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Speaker 1: News when you want it with Bloomberg News Now, I'm

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Speaker 1: Doug Krisner. China's economic recovery remains patchy, and it's putting

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Speaker 1: more pressure on Beijing to roll out supportive policies as

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Speaker 1: a way of juicing growth. Industrial output was up last

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Speaker 1: month at a rate of six point six percent from

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Speaker 1: last year. That beat the estimate of an increase of

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Speaker 1: five point seven percent, But on the other hand, retail

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Speaker 1: sales expanded ten point one percent, slower than the projection

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Speaker 1: of twelve and a half percent. US Treasury Secretary Janet

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Speaker 1: Yellen is planning to visit China again in twenty twenty four.

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Speaker 1: Yellen spoke in a keynote speech at the US China

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Speaker 1: Business Council dinner and spoke about US China relations.

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Speaker 2: And I plan to take my second trip to China's

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Speaker 2: Treasury Secretary, where a significant portion of the agenda will

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Speaker 2: focus on per communication on our actions from our outbound

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Speaker 2: investment regime to the rollout of additional Inflation Reduction Act

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Speaker 2: provisions to our sanctions, and we will keep pressing the

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Speaker 2: PRC on its national security actions, continuing to stabilize our

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Speaker 2: relationship to prevent escalation that won't make news.

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Speaker 1: That is Treasury Secretary Janet Yellen. European Union leaders have

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Speaker 1: been unable to agree on a new financial aid package

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Speaker 1: for Ukraine. The debate now is set to continue into

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Speaker 1: early next year as the EU struggles to counter concerns

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Speaker 1: that Western support for Ukraine is faltering. In the US,

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Speaker 1: Majority Leader Chuck Schumer says the Senate will delay its

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Speaker 1: holiday break. Schumer saying his chamber will return to Washington

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Speaker 1: next Monday to continue with negotiations, and he says there

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Speaker 1: will be a vote on national security aid packages sometime

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Speaker 1: next week.

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Speaker 3: This might be one of the most difficult things we

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Speaker 3: have ever had to work through, but we all know

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Speaker 3: that so much, so much hangs on our success. We

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Speaker 3: know the world is watching. We know autocrats like Putin

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Speaker 3: and She are hoping for us to fail. So we

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Speaker 3: need to try with everything we have to get the

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Speaker 3: job done.

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Speaker 1: That is Senate Majority Leader Chuck Schumer. Now, this move

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Speaker 1: by the Senate will be putting pressure on the House.

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Speaker 1: It has already left Washington until January. The House now

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Speaker 1: will be pressured to act early next month. President Biden

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Speaker 1: is urging Israel to be more cautious in its war

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Speaker 1: with Hamas. More from Bloomberg's Ed Baxter.

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Speaker 4: A bit of a change from the message he's delivered

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Speaker 4: for the last week. NSC spokesman John Kirby says keywords

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Speaker 4: are lower intensity.

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Speaker 5: Possible transitioning from what we would call high intensity operations,

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Speaker 5: which is what we're seeing them do now, to lower

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Speaker 5: intensity operations sometime in the near future.

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Speaker 4: Meaning more surgical operations aimed at mass leaders rather than

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Speaker 4: the current force. Biden says the focus should be getting Hamas,

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Speaker 4: but also saving civilian lives. I'm at Baxter, Bloomberg Radio.

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Speaker 1: City Group is shutting its municipal business, once the envy

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Speaker 1: of its rivals. Here's Bloomberg's Charlie Pellett.

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Speaker 6: It is one of the most dramatic moves yet by

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Speaker 6: CEO Jane Fraser, as she seeks to squeeze better returns

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Speaker 6: out of the Wall Street giant. According to a memo

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Speaker 6: to staff seen by Bloomberg News, the bank decided the business,

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Speaker 6: which has tumbled in the rankings for underwriting state and

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Speaker 6: local debt, is quote no longer viable given our commitment

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Speaker 6: to increase the firm's overall returns. Citygroup intends to complete

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Speaker 6: the wind down by the end of the first quarter.

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Speaker 6: In New York, Charlie Pellett Bloomberg Radio.

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Speaker 1: China is extending measures to encourage home buying in both

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Speaker 1: Beijing and Shanghai. We have more from Bloomberg's Juan Wong

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Speaker 1: in Hong Kong.

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Speaker 7: Beijing has cut the down payment in racial for second

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Speaker 7: homes to forty or fifty percent, subject to the property locations. Previously,

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Speaker 7: the threshold was sixty or eighty percent. The capital also

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Speaker 7: lowered it down payment racio for the first homes to

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Speaker 7: thirty Shanghai also announced similar downpayment cuts. The loosening is

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Speaker 7: the latest effort to stabilize China's real estate market from

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Speaker 7: a downward Spiro in Hong Kong. Join Wong, Bloomberg Radio,

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Speaker 7: and that is.

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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug

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Speaker 1: Chrisner and this is Bloomberg