Honestly this comes down to where you want the comfort most.
16 hours in premium economy sounds nice on paper, but it’s still a long time to not be able to fully lie flat. Meanwhile, a 7 hour business class leg where you can actually sleep properly might feel way more valuable, especially heading into Europe.
That said… doing the longest leg in anything less than business is always a bit painful.
If it were me, I’d probably lean toward having business on the second leg just to arrive a bit more rested, but neither option feels like amazing value for the points tbh.
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