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Speaker 1: Good morning, I'm.

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Speaker 2: Nathan Hager and I'm Karen Moscow. Here are the stories

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Speaker 2: we're following today.

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Speaker 1: We begin with the high stakes meeting between Presidents Joe

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Speaker 1: Biden and she Jinping. They met for more than four

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Speaker 1: hours on the sidelines of the APEX summit in San Francisco.

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Speaker 1: President Biden called his discussions with China's leader some of

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Speaker 1: the most productive he's ever had.

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Speaker 4: I've been meeting with President Sheeshu's both us for vice

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Speaker 4: president over ten years ago. Our meetings have always been

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Speaker 4: canda stradeforward. We haven't always agreed, but they've been straightforward,

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Speaker 4: and today build on the groundwork related over the past

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Speaker 4: several months of high level diplomacy between our teams, We've

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Speaker 4: made some important progress, I believe.

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Speaker 1: And President Biden's words were echoed by President she.

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Speaker 5: China is ready to be a partner and friend of

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Speaker 5: the United States. The fundamental princippos that we follow in

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Speaker 5: handling China US relations are mutual respect, peaceful co existence,

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Speaker 5: and wing wing corporation.

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Speaker 1: China's president spoke there through an interpreter, but after the gathering,

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Speaker 1: President Biden was asked whether he still considers China's leader

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Speaker 1: a dictator.

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Speaker 6: Look, he is.

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Speaker 4: I mean he's a dictator in the sense that he

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Speaker 4: is a guy who runs the country. That is collin

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Speaker 4: Cocu based on formagart totally different than ours.

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Speaker 1: And after President Biden's remark, China's Foreign ministry called the

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Speaker 1: statement extremely incorrect and irresponsible political manipulation.

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Speaker 2: Well Nathan asked for the actual meeting, Both Biden and

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Speaker 2: Shi jinping Is say they reached a number of agreements.

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Speaker 2: Bloomberg's ed Baxter has that part of the story.

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Speaker 6: As well as fentanyl. High on President Biden's list is

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Speaker 6: opening communication between the country's militaries.

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Speaker 4: We're reassuming military to military contact direct contacts. As a

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Speaker 4: lot of you press know follow this that's been cut

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Speaker 4: off and it's been worse, and that's how accidents happened.

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Speaker 6: Biden also saying the two agreed on finding ways to

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Speaker 6: control ai Biden also says he was assured that China

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Speaker 6: has no plan to invade Taiwan. Now. She did say

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Speaker 6: that he told Biden that the US should not have

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Speaker 6: plans to suppress China and also ask for sanctions to

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Speaker 6: be removed. In San Francisco, I'm at Baxter Bloomberg Radio.

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Speaker 7: And thank you.

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Speaker 1: Some of Wall Street's elite attended dinner with Si Jinping.

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Speaker 1: Black Rocks Larry Fink and Stephen Schwartzman of Blackstone were

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Speaker 1: among the top executives seated at the Chinese leader's table,

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Speaker 1: according to a program seen by Bloomberg News. Other big

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Speaker 1: names and attendance were Apple's Tim Cook, Bridgewater associates Ray Dalio,

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Speaker 1: and Pesla says Elon Musk also met with President she yesterday.

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Speaker 2: Well Nathan some major developments out of Washington to avoid

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Speaker 2: a government shut down. In a late night vote, the

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Speaker 2: Senate overwhelmingly approved the House's short term spending bill. Bloomberg's

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Speaker 2: Amy Morris reports from Washington.

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Speaker 8: President Biden is expected to sign the bill that will

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Speaker 8: extend government funding at current levels through two deadlines, one

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Speaker 8: in mid January, the other in early February, but the

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Speaker 8: bill did not include aid for Israel nor Ukraine. Senate

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Speaker 8: Majority leader Chuck Schumer says that will be lawmaker's next

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Speaker 8: priority after the holiday break.

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Speaker 9: Both sides genuinely care about approving aid to Israel and

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Speaker 9: Ukraine and helping innocent civilians in Gaza, so I hope

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Speaker 9: we can come to an agreement even if neither side

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Speaker 9: gets everything they insist on.

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Speaker 8: And now the risk of partial government shutdown moves to

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Speaker 8: January as House Speaker Johnson faces criticism from within his

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Speaker 8: own party because he did not include deep spending cuts

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Speaker 8: or changes to immigration policies. In Washington, Amy Morris Bloomberg.

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Speaker 1: Radio, Thank you. We now turned to the latest developments

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Speaker 1: in the war in the Middle East. The Israeli military

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Speaker 1: says it found a Hamas command center, weapons and technological

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Speaker 1: assets at the Alshifa Hospital in Gaza City. Middle Eastern countries,

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Speaker 1: including Jordan and Turkey, have condemned the raid. Israeli Prime

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Speaker 1: Minister Benjamin Netanyahu, speaking through an interpreter says he makes

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Speaker 1: no apologies for sending troops in.

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Speaker 3: But we were told that we would not reach the

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Speaker 3: outskirts of Gaza city. We arrived. We were told that

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Speaker 3: we won't end to Shifa, but we entered, and in

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Speaker 3: this spirit we say simple thing. There is no place

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Speaker 3: in Gaza that we will not reach.

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Speaker 1: Prime Minister Natanya, whose comments come as The Washington Post

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Speaker 1: reports discussions are underway on a potential deal that would

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Speaker 1: see Hamas free fifty women and children hostages in exchange

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Speaker 1: for an extended pose and fighting, and the release of

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Speaker 1: some Palestinians held in Israeli prisons.

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Speaker 2: Well, Nathan, we turned to the markets now, and shares

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Speaker 2: of Cisco plunging, the drop coming after it gave a

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Speaker 2: disappointing forecast. We get more from Bloomberg's Doug Prisner.

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Speaker 7: CEO Chuck Robbins, who's trying to rea doue Cisco's dependency

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Speaker 7: on one time sales of equipment by pushing deeper into

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Speaker 7: software and services such as security. But the transition isn't

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Speaker 7: complete enough to cushion Cisco from smaller corporate budgets, and

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Speaker 7: the company is now projecting the weak environment. Will Linger

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Speaker 7: because customers are taking a break from new orders to

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Speaker 7: installed gear they've already received. In New York, I'm Doug Prisner,

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Speaker 7: Bloomberg Radio.

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Speaker 3: All right, Doug.

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Speaker 1: Thanks, and Cisco's shares are down nearly eleven percent in

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Speaker 1: the pre market. Earnings continue this morning, with the nation's

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Speaker 1: biggest retailer reporting. Get a preview of that from Bloomberg's

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Speaker 1: Tom Busby.

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Speaker 10: Walmart's expected to report that sales growth slow to four

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Speaker 10: percent last quarter. That's less than half the pace from

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Speaker 10: just a year ago as consumers pulled back on their

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Speaker 10: discretionary spending, but sales of food and healthcare products should

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Speaker 10: be resilient and outpaced demand for that general merchandise adjusted

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Speaker 10: ernis per share estimated to be a dollar fifty two

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Speaker 10: total revenue of one hundred and fifty nine point one

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Speaker 10: three billion dollars. Tom Buzby, Bloomberg Radio.

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Speaker 2: All right, Tom, Thanks. Well. In Europe, shares a Berber

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Speaker 2: down almost nine percent. The UK luxury retailer is warning

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Speaker 2: this year's revenue target maybe out of reach after sales

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Speaker 2: barely grew in the most recent quarter.

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Speaker 1: And Karen, we have a big deal for chocolate lovers

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Speaker 1: this morning. US Candy company Mars, has agreed to buy

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Speaker 1: the UK's Hotel Chacalott Group for more than six hundred

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Speaker 1: and sixty million dollars. That price tag represents one hundred

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Speaker 1: and seventy percent premium to Hotel Chachalot's closing price yesterday.

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Speaker 2: All right, Nathan, thanks, it's time now for a look

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Speaker 2: at some of the other stories making news around the world.

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Speaker 1: For that, we're joined by.

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Speaker 2: Bloomberg's Amy Morris. Amy, Good morning, Good.

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Speaker 1: Morning, Karen.

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Speaker 11: US.

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Speaker 8: Capitol police officers say one person was arrested following protests

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Speaker 8: outside Democratic National Convention headquarters in Washington, DC as part

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Speaker 8: of a pro Palestinian rally. Protesters got into a shoving

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Speaker 8: match with Capitol police officers that arrest being made for assault.

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Speaker 8: Six Capital officers also suffered minor injuries. Pepper spray was

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Speaker 8: used on protesters and DNC members were evacuated. Billionaire Elon

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Speaker 8: Musk endorsed an anti Semitic post on x the social

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Speaker 8: media site that he owns, that attacked members of the

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Speaker 8: Jewish community for pushing dialectical hatred against white people. Musk

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Speaker 8: said in his reply to the post, quote you have

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Speaker 8: said the actual truth. Musk has repeatedly been criticized for

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Speaker 8: promoting content attacking Jewish people at a time of rising

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Speaker 8: anti semitism. After a year of strikes in Hollywood and

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Speaker 8: the auto industry, now it's Starbucks turn. The union representing

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Speaker 8: thousands of Starbucks workers is staging a one day walk

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Speaker 8: out today, coinciding with the Red Cup Day. It's one

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Speaker 8: of the coffee chain's busiest days of the year. Daisy

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Speaker 8: feederspiel Bayer is a supervisor in Seattle.

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Speaker 11: I really wish that I could be in there serving

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Speaker 11: you coffee. I do, but with the drastic understaffing and

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Speaker 11: the toll that that takes on our barista's Unfortunately, we

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Speaker 11: have to push for better and we aren't getting that

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Speaker 11: from Starbucks right now.

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Speaker 8: Starbucks Workers United represents nine thousand employees at three hundred

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Speaker 8: and sixty stores. They want better wages, benefits, and the

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Speaker 8: right to bargain. The Thanksgiving travel rush is about to begin.

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Speaker 8: Bloomberg's Nancy Lions with the latest The.

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Speaker 12: Transportation Security Administration says the official travel window lasts twelve days,

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Speaker 12: beginning Friday and running through to the Tuesday after Thanksgiving.

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Speaker 12: During that time, the TSA expects to screen twenty eight

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Speaker 12: million passengers. John Bush is Federal Security Director for the TSA.

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Speaker 13: The best tip we can offer is to ask everyone

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Speaker 13: to arrive early for your flights. The recommendation is always

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Speaker 13: two hours before domestic flight three hours before an international flight,

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Speaker 13: and that's going to be even more important this coming

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Speaker 13: holiday weekend.

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Speaker 12: Bush says they do have the staffing and the technology

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Speaker 12: in place to ensure that everything runs smoothly. In Washington.

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Speaker 12: Nancy lyons Bloomberg Radio.

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Speaker 8: Global news twenty four hours a day and whenever you

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Speaker 8: want it with Blueberg News Now, I maybe Morrison, this

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Speaker 8: is Bloomberg Karen Amy.

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Speaker 2: Thank you well. We do bring you news throughout the

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Speaker 2: day right here on Bloomberg Radio. But now, as Amy said,

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Speaker 2: you can get the latest news on demand whenever you

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Speaker 2: want it. Subscribe to Bloomberg News Now to get the

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Speaker 2: latest headlines at the click of a button. Get informed

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Speaker 2: on your schedule. You can listen and subscribe to Bloomberg

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Speaker 2: News Now on the Bloomberg Business app, Bloomberg dot Com

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Speaker 2: plus apples, Spotify, and anywhere else you get your podcasts.

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Speaker 2: Time now for the Bloomberg Sports Update. Here's John stash Hour.

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Speaker 14: John Daren should be a good Thursday night game to

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Speaker 14: kick off Week eleven in the NFL. It's an AFC

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Speaker 14: North battle between the Bengals and Ravens in Baltimore. Both

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Speaker 14: teams at four game winning streaks come to an end

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Speaker 14: this past Sunday, losing right at the end of their game.

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Speaker 14: Cincinnati beaten by Houston, and the Ravens blew a two

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Speaker 14: touchdown lead and lost to Cleveland. The Baltimore quarterback is

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Speaker 14: Lamar Jackson.

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Speaker 15: Every game is a musk win for us, you know,

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Speaker 15: not just cousin is in a division game, but we

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Speaker 15: we definitely, I believe our team is definitely a lot

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Speaker 15: hungrier just for more happened Sunday in a division loss

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Speaker 15: in the closed game. We definitely hungry as well.

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Speaker 14: So the Clinton Browns had that big win in Baltimore,

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Speaker 14: led by their quarterback Deshaun Watson. He was fourteen to

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Speaker 14: fourteen of the second half. He battled an ankle injury,

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Speaker 14: and yesterday it was learned that his season is over

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Speaker 14: because of a fractured shoulder. He needs surgery. He's had

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Speaker 14: shoulder problems before. Justin Fields has been out three games

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Speaker 14: with the thumb injury in Chicago. He's expected to return

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Speaker 14: on Sunday NBA in Philadelphia, Battle in the East and

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Speaker 14: the Celtics beat the Sixers one seventeen to one oh seven.

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Speaker 14: Facing Tatum led the way twenty nine points, eight rebound,

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Speaker 14: six assists. The Celtics are nine and two. The Sixers

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Speaker 14: were eight and one. They've now lost their last two.

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Speaker 14: Milwaukee beat Toronto for the new Buck Damian Lillard thirty

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Speaker 14: seven points thirteen assists. The Wizard struggles continue a home

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Speaker 14: loss to Dallas one thirty to one seventeen. The MAVs

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Speaker 14: are nine and three. The Wizards are two and none.

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Speaker 14: The Knicks but one by two in Atlanta. John stash

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Speaker 14: That were Bloomberg Sports.

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Speaker 16: From coast to coast, from New York to San Francisco,

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Speaker 16: Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg

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Speaker 16: Business app, and Bloomberg dot Com.

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Speaker 1: This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We've

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Speaker 1: made some important progress. We heard those words from President

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Speaker 1: Biden after his first meeting in more than a year

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Speaker 1: with the leader of the People's Republic of China, Shi Jinping.

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Speaker 1: President says two leaders are restoring military to military communications

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Speaker 1: and they plan to keep talking at the highest levels in.

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Speaker 4: The United States, will continue to compete vigorously at the PRC,

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Speaker 4: but will manage that competition responsibly so doesn't veer into

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Speaker 4: conflict for accidental conflict.

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Speaker 1: That was President Biden after his more than four hours

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Speaker 1: sit down with China's leader on the sidelines of the

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Speaker 1: APEX summit in San Francisco, and joining us with more

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Speaker 1: from Singapore is Berg News Managing editor Derek Wallbank. Derek,

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Speaker 1: it's good to have you back with us this morning.

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Speaker 1: Going into these talks, the White House said just talking

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Speaker 1: would be a deliverable. What kind of deliverables can we

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Speaker 1: say We're gleaned from this gathering between Presidents s Biden

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Speaker 1: and shape Well.

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Speaker 17: Nathan, they certainly talked.

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Speaker 3: You know.

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Speaker 16: Yeah.

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Speaker 17: It's funny because in that relationship here, we've seen ebbs

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Speaker 17: and flows between real, real static, real problems, and and

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Speaker 17: times when it has seemed maybe a little bit sunnier,

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Speaker 17: maybe a little bit more placid. I borrow an observation

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Speaker 17: that Singapore's Foreign minister made last week at the Bloomberg

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Speaker 17: New Economy Forum here in Singapore, which was that you

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Speaker 17: shouldn't on US China relations confuse weather with climate. Things

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Speaker 17: might look a little bit more peaceful right now, certainly

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Speaker 17: in the face of this meeting that seemed to go

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Speaker 17: mostly okay, But the for all climate of the US

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Speaker 17: China relationship is still one with a lot of tension points.

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Speaker 17: There were not major fundamental issues resolved here. This is

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Speaker 17: not like we have a giant breakthrough on Taiwan, for example.

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Speaker 17: So so whether a little bit nicer climate overall still

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Speaker 17: very much progressing in the in the in the ways

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Speaker 17: that it was.

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Speaker 1: Sticking with the weather analogy, I guess maybe one dark

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Speaker 1: cloud in that otherwise sunny gathering could be that question

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Speaker 1: that the President received from a reporter when asked whether

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Speaker 1: he still considers China's leader a dictator, and he basically said.

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Speaker 17: Yes, he did, he said, he said emphatically yes. And

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Speaker 17: and look, this is one of those things where China

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Speaker 17: does take offense to this. You know, they don't like

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Speaker 17: the term, they don't like it being used about them.

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Speaker 17: But at the same point, the thing I think that

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Speaker 17: bears watching is whether or not China blow it up

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Speaker 17: into a whole big thing and says, right, well, this

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Speaker 17: is some offense and we want to change the tenor

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Speaker 17: of our leader to leader engagement or the relationship more broadly,

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Speaker 17: it doesn't initially seem like that is happening. Remember Joe

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Speaker 17: Biden said this before, and we're still on a path

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Speaker 17: where they've gone to me, she went to the United States.

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Speaker 17: That's actually something that's a big symbol for this meeting.

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Speaker 17: So I'm not sure that that's necessarily going to derail

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Speaker 17: everything here. Where I think it's much more likely if

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Speaker 17: you were looking for risk problems is to look in

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Speaker 17: the South China Sea, specifically off the coast of the Philippines,

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Speaker 17: and some of the territorial disputes that are there, some

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Speaker 17: of the trade disputes that are there. Those are places

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Speaker 17: that I think are potential fracture points. But look, if

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Speaker 17: you're sitting there saying are things a little bit better

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Speaker 17: in the relationship between China and the US than they

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Speaker 17: were this time yesterday, the answer is yes, they are

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Speaker 17: a little bit better. You're going to see maybe some

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Speaker 17: small tangible things including possibly, let me say, you might

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Speaker 17: see some pandace come back to the US.

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Speaker 1: We did hear that mentioned right by the leader of China.

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Speaker 1: But when it comes to those small steps in our

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Speaker 1: last minute here, Derek, what are some of the broader

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Speaker 1: issues that could still lead to some of these overarching

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Speaker 1: tensions that we do continue to see between the US

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Speaker 1: and China.

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Speaker 17: Well, I think, you know, on the good side, you've

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Speaker 17: seen that the US and China are trying to do

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Speaker 17: a little bit more on reducing fentanyl. On the good side,

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Speaker 17: you are seeing Biden said they're agreeing to talk a

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Speaker 17: little bit more military to military, and Biden said that

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Speaker 17: they had an open line between the two of them.

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Speaker 17: If one calls the other, they'll pick up the phone.

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Speaker 17: But I do think on that broad thing, that the

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Speaker 17: broad issue of trade, the broad issue of of China's

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Speaker 17: state craft and military ambitions, those are real fracture points,

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Speaker 17: and those are as I say, structural climactic fracture points,

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Speaker 17: and that's going to be something that these two countries

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Speaker 17: are going to have to very carefully manage going forward

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Speaker 17: to make sure that they don't actually escalate.

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