Bloomberg Daybreak: US Edition

On today's podcast:1) Nvidia Corp. delivered a surprisingly strong revenue forecast and pushed back on the idea that the AI industry is in a bubble, easing concerns that had spread across the tech sector. The world’s most valuable company expects sales of about $65 billion in the January quarter — roughly $3 billion more than analysts predicted. Nvidia also said that a half-trillion-dollar revenue bonanza due in coming quarters may be even bigger than anticipated. The outlook signals that demand remains robust for Nvidia’s artificial intelligence accelerators, the pricey and powerful chips used to develop AI models. Nvidia had faced growing fears in recent weeks that the runaway spending on such equipment wasn’t sustainable. Nvidia results have become a barometer for the health of the AI industry, and the news lifted a variety of related stocks.2) Bond investors are zeroing in on Thursday’s US labor market report, which is expected to either kill or rekindle waning expectations for a Federal Reserve interest-rate cut next month. The September payrolls report, due at 8:30 a.m. New York time after a delay caused by the government shutdown, will be the only official major jobs data published before Fed policymakers meet for the final time this year. A report showing a resilient employment situation could undercut the case for more rate cuts and dash hopes of a further rally in the $30 trillion US Treasuries market. A soft reading, on the other hand, could revive bets on a third consecutive quarter-point cut at the Dec. 10 meeting and boost a market that’s already headed for its best year since 2020. Odds of a December cut assigned by the market have steadily slipped in recent weeks as some policymakers pushed back against further easing while inflation continues to run above the Fed’s 2% target.3) President Trump has signed legislation to compel the Department of Justice to release files on the late, disgraced financier Jeffrey Epstein. Trump said in a social media post that he signed the legislation Wednesday, approving a measure he had spent months trying to block in a fight that inflamed tensions in his own party and threatened to undermine his agenda. The president’s signature marked a stunning about-face for Trump, who had assailed the effort to require the release of the government’s files on Epstein — a convicted sex offender, who was facing federal charges of trafficking underage girls when he died in jail in 2019. It followed a lopsided 427 to 1 vote in the House — where a lone Republican lawmaker provided the only no vote — and the Senate agreeing unanimously to send the measure to the president’s desk.See omnystudio.com/listener for privacy information.

Nvidia, the world’s most valuable company, gave a strong revenue forecast for the current period, helping counter concern that a global surge in AI spending is poised to fizzle. Sales will be about $65 billion in the fiscal fourth quarter, which runs through January, the chipmaker said in a statement Wednesday. Analysts had estimated $62 billion on average, with some predictions ranging as high as $75 billion. The outlook signals that demand remains strong for Nvidia’s artificial intelligence accelerators, the pricey and powerful chips used to develop AI models. Nvidia has faced growing fears that the runaway spending on such equipment isn’t sustainable. Nvidia shares gained about 4% in late trading after the report was released. They had been up 39% this year through the close.For instant reaction and analysis, Bloomberg Businessweek Daily hosts Carol Massar and Tim Stenovec speak with: Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners Bloomberg Tech Co-Host Ed Ludlow Bloomberg News Big Tech Team Leader Sarah Frier See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump’s firm control of Washington showed signs of weakening Tuesday as Congress voted to compel the Justice Department to release its files on sex trafficker Jeffrey Epstein, whose earlier ties to the president have been the subject of intense scrutiny. The legislation overwhelmingly passed the House in a 427 to 1 vote. Within hours, the Senate agreed unanimously that the bill would be passed without further action once it arrives in the Senate. It will then be sent to Trump, who has said he’ll sign it. Trump late Sunday relented on his prior opposition and directed Republicans to vote to release the files. Senate Republicans ignored calls by Speaker Mike Johnson to give the Justice Department additional leeway to withhold documents. 2) President Trump said he would formally designate Saudi Arabia as a major non-NATO ally in a further strengthening of ties between the two countries, capping a day of dealmaking between the US leader and the kingdom’s Crown Prince Mohammed bin Salman. The designation for nations with close strategic relationships with the US provides financing and priority access for purchases of certain military equipment, as well as the ability to participate in joint research efforts. Saudi Arabia will become the 20th ally designated under the status, joining other nations in the Middle East including Egypt, Israel, and Qatar. MBS, as Saudi Arabia’s de facto leader is known, was joined by prominent executives and celebrities including Elon Musk and soccer star Cristiano Ronaldo at the Tuesday evening event, with Apple CEO Tim Cook, Nvidia’s Jensen Huang, and FIFA President Gianni Infantino also in attendance.3) Wall Street will get a sense of where the billions of dollars being spent on artificial intelligence are going when Nvidia reports its earnings after the bell on Wednesday. Analysts expect the chip behemoth to show more than 50% growth in both net income and revenue in its fiscal third quarter. The reason is fairly straightforward. Microsoft Corp., Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. — which taken together represent more than 40% of Nvidia’s sales — are projected to increase their combined AI spending by 34% over the next 12 months to $440 billion, according to data compiled by Bloomberg. The risk is that these numbers could become unreliable if the big AI spenders, in particular closely held OpenAI, have to pull back on their commitments.See omnystudio.com/listener for privacy information.

On today's podcast:1) Global markets extended a broad selloff, with US stock futures signaling a fourth day of losses and Bitcoin briefly slipping below $90,000 as traders pulled away from speculative assets. S&P 500 futures fell 0.3% after the benchmark closed below its 50-day moving average in the previous session, a sign of scope for further losses. Bitcoin slid more than 1%. European stocks declined for a fourth day. Stock gauges across Asia were in the red, with Japan’s Nikkei 225 posting its worst day since April. Bonds were the biggest beneficiaries as investors sought havens, with the yield on 10-year US Treasuries dropping four basis points to 4.10%. The dollar held steady as gold fell closer to $4,000 an ounce. The cross-asset moves underscored continued unease over interest rates and tech earnings, with Nvidia Corp.’s report on Wednesday poised to test investor nerves over lofty valuations in the artificial-intelligence sector. Focus will then turn to the delayed September jobs report due Thursday, a key gauge for the Federal Reserve’s policy outlook.2) Federal Reserve Governor Christopher Waller repeated his view that the central bank should again lower interest rates when policymakers meet in December, citing a weak labor market and monetary policy that is hurting low- and middle-income consumers. In a speech titled ‘The Case for Continuing Rate Cuts’ delivered in London, Waller said another rate cut would represent good “risk management” by the rate-setting Federal Open Market Committee. He said he isn’t concerned about inflation accelerating or inflation expectations rising significantly given clear signs of softening demand for workers.3) Saudi Arabia’s Crown Prince Mohammed bin Salman will likely be greeted with great fanfare by President Trump during his visit to the White House on Tuesday. The crown prince hopes to secure an executive order from Trump to bolster Saudi Arabia’s security and potentially pave the way for a stronger defense treaty. The two are also expected to reach an agreement that would allow the kingdom to purchase F-35 stealth planes, despite Israel wanting to keep a monopoly on access. Discussions on the future of Gaza and the thorny issue of relations with Israel are on the agenda as well. There also remains tension over access to AI chips and nuclear technology.See omnystudio.com/listener for privacy information.

On today's podcast:1) The Justice Department would have to publicly release unclassified records relating to the late financier and convicted sex offender Jeffrey Epstein under a House proposal set for a vote this week. On Sunday, President Trump said House Republicans should vote to require the DOJ to release the files, effectively reversing a position he’d held for months. Trump has been under increasing pressure from some within his party to release the investigative materials on the disgraced financier, who ran an underage sex ring and died in prison in 2019. A congressional committee last week released some 20,000 pages of emails and other documents, pivoting attention away from the fight over the government shutdown and forcing the White House to respond.2) US airlines will be able to resume normal operations starting Monday after more than a week of government-mandated flight reductions. The US Department of Transportation and Federal Aviation Administration announced late Sunday they would lift cuts across 40 major US airports that were imposed during the government shutdown, starting from 6 a.m. Monday New York time. On Friday, officials earlier eased up on flight reductions, capping them at 3% from 6%. The cuts first went into effect on November 7th at a rate of 4% and were supposed to slowly increase to 10% by November 14th. However, the government froze the rate at 6% Wednesday, shortly before President Trump signed legislation to end the longest federal closure in US history. 3) Treasury Secretary Scott Bessent said President Trump’s proposal to send $2,000 “dividend” payments from tariffs to US citizens would require congressional approval. Trump, who has touted the billions raised in US tariff revenue this year, has talked about the checks as public frustration mounts over the cost of living. Speaking to reporters on Air Force One on Friday, Trump said the checks would go out sometime next year to “everybody but the rich.”See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Nvidia, Walmart, and Target. In the UK – a look ahead to the European Business Summit. In Asia – a look ahead to Japan’s upcoming GDP report. See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump is readying substantial tariff cuts designed to address high food prices and a series of new trade deals — including framework agreements with Argentina, Guatemala, El Salvador and Ecuador — as he seeks to address voter concerns over the cost of goods. The push comes after electoral victories for Democrats last week across a number of key state and local races where candidates stressed affordability concerns. Trade deals with Latin American countries unveiled Thursday will see the US reduce tariffs and barriers on common grocery items like beef, bananas, and coffee beans in a push to lower grocery bills that have for years frustrated Americans. Separately, Trump and other senior administration officials have previewed broader tariff exemptions that could cut levies on popular food products across the board. In interviews earlier this week on Fox News, Trump pledged to “lower some tariffs” on coffee while Treasury Secretary Scott Bessent suggested fruit imports would receive a break.2) Homeland Security Secretary Kristi Noem announced $10,000 bonus checks for Transportation Security Administration officers who worked without pay during the six-week government shutdown, calling the payments a reward for “exemplary service” under strain. Speaking at Houston’s George Bush Intercontinental Airport on Thursday, Noem said the move would help employees who took extra shifts to keep security lines moving as paychecks stopped. The shutdown, the longest in US history, shuttered large parts of the federal government for 43 days and left more than 800,000 workers without pay. Aviation was among the hardest-hit sectors: the Federal Aviation Administration cut flight capacity by 10% at major airports as air-traffic controller shortages mounted, and more than 9,000 flights were canceled nationwide. While Congress passed a funding measure late Wednesday, officials said it could take days to restore normal operations and clear payroll backlogs.3) Traders slashed the odds of a December US rate cut to below 50% after a string of Fed officials voiced skepticism about the need for a third straight move, citing the economy’s resilience and lingering uncertainty over inflation after the US shutdown. The question remains how the majority of policymakers are leaning, with several still uneasy about signs of labor-market weakness. Minneapolis Fed President Neel Kashkari said he didn’t support the US central bank’s last interest-rate cut, though he’s still undecided on the best course of action for its December policy meeting. Meantime, San Francisco Fed chief Mary Daly said it’s premature to decide whether policymakers should lower interest rates next month.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump signed legislation to end the longest government shutdown in US history, marking the official conclusion to a 43-day impasse that halted food aid to millions of households, canceled thousands of flights and forced federal workers to go unpaid for more than a month. Trump’s signature means the government can begin to resume normal operations, with federal workers expected back on the job starting Thursday. However it could still take days, or even weeks, for the federal bureaucracy to fully restart and dig out of the backlog after being closed since October 1st. Transportation Secretary Sean Duffy told reporters Wednesday he anticipated it could take as long as a week to start lifting flight restrictions at major airports.2) Democrats have returned to pressing President Trump on his ties to Jeffrey Epstein, highlighting a selection of emails in which the late financier and convicted sex trafficker suggested the president knew of his activities. A congressional committee on Wednesday released some 20,000 pages of documents, pivoting attention away from the ongoing government shutdown and forcing the White House to respond to an issue that has frustrated the president and drawn scrutiny from parts of his base. The new information came the same day that a new House lawmaker was officially sworn into office. Adelita Grijalva, an Arizona Democrat, immediately signed a petition forcing a vote on legislation to compel the Justice Department to release files on Epstein.3) Ukrainian President Volodymyr Zelenskiy implored European Union allies to overcome their divisions on the use of frozen Russian assets, saying fresh funding is critical for his war-battered economy to stay in the fight against Moscow. The EU has postponed until December a decision on tapping the Russian state assets to provide €140 billion ($162 billion) in loans to Ukraine, which needs new funding by early next year. Russia’s invasion has dragged well into its fourth year as Zelenskiy’s government deals with a battered economy and exhausted fighting forces in Europe’s worst conflict since World War II. With US funding halted, European governments have vowed to step up assistance to fend off a new threat from the Kremlin.See omnystudio.com/listener for privacy information.

On today's podcast:1) The US House of Representatives will be back at work Wednesday for the first time in 53 days to vote on a bill that would end the longest government shutdown record. The legislation would relieve the sharpest pain points, including delayed SNAP benefits, air travel chaos and government worker furloughs. But it won’t address the main trigger for the shutdown: the expiration of Obamacare premium subsidies that prompted Democrats to block a government funding bill in the first place. The small group of centrist Democrats who broke ranks with their party to end the shutdown won a promise from Senate Majority Leader John Thune that he’ll allow a vote on extending the subsidies - but no guarantees are in place. While some moderate Senate Republicans want to see the subsidies extended with conditions, like an income cap or minimum monthly payment, leading GOP voices on health-care policy are starting to pitch on alternative plans.2) President Trump will host financial industry executives for dinner Wednesday at the White House, according to two officials familiar with the plans, the latest effort by the administration to bring the country’s business elite behind his policies. JPMorgan Chase & Co. CEO Jamie Dimon is among the attendees, one of the officials said, speaking on condition of anonymity to detail the president’s plans. Nasdaq’s Adena Friedman was also among the chief executive officers invited, along with Goldman Sachs Group’s David Solomon, BlackRock’s Larry Fink and Morgan Stanley’s Ted Pick, according to people briefed on the event. The dinner comes as Trump faces rising political pressure on the economy and affordability — issues that anchored Democratic electoral wins in New Jersey and Virginia last week.3) Advanced Micro Devices - Nvidia's closest rival in AI chips - predicts accelerating sales growth over the next five years, driven by strong demand for its data center products. Annual revenue growth will average more than 35% over the next three to five years, Chief Executive Officer Lisa Su said Tuesday at a company event in New York. AMD’s AI data center revenue will increase by an average of 80% over the same period, she said. The stock rallied in extended trading Tuesday after executives also said adjusted profit will reach more than $20 a share and operating margin will exceed 35% in that time frame. AMD updated investors on its long-term outlook amid increasing concern that the massive spending on new computer systems for artificial intelligence work can’t continue at the current elevated levels.See omnystudio.com/listener for privacy information.

On today's podcast:1) A record-setting 41-day US government shutdown is on a path to end as soon as Wednesday after the Senate passed a temporary funding measure backed by a group of eight centrist Democrats. The Senate’s 60-40 vote Monday comes amid escalating flight disruptions, food aid delays and frustrations in a federal workforce that has mostly gone without pay for more than a month. The Republican-controlled House must still approve the spending package, which keeps most of the government open through Jan. 30 and some agencies through Sept. 30. But Speaker Mike Johnson said he expects it will pass quickly.2) Air travel disruptions mounted across the US as lawmakers pushed to end the federal government shutdown, with an air traffic controllers’ union warning of “the erosion of safety” as the critical workers missed their second-straight full paycheck. Almost 2,100 flights were canceled as of 6:15 p.m. in New York on Monday, according to data compiled by aviation analytics firm Cirium. That’s about 8.2% of the day’s 25,735 scheduled flights. Chicago O’Hare International Airport had the most cancellations, with nearly 25% of its scheduled flights scrapped. Over 16% of services in and out of Boston Logan Airport were scrubbed, as were 15% of trips at New York City’s LaGuardia Airport. The growing fallout stems from the Federal Aviation Administration’s directive to reduce flight capacity by 10% at the roughly 40 busiest US airports, a bid to alleviate what US aviation officials have said are signs of strain in the nation’s airspace system.3) President Trump said he “at some point” would reduce the tariff rate on Indian goods, saying the US was getting “pretty close” to a trade deal with New Delhi. The comments were the latest signal of a possible thaw in the trade dispute that has soured the relationship between Washington and New Delhi. Earlier this year, Trump slapped additional tariffs on India’s exports to the US in part to pressure New Delhi to stop buying Russian oil, raising the rates on many Indian goods to 50%. That added tensions to an already contentious negotiation over what the US has cast as India’s high levies and other barriers on American goods.See omnystudio.com/listener for privacy information.

On today's podcast:1) Democrats entered the shutdown seeking to renew tax credits to stave off insurance premium price hikes and to show voters they have the stomach for hardball negotiations in President Trump’s Washington. As the record-long shutdown neared its end more than a month later, they failed to achieve either. A group of eight Democrats on Sunday broke with the rest of their party — including Senate Minority Leader Chuck Schumer — to vote with Republicans to advance a bill to re-open the government on the impasse’s 40th day. That plan doesn’t include the extension of the Affordable Care Act subsidies that Democrats staked their shutdown fight on. They did get a pledge for a separate vote on the health-care tax credits in the coming weeks, but the prospects of Democrats landing a win from that endeavor are far from certain.2) More than 10,000 flights in the US were delayed or canceled on Sunday as snowy weather in Chicago added to the stress for airlines coping with a third day of US government-mandated restrictions on air travel. The bottlenecks were worst at New York’s airports, where federal officials imposed ground stops and ground delays to meter traffic. At LaGuardia Airport, more than half of departures were delayed, compared with 36% at Newark Liberty International Airport and 32% at John F. Kennedy International Airport, according to FlightAware. By late afternoon, 8,100 flights were delayed and 2,300 were canceled nationwide. Chicago’s O’Hare International Airport also faced hundreds of delays and cancellations as a winter storm threatened the airport, a major hub for United Airlines Inc. and American Airlines. About 190 flights were canceled at Delta Air Lines Inc.’s home base at Atlanta’s Hartsfield-Jackson International Airport.3) Treasury Secretary Scott Bessent said President Trump’s suggestion that Americans may receive a tariff “dividend” of at least $2,000 could come via the tax cuts passed in his signature economic policy bill earlier this year. Bessent was asked on ABC’s This Week about a social media post by Trump earlier Sunday that derided people who oppose tariffs and said a “dividend of at least $2000 a person (not including high income people!) will be paid to everyone.” Trump has been stepping up his defense of his tariffs regime since the Supreme Court on Nov. 5 heard arguments for a suit to get them thrown out. Several justices seemed skeptical, raising the possibility many of the levies could be overturned, forcing more than $100 billion in refunds and taking away a centerpiece of his second term.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Walt Disney and Paramount-Skydance. In the UK – a look ahead to Portugal’s Web Summit. In Asia – a look ahead to China Singles’ day. See omnystudio.com/listener for privacy information.

On today's podcast:1) Airlines across the US have started canceling flights scheduled for the coming days, as the longest government shutdown in history upends air travel and leaves thousands of passengers scrambling to firm up plans. With about 700 Friday flights already canceled by the four largest airlines, the world’s busiest aviation market has become a flashpoint in the long-simmering clash between Republicans and Democrats over federal funding as President Trump ramps up pressure to forge a deal. The Republican-led administration has said the reductions are necessary to keep flying safe amid staffing shortages brought on by the shutdown. At least one top congressional Democrat has called for more transparency to ensure the move isn’t politically motivated.2) Tesla Inc. shareholders approved a $1 trillion compensation package for Chief Executive Officer Elon Musk, the largest payout ever awarded to a corporate leader. More than 75% of the votes cast were in favor of the unprecedented pay plan, the company said Thursday at its annual meeting. The outcome caps a weekslong campaign by the electric vehicle maker’s board, its CEO and prominent retail investors to build support. The pay agreement clears a path for Musk, the world’s richest person, to become the first-ever trillionaire and expand his stake in Tesla to 25% or more over the next decade. To achieve the full payout, he’ll have to deliver on targets to significantly expand Tesla’s market value, revive its flagging car business and get the fledgling robotaxi and Optimus robotics efforts off the ground.3) China’s exports unexpectedly contracted in October as global demand failed to offset the deepening slump in shipments to the US, dealing a blow to an economy already slowing amid sluggish consumer spending and investment at home. Exports fell for the first time in eight months, dropping 1.1% from a year earlier, according to official data released Friday. Shipments to all nations except the US rose 3.1%, not enough to compensate for the more than 25% decline to America. Chinese exports have been resilient until now, as other destinations made up for drops in shipments across the Pacific Ocean. Sales abroad had grown every month since February, when activity slowed because of the Lunar New Year holiday.See omnystudio.com/listener for privacy information.

On today's podcast:1) The US will cut flight capacity by 10% at 40 high-volume markets across the country, though international routes will be spared, to alleviate pressure on air traffic controllers and the aviation system during what is now the longest government shutdown in history. The changes will start Friday, Transportation Secretary Sean Duffy said during a press briefing alongside the leader of the Federal Aviation Administration, Bryan Bedford. The agency plans to release the markets impacted on Thursday. The reductions are expected to be staggered, with US carriers informed Wednesday night that they should plan to cut flight volumes by 4% on Friday and 5% on Saturday, according to people familiar with the matter.2) The US government shutdown has become the longest in history, and with no sign of a resolution soon its economic toll is deepening. Now in its 37th day, the shutdown has surpassed the previous record set in early 2019 during President Trump’s first term. Every week that passes costs the economy anywhere from $10 billion to $30 billion, based on analysts’ estimates, with several landing in the $15 billion range. Senate Democrats, bolstered by big election wins for their party Tuesday, are doubling down on demands for Republicans to negotiate extending Obamacare premium tax credits, or see the government shutdown drag on.3) Zohran Mamdani clinched New York City’s mayoral race by campaigning against wealth inequality and promoting affordability. Now, he faces the challenge of delivering on the promises that got him elected while coming to the table with the city’s wealthiest residents, who have an outsized influence on the city’s politics, economy and revenue. At least one early Mamdani appointment shows that he is intent on taking a progressive approach toward business and economics. The mayor-elect has tapped former Federal Trade Commission chair Lina Khan to his transition team, a figure who raised the ire of corporations and dealmakers with her tough stances on antitrust cases. But Mamdani also said on Wednesday that he looks forward to meeting with JPMorgan Chase & Co.’s Jamie Dimon and other business leaders to discuss the city’s future, emphasizing the need for collaboration despite policy differences.See omnystudio.com/listener for privacy information.

On today's podcast:1) Democrats swept the three major local elections in the US on Tuesday by wider-than-expected margins, giving the beleaguered party a much-needed boost 10 months into President Donald Trump’s second term. In New York, voters elected 34-year-old Zohran Mamdani, a democratic socialist, as mayor after he deployed a social media-savvy campaign and joined up with two progressive icons, Vermont Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez. Mamdani — who will be New York’s first Muslim and South Asian mayor when he takes office Jan. 1 — campaigned on making the global business hub more affordable by using higher taxes on the wealthy to pay for free buses and city-run grocery stores, overcoming many voters’ concerns about his pro-Palestinian views.2) Abigail Spanberger, a 46-year-old former CIA officer who left the House of Representatives after three terms in January, will be the first female governor in Virginia, a state that’s front-and-center in the battle over the government shutdown and efforts to trim the federal workforce. Likewise in New Jersey, Representative Mikie Sherrill, a former Navy helicopter pilot, won a race in which pocketbook concerns about utility bills, health care and schools were more central than culture war issues or government giveaways. About 6 in 10 voters in Virginia and New Jersey described themselves as “angry” or “dissatisfied” with the current state of the country, according to an exit poll conducted by the Associated Press, compared to just one-third who said they were “enthusiastic” or “satisfied.” Meanwhile, California voters passed a ballot measure that could flip as many as five congressional seats to Democrats from Republicans, handing Governor Gavin Newsom a major political victory in his fight against President Trump.3) The fate of the majority of President Trump’s tariffs is in the hands of the US Supreme Court after lower courts ruled that they were issued illegally under an emergency law. The tariffs have remained in place to allow the Trump administration to appeal to the highest court, which is scheduled to hear arguments today. The Supreme Court case doesn’t touch upon the duties imposed on certain product categories using different legal foundations. For example, the Trump administration has put in place levies on steel, aluminum, automobiles, copper products and lumber by harnessing Section 232 of the 1962 Trade Expansion Act. Those tariffs depend on Commerce Department investigations that concluded that imports of such products pose a national security risk.See omnystudio.com/listener for privacy information.

On today's podcast:1) Zohran Mamdani’s lead heading into the New York City mayoral election has withstood a furious push from Republicans, establishment Democrats and a coalition of Wall Street dealmakers. Aspects of Mamdani’s campaign that some thought would doom his candidacy — his vociferous criticism of Israel’s actions in Gaza, his past calls to defund the police and his refusal to flee from the political label of socialist — haven’t turned off a plurality of New York voters, despite a torrent of campaign spending from some of the city’s wealthiest residents. Instead, the 34-year-old assemblyman’s campaign — with its focus on core economic concerns combined with an online charm offensive and occasional searing barb at his critics — is working well enough that some political observers see a model for future Democratic candidates and races. Nationally, Tuesday’s results could provide a muddled message for Democrats. 2) Governors’ races in Virginia and New Jersey and California’s redistricting ballot measure are among the elections on ballots Tuesday, providing a barometer of voter sentiment ahead of the 2026 midterm elections. While Mamdani’s progressive campaign has given him a lead in New York, the candidates leading the polls in governor’s races in New Jersey and Virginia — Representative Mikie Sherrill and former Representative Abigail Spanberger, respectively — come from the more centrist range of the Democratic spectrum. The race in New Jersey has tightened in the past few weeks between Democratic Representative Mikie Sherrill and Republican Jack Ciattarelli, as voters express dismay over high electricity bills and general affordability issues under the state’s current Democratic governor. Republicans would love to eke out a victory there — even as polls narrowly favor Sherrill — after President Donald Trump endorsed Ciattarelli and called him “100% (PLUS!)” on the MAGA agenda.In Virginia, Democratic Representative Abigail Spanberger looks likely to prevail over the Republican Lieutenant Governor Winsome Earle-Sears. The huge number of federal workers in Northern Virginia, frustrated by the government shutdown and the DOGE cuts, gave Spanberger a built-in constituency. And she’s made sure to talk about issues key to local voters — inflation, schools, health care — rather than solely going with an anti-Trump message. If Democrats lose one of these races, expect even more hand-wringing over the party’s tarnished national brand and its inability to capitalize on Trump’s unpopularity.3) As the government shutdown enters its 34th day, lawmakers face mounting pressure to reach a resolution. Major US airports are facing staffing shortages leading to ground delays, the distribution of food assistance is up in the air, and more federal workers are missing paychecks as the shutdown is on track to become the longest in history. Senators are increasingly optimistic about finding a path to reopen the government, but any resolution will likely have to wait until after tomorrow’s off-year elections, which could sway either side to move depending on the results.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump sat down with CBS' 60 Minutes - as heard on Bloomberg Radio - for a long-ranging discussion on the government shutdown, tariffs, and border security. Trump says immigration raids “haven’t gone far enough” despite videos showing physical confrontations among federal agents, immigrants and protesters. Trump also said that he could use the Insurrection Act to use professional military, instead of the National Guard, to US cities “if I wanted to.” The president’s comments come after his administration expanded a federal program that deputizes local police to enforce immigration laws, signing up nearly 16,000 officers across 40 states as part of an effort to boost deportations, according to data reviewed by Bloomberg News. 2) President Trump said he would skip attending the Supreme Court hearing this week over the legality of his worldwide tariffs regime. The court is scheduled on Wednesday to hear Trump’s appeal of a lower court’s ruling that many of his “Liberation Day” tariffs exceeded the president’s emergency power to regulate imports. Trump had said he felt an “obligation” to watch in person as the Supreme Court weighed his power to impose tariffs. If he had attended, he would have been the first sitting president in US history to attend oral arguments at the high court.3) The summit between Chinese President Xi Jinping and President Trump was a breakthrough in bilateral relationship where the Asian giant was treated as an “equal partner” of the US, according to David Daokui Li, a regular policy adviser to Beijing. Speaking to Bloomberg TV on Monday, Li described a sense of enthusiasm among his peers in Beijing following the leaders’ meeting in South Korea last week. The exchange led to a one-year trade truce, although it didn’t address core differences between the world’s two largest economies.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week In the US – a look at how earnings are impacting global markets In the UK – we preview the Bank of England rate decision In Asia – looking ahead to the RBA Decision and Chinese economic data See omnystudio.com/listener for privacy information.

On today's podcast: 1) The mood in US stock markets has been lifted again by strong earnings from Apple and Amazon to round up the week of mega-cap results. Futures for both the S&P 500 and Nasdaq 100 were higher after both indexes sunk on Thursday. Apple forecast a major surge in sales for the holiday season to provide assurance to investors that the iPhone remains a growth driver, while Amazon’s cloud division notched its best quarterly growth in almost three years. That’s smoothed out the setback in the big tech and AI narrative from the mixed reception to results from Meta Platforms, Microsoft and Alphabet. 2) Nvidia CEO Jensen Huang still hopes to sell chips from the company’s Blackwell lineup to customers in China, though he has no current plans to do so, he told reporters Friday. Blackwell is Nvidia’s latest generation of artificial intelligence semiconductors, figuring prominently as a potential bargaining chip in trade talks between the US and China. Licensing the sale of those products did not figure in the discussion between President Trump and his Chinese counterpart Xi Jinping this week, with the US leader saying Nvidia and the Chinese government will have to keep talking about the $5 trillion company’s access to the Asian nation’s market. 3) President Trump called on Senate Republicans to vote to get rid of the filibuster in the upper chamber, amid a government shutdown that has lasted nearly a month. Because of the filibuster rule in the US Senate, most legislation needs 60 votes to pass. While a majority of lawmakers could revise those rules, both parties have largely resisted doing so to preserve their ability to shape legislation when outside of the majority. During the recent funding showdown, Democrats have refused to support a Republican bill offering stopgap funding unless the GOP agrees to extend healthcare subsidies.See omnystudio.com/listener for privacy information.

On today's podcast: 1) President Trump and Chinese President Xi Jinping agreed to extend a tariff truce, roll back export controls and reduce other trade barriers in a landmark summit on Thursday, potentially stabilizing relations between the world’s biggest economies after months of turmoil. In the first sitdown between leaders since Trump’s return to the White House, the pair agreed China would pause sweeping controls on rare-earth magnets in exchange for what Beijing said was a US agreement to roll back an expansion of restrictions on Chinese companies. The US will also halve fentanyl-related tariffs on Chinese goods, while Beijing resumes purchases of soybeans and other agricultural products. The US is also extending a pause on some of its so-called reciprocal tariffs on China “for an additional year,” the Commerce Ministry in Beijing said in a statement, adding that China “will properly resolve issues related to TikTok with the US side.” Trump said he would visit China next April, with Xi planning to head to the US afterward. Despite speculation that Trump might make additional concessions — including the US opening access to Nvidia Corp.’s most advanced Blackwell line or changing its policy toward Taiwan — the president indicated that those issues hadn’t been part of the discussions. Trump and Xi did discuss access to some of the chipmaker’s other products, however, with the US president saying he planned to speak with Nvidia CEO Jensen Huang. 2) The largest technology companies are betting on an AI future powered by gigantic complexes of data centers filled with humming servers. Now that the staggering cost of this push is coming into sharper focus, it’s testing nerves on Wall Street. Three bellwethers from different corners of the technology world – Alphabet Inc., Meta Platforms Inc. and Microsoft Corp. — together racked up some $78 billion in capital expenditures last quarter. That’s up 89% from a year earlier. Most of that cash was destined for data center construction and graphics processing units and other gear to fill them. Each increased their forecasts for future outlays. That was enough to rattle investors conditioned to expect enormous spending. 3) Treasuries fell the most in nearly five months after Federal Reserve Chair Jerome Powell cast doubt on a December interest-rate cut, even as a sagging labor market prompted policymakers to bring down borrowing costs Wednesday. While the central bank delivered a widely expected reduction in the benchmark lending rate to 3.75%-4%, Powell’s hawkish outlook ruffled the $30 trillion US bond market. At his afternoon press conference, Powell said a further reduction in rates at the December meeting “is not a foregone conclusion,” sending yields across tenors up by the most since June. See omnystudio.com/listener for privacy information.

Microsoft Corp. reported a steeper climb in spending than Wall Street expected, fueling anxieties about the high costs of providing AI infrastructure. First-quarter capital expenditures including leases, an indication of data center spending, came in at $34.9 billion, up from $24 billion in the preceding quarter, the company said Wednesday. Microsoft continues “to increase our investments in AI across both capital and talent to meet the massive opportunity ahead,” Chief Executive Officer Satya Nadella said in a statement. Total revenue increased 18% to $77.7 billion in the fiscal first quarter, while profit was $3.72 a share. Analysts on average estimated sales of $75.6 billion and per-share earnings of $3.68. The Azure cloud-computing unit posted a 39% revenue gain in the quarter when adjusting for currency fluctuations, beating the Wall Street estimate of 37%. Investor expectations for Microsoft were high heading into earnings, with all but one analyst tracked by Bloomberg rating the stock a buy. Meta Platforms said it expects total expenses to significantly increase in 2026, and will continue to invest at historic levels in artificial intelligence. The company also reported third-quarter net income of $2.71 billion, which included a one-time, non-cash income tax charge of $15.9 billion due to the implementation of the tax bill signed into law in July, Meta said in the statement. Without the accounting charge, Meta said net income would have increased 19% to $18.6 billion.Looking beyond the third-quarter, the company said it expects a “significant reduction” in US federal cash tax payments for 2025 and years to come due to the new law. Meta reported third-quarter sales of $51.2 billion, which beat analysts’ average estimate of $49.6 billion.For analysis of the tech earnings, Bloomberg Businessweek Daily spoke with Bloomberg Intelligence Senior Technology Analyst Anurag Rana and Ivan Feinseth, Research Director and Chief Investment Officer with Tigress Financial Partners.See omnystudio.com/listener for privacy information.

Bloomberg's Tom Keene, Jonathan Ferro and Lisa Abramowicz discuss remarks from Fed Chair Jay Powell following the Federal Reserve's latest policy decision on a special edition of Bloomberg Surveillance. Treasuries extended losses after Federal Reserve Chair Jerome Powell said a December interest-rate cut was not set in stone, even after delivering a widely expected quarter-point reduction to prop up the labor market. The central bank reduced its benchmark lending rate to 3.75%-4% in its second straight cut — though two officials dissented. “A further reduction in the policy rate at the December meeting is not a foregone conclusion, far from it,” Powell said in the opening comments of his press conference. In their post-meeting statement, Fed policymakers on Wednesday repeated their assessment that “job gains have slowed” and said “risks to employment rose in recent months.”See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said the US has a “special bond” with South Korea as he addressed a meeting of corporate leaders at the Asia-Pacific Economic Cooperation summit on Wednesday in Gyeongju. Trump’s visit to the conference comes as he’s looking to work through a series of outstanding issues in his trade deal with South Korea, and prepares for a high-stakes meeting on Thursday with Chinese President Xi Jinping. Meanwhile, Trump said he expects to lower tariffs the US has imposed on Chinese goods over the fentanyl crisis and speak with China’s Xi Jinping about Nvidia Corp.’s flagship Blackwell artificial intelligence chip, as leaders of the world’s biggest economies seek to ease tensions in a meeting on Thursday. Nvidia shares rallied in premarket trading on Wednesday, putting the stock on track to breach $5 trillion in market capitalization, making the semiconductor giant the first public company in history to hit the milestone.2) Hurricane Melissa made landfall in Cuba less than a day after it became the strongest recorded storm to strike Jamaica, where it left hundreds of thousands without power and forced hospitals to evacuate. Melissa crossed the coast in eastern Cuba as an “extremely dangerous” storm, the US National Hurricane Center said in a statement at about 3:10 a.m. Eastern Time on Wednesday. As much as 25 inches (63 centimeters) of rain and storm surges up to 12 feet (3.7 meters) above normal are expected.3) Vice President JD Vance said Tuesday he expects the Trump administration to pay military personnel on Friday, even as the government shutdown shows no end in sight. The administration circumvented Congress and moved about $8 billion in research and development funds to cover the military’s payroll on Oct. 15. But Republicans have cautioned that they could not guarantee paychecks for troops if the shutdown persisted.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump hailed the US’s alliance with Japan, reaffirming ties with a longstanding partner and praising new Prime Minister Sanae Takaichi on her plans to ratchet up defense spending as the pair met in Tokyo. Trump also offered optimism that the two sides had overcome their trade disputes. The pair later signed documents on trade and critical minerals intended to formalize some elements of a trade deal brokered under Takaichi’s predecessor, which includes a nebulous pledge for Japan to fund $550 billion in US projects. But documents from the White House on Tuesday suggested that the agreements remained ill-defined. The trade document simply “noted with satisfaction swift and continued efforts by both countries, and confirmed their strong commitment to implementing” their trade deal.2) Jamaican officials urged residents to brace for Hurricane Melissa as it tracked toward the island at Category 5 strength, packing intense rains and winds and threatening to cause widespread destruction. The storm’s winds are likely to cause “total structural failure,” the center said. That’s especially true for higher-elevation areas exposed to the brunt of the storm, where wind speeds could register as much as 30% stronger. If it maintains its strength, Melissa would be the first confirmed Category 5 storm — the highest on the Saffir-Simpson scale — to hit Jamaica.3) The Federal Reserve is expected to deliver a second straight interest-rate cut this week to support a wobbly job market. Any push to extend the easing cycle past October, however, may face renewed opposition from a group of officials who remain anxious over inflation. While the Fed’s dovish faction is, for now, winning the debate and securing lower rates, their rival camp of policymakers worry the cutting will go too far. Fresh data on consumer prices released Friday showed underlying inflation in the US rose in September at its slowest pace in three months. While that reaffirms the Fed’s plan to cut rates next week, the overall flat-lining of progress on cooling prices doesn’t bolster arguments for multiple additional cuts.See omnystudio.com/listener for privacy information.

On today's podcast:1) Top trade negotiators for the US and China said they came to terms on a range of contentious points, setting the table for leaders Donald Trump and Xi Jinping to finalize a deal and ease trade tensions that have rattled global markets. After two days of talks in Malaysia wrapped up Sunday, a Chinese official said the two sides reached a preliminary consensus on topics including export controls, fentanyl and shipping levies. US Treasury Secretary Scott Bessent, speaking later in an interview with CBS News, said Trump’s threat of 100% tariffs on Chinese goods “is effectively off the table” and he expected the Asian nation to make “substantial” soybean purchases as well as offer a deferral on sweeping rare earth controls.2) President Trump said he didn’t anticipate meeting with Canada “for a while” as he continued to stew over a TV advertisement by the province of Ontario that criticized his tariff regime. Trump in recent days has said he was increasing the tariff on goods from Canada by 10% over the ad, which features excerpts of former US President Ronald Reagan criticizing tariffs. Ontario Premier Doug Ford had said he would stop airing the ad after the weekend, but Trump has expressed frustration that the Canadian leader didn’t move to immediately pull the commercial, which has aired during US broadcasts of the World Series.3) As the US government shutdown stumbles toward the one-month mark, the effects of the standoff between Republicans and Democrats are being felt further away from the Capitol, as flights back up and food aid dwindles. US Transportation Secretary Sean Duffy warned that travelers will face more flight delays and cancellations in the coming weeks as the continuing shutdown exacerbates the air-traffic controller staffing crunch.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to the next Fed meeting and earnings from U.S tech giants. In the UK – a look ahead to European defense earnings. In Asia – a look at top interviews from the APEC Finance Ministers' Meeting in South Korea. See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump is aiming for a quick win in a pivotal Thursday meeting with Chinese counterpart Xi Jinping, even if the outcome falls short of the sweeping deal he’s teased on issues at the heart of the rivalry between the world’s two largest economies. Ahead of the sit-down, the US president said he wants to extend a pause on higher tariffs on Chinese goods in exchange for Xi resuming American soybean purchases, cracking down on fentanyl and backing off restrictions on rare-earth exports — all while maintaining some trade barriers he sees as essential.2) President Trump said he would immediately halt all trade negotiations with Canada, citing a Canadian advertisement against his signature tariffs plan featuring the voice of former President Ronald Reagan. The ad in question comprises excerpts from an address Reagan gave in 1987 in which he defended the principles of free trade and slammed tariffs as an outdated idea that stifles innovation, drives up prices and hurts US workers. Funded by the government of Ontario, the ad seeks to sow doubt among Republican voters by using one of the party’s most iconic voices. 3) Senate Democrats blocked a Republican measure aimed at paying military troops and some federal workers during the US government shutdown in the latest sign the spending deadlock shows no sign of ending. The vote on Thursday to advance the bill failed on a 54 to 45 vote, with 60 votes needed. Democrats have blocked a temporary spending measure 12 times in the Senate since, arguing that they cannot support it without new healthcare spending attached. Despite the ongoing shutdown, the Bureau of Labor Statistics is set to release the long-delayed September CPI report on Friday at 8:30 a.m. Eastern time.See omnystudio.com/listener for privacy information.

On today's podcast:1) Oil rallied after the Trump administration announced sanctions on Russia’s biggest oil producers, rolling out its first major package of financial punishments on President Vladimir Putin’s economy as part of a fresh bid to end the war in Ukraine. The Treasury Department blacklisted state-run oil giant Rosneft PJSC and Lukoil PJSC because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine,” according to a statement on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would meet Putin in the coming weeks and said repeatedly he believed Russia wanted to end the war.2) Chinese Vice Premier He Lifeng plans to meet with US officials in Kuala Lumpur from Oct. 24 to 27 for the next round of trade talks, aimed at defusing a standoff between the world’s two largest economies. The meeting will take place in the Malaysian capital to “discuss important issues” in the bilateral trade ties, the Commerce Ministry said in a Thursday statement. He, Beijing’s top trade negotiator, held a call with Treasury Secretary Scott Bessent last week ahead of the planned in-person summit.3) Former New York Governor Andrew Cuomo sought to cast State Assemblyman Zohran Mamdani as a frontrunner unprepared to actually be mayor of the largest US city in the final debate before New York City’s mayoral election. Mamdani, the 34-year-old Queens state lawmaker and democratic socialist, shocked New York City’s establishment when he won the Democratic primary for mayor in June, besting Cuomo by more than 12 points in a race where nearly every poll predicted Cuomo would win. The debate comes as some Republicans and prominent donors are calling upon GOP candidate Curtis Sliwa, founder of the Guardian Angels, to exit the race in order to help improve Cuomo’s odds against Mamdani.See omnystudio.com/listener for privacy information.

On today's podcast:1) Netflix shares fell in premarket trading on Wednesday after the streaming-video company reported third-quarter results it said were hurt by a tax dispute with Brazil. The results came in the wake of reports that Netflix and Comcast are among the companies weighing bids for parts of Warner Bros Discovery. Warner's board will evaluate “a broad range” of options, including a planned split-up of the company by mid-2026, an outright sale or separate deals for its studios and streaming or cable-TV units, according to a statement Tuesday. Separately, shares of Texas Instruments fell after the chipmaker gave an outlook that is weaker than expected, indicating that some customers are slowing orders as they navigate mounting trade tensions.2) Anthropic PBC is in discussions with Alphabet Inc.’s Google about a deal that would provide the artificial intelligence company with additional computing power valued in the high tens of billions of dollars, according to people familiar with the matter. The plan, which has not been finalized, involves Google providing cloud computing services to Anthropic, according to the people, who asked not to be named because the information is private. The deal will allow Anthropic to use Google’s tensor processing units, or TPUs — the company’s chips that are custom designed to accelerate machine learning workloads, one of the people said. Google is a previous investor in, and cloud provider for, Anthropic.3) President Trump predicted an upcoming meeting with his Chinese counterpart, Xi Jinping, would yield a “good deal” on trade — while also conceding that the highly anticipated talks may not happen. While Trump foresaw the sit-down as being “very successful,” he said the possibility remains that it could fail to materialize. The two leaders are scheduled to meet later this month at the Asia-Pacific Economic Cooperation summit in South Korea.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump signed a landmark pact with visiting Australian Prime Minister Anthony Albanese to boost America’s access to rare earths and other critical minerals, an effort to counter China’s tight grip on the supply chains of key metals. The two governments will jointly invest in a swathe of mines and processing projects in Australia to boost production of commodities used in advanced technologies from electric vehicles to semiconductors and fighter planes. Australia has an $8.5 billion “pipeline that we have ready to go,” Albanese said at a meeting between the two leaders at the White House.2) Small businesses are urging the US Supreme Court to affirm lower court rulings that President Trump's global tariffs amount to a massive illegal tax on American companies. The justices are set to hear arguments on whether Trump legally issued the tariffs under the 1977 International Emergency Economic Powers Act, a law that gives the president financial tools to address national security, foreign policy and economic emergencies.3) Senate Majority Leader John Thune says he will wait until President Trump meets with Russian President Vladimir Putin in the coming weeks before deciding to whether to bring legislation on Russia sanctions to a vote. The bill would give Trump the authority to impose tariffs of up to 500% on imports from countries that buy Russian energy products and are not actively supporting Ukraine. This specifically targets major consumers of Russian energy, such as China and India.See omnystudio.com/listener for privacy information.

On today's podcast:1) Israel said it had resumed a truce with Hamas in Gaza after heavy fighting over the weekend, with the sides accusing each other of breaching a deal brokered by President Trump. Around 9:30 p.m. Israel time on Sunday, the Israel Defense Forces said it had “begun renewed enforcement of the ceasefire” and warned it would “respond firmly to any violation.” Israel launched strikes against Hamas in Gaza and suspended aid shipments on Sunday after blaming the Iran-backed militant group for an ambush that killed two soldiers in the southern part of the strip. The IDF said it responded by hitting weapons-storage facilities and other sites. It also said it dismantled several kilometers of underground tunnels.2) President Trump listed rare earths, fentanyl and soybeans as the US’s top issues with China just before the two sides return to the negotiating table and as a fragile trade truce nears expiration. Trump also said the US wanted China “to stop with the fentanyl,” a reference to his accusation that Beijing has failed to curb exports of the drug and its precursor chemicals, contributing to the American opioid crisis. Another key demand was for the world’s No. 2 economy to resume soybean purchases. The three topics were all “very, you know, normal things,” he added.3) Japan’s ruling Liberal Democratic Party will sign a coalition deal with the Japan Innovation Party later Monday, according to the smaller party’s leader, a move that would set up Sanae Takaichi to become the country’s first female prime minister. The LDP and the JIP, also known as Ishin, have broadly reached an agreement and will announce the deal at 6 p.m., Hirofumi Yoshimura, Ishin’s co-leader told reporters, after speaking with Takaichi earlier in the day.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Tesla and Netflix. In the UK – a look ahead to European bank earnings. In Asia – a look ahead to a meeting between President Donald Trump and Australia Prime Minister Anthony Albanese. See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he would hold a second meeting with Russian President Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine. Trump and Putin agreed to meet in Budapest during a two-hour phone call on Thursday. Later, Trump expressed optimism that the summit could result in a ceasefire breakthrough even though an August meeting in Alaska failed to yield one. The conversation took place a day before Trump’s White House meeting with Ukrainian President Volodymyr Zelenskiy on Friday, who has pressed the US president to sell his country long-range Tomahawk missiles that can strike deeper into Russian territory.2) Zohran Mamdani and Andrew Cuomo sparred over experience and integrity in a heated New York City mayoral debate, while Republican Curtis Sliwa took aim at both rivals. Cuomo attacked Mamdani’s policies as radical, while Mamdani hit back over the former governor’s pandemic handling and harassment allegations. With the presence of President Trump looming large, candidates also clashed over public safety, antisemitism, and political credibility.3) Three weeks into the federal government shutdown, President Trump has avoided direct involvement in talks to end the stalemate, despite Democratic calls for him to lead negotiations. Republican leaders continue to resist linking health care subsidies to any funding deal, while the administration pushes forward with unilateral budget cuts and federal layoffs.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he authorized the Central Intelligence Agency to take covert action in Venezuela, citing the flow of drugs and illegal migrants into the US. Trump stated that Venezuelan leaders had "emptied their prisons in to the United States of America" and "we have a lot of drugs coming in from Venezuela".2) A federal judge in California froze the Trump administration's latest round of layoffs, saying the move is likely "illegal and in excess of authority." The judge issued a temporary restraining order to block terminations nationwide that were started last week and ordered the administration to provide a full accounting of all employees laid off and planned future layoffs.3) US Treasury Secretary Scott Bessent said the possibility of extending a pause of import duties on Chinese goods for longer than three months exists if China halts its plan for strict new export controls on rare-earth elements. The US and China have agreed to a series of 90-day truces, with the next deadline looming in November, and economists describe the latest moves by both sides as attempts to stack up bargaining chips ahead of a likely leaders’ meeting.See omnystudio.com/listener for privacy information.

On today's podcast:1) President Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the relationship between the world’s two largest economies. Trump on Tuesday cast the potential move as retaliation against Beijing for its refusal to buy American soybeans, which he said “is an Economically Hostile Act” that is purposefully “causing difficulty for our Soybean Farmers.” China remains well supplied with the oilseed, largely thanks to South American purchases. 2) President Trump pledged to release a list of federal programs slated for cuts later this week, the White House’s latest threat to slash the federal bureaucracy and put pressure on Democrats to end the impasse over the shutdown. The threat is the latest effort from the White House to make the shutdown — now in its 14th day — as painful as possible for Democrats. It also marks another end-run by the administration around Congress, which determines how federal funds are spent. The White House has already terminated more than 4,000 federal workers and suspended funding for clean energy and transportation programs in Democratic-run states, escalating the standoff with Democrats.3) Federal Reserve Chair Jerome Powell signaled the central bank may stop shrinking its balance sheet in the coming months, an important shift necessary to preserve liquidity in overnight funding markets. The Fed chair also indicated labor-market prospects continue to worsen, a message that supports investors’ expectations for another interest-rate cut this month. Fed officials have been winding down the central bank’s balance sheet since 2022 — a process known as quantitative tightening — reversing trillions of dollars of asset purchases designed to stimulate the economy after the pandemic struck. Earlier this year, the Fed slowed the pace by reducing the amount of bond holdings it lets roll off every month.See omnystudio.com/listener for privacy information.

On today's podcast:1) China has signaled it’s keeping communication channels open with the US after a series of tit-for-tat moves that intensified a confrontation between the world’s two biggest economies. The Ministry of Commerce on Tuesday reiterated “the door is open” to talks even as it defended China’s decision to implement export curbs on rare earths amid escalating trade tensions in recent weeks. The remarks came just hours after Treasury Secretary Scott Bessent said Beijing had failed to respond to US inquiries over the weekend following China’s announcement of export controls on products containing traces of certain rare earths. It marked China’s first major attempt to exercise long-arm jurisdiction over foreign companies that target the chip industry.2) President Trump used a one-day tour of Israel and Egypt to soak in the praise from fellow leaders and lay out a vision for broader Middle East peace after the success of US-led mediation efforts to end the fighting in Gaza. Yet the nascent ceasefire remains fragile, with many key details left to be worked out. Trump said food and aid has begun to flow into Gaza, which has been devastated by the conflict. “Numerous countries of great wealth” have pledged reconstruction funds, Trump added, though he did not name them. 3) House Minority Leader Hakeem Jeffries is calling Democrats in his chamber back to Washington Tuesday - the 14th day of the government shutdown - despite GOP leadership nixing votes, according to a Democratic lawmaker and two leadership aides. House Republican leaders announced Friday that the chamber will stay out, after originally having been scheduled to be in session. This is the third week in a row Johnson has canceled votes, keeping House lawmakers in their districts amid the government shutdown.See omnystudio.com/listener for privacy information.

On today's podcast:1) Hamas freed seven living Israeli hostages from the Gaza Strip on Monday morning, following a US-led deal reached late last week. The Palestinian militant group released them to the International Committee of the Red Cross and they were then passed over to the Israeli military. The rest of the living hostages, 13 in total, are expected to be freed later in the day. Around 10 a.m. Israel time, the Israeli military said the Red Cross is on its way to an additional meeting point in the southern Gaza Strip, where several more hostages will be handed over. The release of the first hostages came just before President Trump’s arrival in Israel for a Middle East trip to celebrate the ceasefire deal clinched last week, also with Egyptian, Qatari, Turkish mediation. Trump has said the agreement should end the devastating two-year conflict in Gaza.2) President Trump’s administration signaled openness Sunday to a deal with China to quell fresh trade tensions while also warning that recent export controls announced by Beijing were a major barrier to talks. Vice President JD Vance called on Beijing to “choose the path of reason” in the latest spiraling trade fight between the world’s two leading economies, claiming that Trump has more leverage if the fight drags on. Trump later posted a statement that hinted at a possible off-ramp for Chinese President Xi Jinping while issuing a veiled threat that a full trade war would wound China.3) President Trump said he is directing the Defense Department to use funds his administration has identified to deliver paychecks to US troops on Oct. 15 despite the ongoing government shutdown. More than a quarter of a million federal employees missed scheduled paychecks this week, with another 2 million expected to go without pay by next week, which would be the third week of the shutdown. Under current law, US troops aren’t guaranteed backpay during a shutdown, unlike civilian employees. The Pentagon’s next military payday, Oct. 15, was shaping up as a key pressure point in the ongoing standoff between Republicans and Democrats over a stopgap spending measure.See omnystudio.com/listener for privacy information.

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings for U.S banks. In the UK – a look ahead to the annual New Energy Finance summit in London. We also focus on a conversation with Citadel CEO Ken Griffin from Citadel’s securities conference on gold. See omnystudio.com/listener for privacy information.

On today's podcast:1) Israel’s cabinet approved a deal that will see Hamas free all remaining hostages held in Gaza in exchange for around 2,000 prisoners, a major step toward ending a two-year war that’s killed tens of thousands of people and destabilized the wider Middle East. Israeli Prime Minister Benjamin Netanyahu’s coalition gave its approval overnight, around a day after negotiators for the warring sides reached an agreement in the Egyptian resort of Sharm El-Sheikh. The deal is based on a plan unveiled by US President Donald Trump late last month and followed days of talks mediated by the Americans, as well as Egypt, Qatar and Turkey.2) Congressional leaders continued to blame the other party for the US government shutdown as President Trump doubled down on his threats to use the stalemate, now entering its tenth day, to make sweeping cuts to Democratic priorities and the federal bureaucracy. There was no sign of progress as government workers and military personnel prepare for missed paychecks and the general public begins to feel the effects of the closure on everything from taxpayer services to air travel. 3) New York Attorney General Letitia James was indicted by a federal grand jury in Virginia, making her the second of President Trump’s perceived political enemies to be criminally charged in two weeks. James was charged with one count of alleged bank fraud and one count of making false statements to a financial institution. The indictment made public on Thursday follows allegations from Trump administration officials that James engaged in mortgage fraud.See omnystudio.com/listener for privacy information.

On today's podcast: 1) Israel and Hamas have reached a deal for the release of all hostages held by the militant group in Gaza, a major step toward ending a two-year war that’s devastated the Palestinian territory and triggered multiple conflicts in the Middle East as well as protests across the world. The agreement was reached early on Thursday after several days of indirect negotiations between the warring sides in the Egyptian resort of Sharm El-Sheikh. The ongoing talks were brokered by the US, Egypt, Qatar and Turkey and based on a plan unveiled by President Trump last week. 2) French President Emmanuel Macron said he’ll name a new prime minister by Friday evening, having for the time being avoided the need to call a snap election that would have deepened the political chaos in France. Outgoing Premier Sebastien Lecornu, who was tasked by Macron on Monday to negotiate with the political groups in the National Assembly, said sufficient progress had been made to allow work to begin on forming a new cabinet. 3) China has unveiled broad new curbs on its rare earth exports, as Beijing moves to shore up its trade war leverage ahead of a high-stakes meeting this month between Donald Trump and Xi Jinping. Overseas exporters of items that use even traces of certain rare earths sourced from China will now need an export license, the Ministry of Commerce said in a statement Thursday, citing national security grounds. Certain equipment and engineering technology will also be subject to controls, according to a separate release.See omnystudio.com/listener for privacy information.

On today's podcast:1) The Trump administration’s push to deny back pay to federal workers furloughed during the shutdown sets the stage for another round of legal battles over the president’s control of the workforce. The White House in a draft legal opinion Tuesday suggested it may withhold back pay from government employees when the shutdown ends, raising the threat of lost wages for potentially 750,000 civilian workers and stoking a broader clash over how much employees are owed after a shutdown ends. Meantime, spot gold smashed through $4,000 an ounce for the first time, as concerns over the US economy and the government shutdown added fresh momentum to a scorching rally.2) Outgoing French Prime Minister Sebastien Lecornu expressed optimism that an an accord can be reached to allow the formation of a new government without fully endorsing a new proposal to rethink a controversial pension law as demanded by the Socialists. 3) Teams from the US, Qatar, Israel and other nations are headed to Egypt as part of a final push for a deal with Hamas aimed at ending the two-year war that’s devastated Gaza and destabilized much of the Middle East. A US team that includes US special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner will join Qatar Prime Minister Sheikh Mohammed Bin Abdulrahman Al Thani and other senior officials in Sharm El-Sheikh.See omnystudio.com/listener for privacy information.

On today's podcast:1) With the US government shutdown closing in on the one week mark, President Trump showed signs of cracking Monday, sending mixed messages about the state of talks with Democrats on their biggest demand. Trump, who had remained on the sidelines of negotiations for days, on Monday said he was open to negotiating with Democrats over health care subsidies to bring an end to the funding stalemate, at one point suggesting those talks had already begun. The remarks appeared to mark a shift after days of Republicans maintaining they’d only consider a possible extension of Obamacare subsidies after Democrats first passed legislation to fund the government.2) A federal judge declined to quickly issue a temporary order blocking the Trump administration’s plan to deploy National Guard members to Chicago to counter protests against the US immigration crackdown, while urging the government to delay the controversial plan until she rules. US District Judge April Perry on Monday said she could not rule immediately on a request by Illinois for a two-week halt to the deployment, which would include National Guard troops under federal control from Illinois and Texas. She set a Thursday hearing for arguments.3) President Trump is pressing Israel and Hamas to secure a settlement to the two-year conflict that’s devastated Gaza and destabilized the Middle East, with the warring sides starting mediated negotiations. A key sign of progress in the talks, taking place in the Egyptian Red Sea resort of Sharm El-Sheikh, will be whether Hamas frees all the roughly 20 of its live hostages — plus the remains of those who are dead — in return for Israel releasing about 2,000 Palestinian prisoners. Indirect discussions between negotiators about preparing the conditions for that exchange got underway on Monday, AlQahera News reported on its X account, citing unidentified individuals. Egyptian and Qatari mediators are working with both sides to establish an appropriate mechanism.See omnystudio.com/listener for privacy information.