with the US or face military strikes even worse than last June, increasing pressure on the regime and propelling oil prices higher. Meta beat estimates, with its strong online ads business helping fund record AI investment. Meanwhile, Microsoft fell postmarket as underwhelming cloud sales took the shine off its capex spending. Deutsche Bank reported fourth-quarter fixed-income and currency revenue that beat estimates. Today's guests: Deutsche Bank CFO James Von Moltke & ABB CEO Morten Wierod. (Source: Bloomberg)

SAP SE shares fell the most in more than five years as current cloud backlog in the fourth quarter slipped to a level that Chief Executive Officer Christian Klein previously said would be a “disappointment,” adding to worries of how artificial intelligence will disrupt the software industry.

After years of eschewing big mergers, ServiceNow Inc. is on a deal spree. It has spent at least $12 billion this year on acquisitions or strategic investments.

SAP SE was sued by supply-chain artificial intelligence firm o9 Solutions Inc., which claimed three of its former executives stole trade secrets for the European software giant.

The executive board of SAP SE, Europe’s most valuable software company, is facing declining employee trust following recent job cuts and organizational restructuring, underscoring growing concerns about its senior leadership.