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

Memories of transatlantic tensions and trade wars in the Donald Trump years are still raw for European policymakers and central bankers. Having only just now tamed inflation and still struggling with anemic growth, they’re looking with trepidation at the former president’s call for across-the-board tariffs, as well as his poll numbers, which put him neck and neck with Kamala Harris. Officials are quietly preparing for the shocks that might come if Trump wins. The EU has struggled to bring down inflation without harming growth, and several countries, including Germany, have outlined reinvigorating their economies as a top priority. With a war on its doorstep, Europe is in a weaker position than it was the last time Trump won. 

— Saim Saeed

Russia Hosts | Leaders of 32 countries will gather in the southwestern Russia city of Kazan today to attend the BRICS summit in a show of defiance to European efforts to isolate Vladimir Putin over the war in Ukraine. While the grouping wants to present itself as a counterweight to the EU and the US, its members are struggling to identify a direction for the group or agree on its membership, including potentially Turkey’s. 

Tight Vote | Moldovans voted in favor of opening a path to EU membership, but only by a razor-thin margin, highlighting a divide in the country over whether its future belongs with the West or with Russia. Some 50.5% of Moldovans voted in favor of the measure, with a margin of around than 13,000 votes, many of which came from Moldovans living abroad. 

Secret Insurers | Russian oil tankers are increasingly turning to shadowy methods to get insurance, which includes turning to local insurers and those based in Cameroon and Kyrgyzstan in a bid to circumvent Western sanctions. The new arrangements cast doubt over how payouts will be made, and whether they will be on time, in case something goes wrong. It’s also unclear what would happen if there’s a spill. 

‘Poor’ China | EU officials will challenge Beijing at the upcoming UN climate negotiations over its insistence that it’s still a “developing” country. That status exempts China from paying into a $100 billion kitty to assist countries in meeting their climate goals. That irks the EU, which is looking to China for help as it negotiates with countries that want to expand the fund to $1 trillion a year. 

Repair Job | France says its new plan will bring down its deficit to under 3% of GDP by 2029. The government will send it over to Brussels by the end of the month as part of a procedure to get an extension to seven years from four to repair public finances. The plans are pivotal in France’s efforts to restore fiscal credibility after repeated stumbles over the last year stemming from political instability.

Work Halted | Energy company Rapsol said it will stop its hydrogen projects in Spain because the government is considering making permanent a windfall tax on energy companies. The company told us it will hold back its project, which is expected to produce 350 megawatts. The tax was first approved in 2022 to raise revenue needed to address the cost-of-living crisis, but critics say it makes Spanish companies less competitive. 

Hungary’s Plan | Investors are wary of Viktor Orban’s increasing interventions to reinvigorate a sluggish economy and widening budget gaps. Hungary has imposed taxes on the financial sector, is asking banks to cap mortgage rates — and is thinking of allowing people to access private pension funds to renovate or buy homes. It will also quadruple a tax on short-term rentals like Airbnb as the country struggles to deal with a housing crisis in Budapest. 

Sales Down | Car sales in Europe fell in September for the first consecutive monthly decline in more than two years as the region’s economy continued to stagnate and consumers trimmed spending.

Digital City | War hasn’t prevented the capital of Ukraine from having one of the most digitalized city governments in the world. Whether it’s finding an air raid shelter or buying a bus ticket, Kyiv’s residents can do it via app, and almost all of them do — the app has 3.9 million downloads compared to its 3.6 million population. The process started during Covid, the city’s digital adviser tells us.

Moscow’s share of the EU’s LNG imports climbed to 20% in the first half of the year, compared with 14% in 2023. While Russia is no longer the EU’s top gas provider,  LNG from the nation remains a vital piece of Europe’s energy security. Demonstrating how connected Russia and the EU are in the LNG gas market, Belgium will resume transshipments of Russian LNG destined for Asia this month, even as a ban on the practice comes in next year.

All times CET

• 5:40 p.m. NATO Secretary General Mark Rutte and Estonian Prime Minister Kristen Michal hold joint news conference
• Economy Commissioner Paolo Gentiloni participates in IMF and World Bank annual meetings in Washington DC
• EU foreign affairs chief Josep Borrell delivers a lecture in Urbino, Italy
• European Parliament holds debates on financial assistance to Ukraine, a cease-fire in Lebanon and the a resolution on Taiwan