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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 2: Here, and we begin with the latest on the trade front.

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Speaker 2: Just days before expected talks with China and Malaysia, President

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Speaker 2: Trump has signed an agreement with Australian Prime Minister Anthony

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Speaker 2: Albanese to boost access to critical minerals and rare earths.

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Speaker 2: The deal is part of efforts to secure a stable

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Speaker 2: supply of critical minerals, with Australia positioning itself as a

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Speaker 2: viable alternative to China. President Trump says his administration is

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Speaker 2: still talking to Beijing about a trade deal.

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Speaker 4: I expect we'll probably work out a very fair deal

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Speaker 4: with President Chief of China, so most of you will

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Speaker 4: be with us. It's going to be very exciting, and

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Speaker 4: I think we're going to work out something that's good

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Speaker 4: for both countries.

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Speaker 2: President Trump spoke from the White House. The US China

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Speaker 2: trade truce is set to expire November tenth.

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Speaker 5: Well, Nathan.

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Speaker 3: The Supreme Court is set to hear arguments next month

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Speaker 3: over President Trump's global tariffs, But before that, a group

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Speaker 3: of small businesses is weighing in. They filed briefs urging

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Speaker 3: the High Court to affirm lower court rulings that the

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Speaker 3: tariffs amount to an illegal tax on American companies. One

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Speaker 3: of the companies, Learning Resources, says the President usurped Congress's

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Speaker 3: power to tax by invoking an emergency law that was

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Speaker 3: never intended to be used to impose duties on other countries.

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Speaker 3: A second brief, led by one and liquor, distributor of

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Speaker 3: VOS Selection, says the tariffs contradict with the nation's founders

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Speaker 3: intended by giving Congress the power to levy taxes.

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Speaker 2: And Karin, we're seeing the impact of US tariffs on

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Speaker 2: sales of luxury watches. Swiss watch exports fell in September,

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Speaker 2: hurt by the Trump administration thirty nine percent tariff on

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Speaker 2: imports from Switzerland. In fact, there was a fifty five

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Speaker 2: percent plunge in exports to the US, which is the

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Speaker 2: watch industry's largest market.

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Speaker 3: Meanwhile, in Washington, Nathan, the government remains shut down after

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Speaker 3: the Senate failed to pass Republicans stop gap funding bill

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Speaker 3: again yesterday. Republican Senator Ted Cruz says he thinks Democrats

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Speaker 3: are prolonging the shutdown.

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Speaker 6: They're fourteen thousand air traffic controllers who expected to come

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Speaker 6: into work but they didn't get a full paycheck. And

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Speaker 6: this needs to end. It's not right, it's not fair,

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Speaker 6: and I think Democrats are holding not only the US

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Speaker 6: government hostage, but holding the American people hostage.

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Speaker 3: Senator Ted Cruz tells Bloomberg he does not know when

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Speaker 3: the government will reopen. Meanwhile, Senate Minority Leader Chuck Schumer

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Speaker 3: says Republicans need to negotiate.

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Speaker 5: It's been over a month since the House of Representatives

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Speaker 5: even took a single roll call vote. That's shameful, that's derelict.

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Speaker 5: Government workers must work without getting paid. House Republicans get

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Speaker 5: paid without working.

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Speaker 3: And Senate Minority Leader Chuck Schumer says healthcare premiums are

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Speaker 3: a fix it now issue and should be negotiated before

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Speaker 3: the government reopens.

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Speaker 7: Well.

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Speaker 2: In the meantime, Karen, the shutdown is having an impact

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Speaker 2: on deal making. Anglo Dutch consumer goods company the Unilever,

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Speaker 2: has pushed back its d merger of Magnum ice cream.

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Speaker 2: The company says the Securities and Exchange Commission is unable

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Speaker 2: to declare effective the registration statement that's required for the

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Speaker 2: ice cream Company's shares to be admitted to the New

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Speaker 2: York Stock Exchange. Unilever does expect to complete the spin

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Speaker 2: off of Magnum this year, after initially being on track

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Speaker 2: for the middle of next month.

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Speaker 3: Now we get to the latest on the war in Ukraine.

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Speaker 3: Nathan Senate majority leader John Thune says he's hitting the

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Speaker 3: pause button on news sanctions legislation against Russia until after

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Speaker 3: President Trump's planned meeting with Russian President Vladimir Putin. The

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Speaker 3: bill would formalize sanctions that are already in place and

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Speaker 3: impose up to five hundred percent tariffs on imports from

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Speaker 3: countries that buy Russian energy products and are not actively

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Speaker 3: supporting Ukraine. During his meeting with Australian Prime Minister Anthony Albanize,

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Speaker 3: President Trump was asked if he still thinks Ukraine could

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Speaker 3: win the war.

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Speaker 4: Battles every well, but they could still win it. I

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Speaker 4: never said they would win it. I said they anything

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Speaker 4: can happened, UNI wars versus Range thing.

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Speaker 3: President Trump spoke at the White House. She plans to

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Speaker 3: meet with Putin and Budapest. After meeting last week with

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Speaker 3: Ukrainian President Vladimir Zelenski, the President came away from that

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Speaker 3: meeting undecided on whether to supply Ukraine with the long

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Speaker 3: range missiles.

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Speaker 2: Well, Karen, Amazon says all its cloud services are restored.

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Speaker 2: This follows issues that disrupted Internet use around the world

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Speaker 2: for about fifteen hours yesterday. Sarah Fryar covers tech for

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Speaker 2: Bloomberg News.

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Speaker 8: When a large chunk of the Internet is relying on

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Speaker 8: one service, there are all these cascading effects, right. They said,

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Speaker 8: there was an issue in a database that was loading

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Speaker 8: incorrectly and that just had this domino effect for a

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Speaker 8: large portion of the Internet.

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Speaker 2: Hundreds of sites, according to Bloomberg Sarah Fryar, including financial

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Speaker 2: services outfits Venmo and Robinhood, markets, apples, music and TV offerings,

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Speaker 2: software companies such as Zoom, Salesforce and Snowflake, food services

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Speaker 2: giants including Donald's, and gaming companies like Epic Games, even

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Speaker 2: Amazon's own services Alexa and the Ring home security system.

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Speaker 7: We're not immune.

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Speaker 3: Oh well, Nathan, erning you start to pick up this

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Speaker 3: week and Netflix report. After the close of trading today,

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Speaker 3: Bloomberg's Tom Busby has more on what investors expect to see.

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Speaker 9: Expect a combination of new hits like that blockbuster K

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Speaker 9: Pop Demon Hunter's movie and returning hits like the latest

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Speaker 9: season of Squid Games to give earnings a big boost,

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Speaker 9: along with growing advertising sales from its live sporting events

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Speaker 9: and its ad supported subscription tier. Also expect to get

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Speaker 9: a little boost from some favorable foreign exchange rates. Bloomberg

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Speaker 9: consensus calls for revenue of eleven point five two billion dollars,

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Speaker 9: less than half of that coming from the US and Canada,

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Speaker 9: and earnings per share of six dollars ninety four cents.

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Speaker 9: Tom Busby Bloomberg.

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Speaker 2: Radio, All right, Tom, thank you. Finally, maybe a little

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Speaker 2: cheaper to buy that Thanksgiving turkey. Next month, Walmart says

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Speaker 2: it'll offer its lowest prices in years for butterball turkeys

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Speaker 2: ninety seven cents per pound, the cheapest since twenty nineteen.

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Speaker 2: Turkey production's been tight due to shrinking flocks and the

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Speaker 2: resurgence of Avian flu.

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Speaker 3: Time now for look at some of the other stories

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Speaker 3: making news in New York and around the world, and

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Speaker 3: for that we're joined by a bloombergs Michael Barr Michael,

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Speaker 3: Good morning.

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Speaker 7: Good morning, Karen. Israel's military says Palestinian militants and Gaza

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Speaker 7: have handed over another body of a hostage the remains

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Speaker 7: of thirteen hostages have been handed over since the ceasefire began,

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Speaker 7: it is shaky at messed. After a weekend of deadly

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Speaker 7: clashes between the two sides. At the White House, President

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Speaker 7: Trump says he still believes the ceasefire will hold and

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Speaker 7: suggest other nations could get involved.

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Speaker 4: We had a dark cloud over the Middle East, and

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Speaker 4: now it's all I mean, we have a little situation

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Speaker 4: relatively with AMAS, and that will be taken care very

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Speaker 4: quickly if they don't straighten it at themselves.

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Speaker 7: Meanwhile, White House advisors Jared Kushner and Steve Whitcoff are

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Speaker 7: back in Israel this we Police in Atlanta say they

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Speaker 7: thwarted what could have been a mass shooting at one

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Speaker 7: of the country's busiest airports. Authorities say Billy Cagele of

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Speaker 7: nearby Cartersville drove to the south terminal of Atlanta's Hartsfield

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Speaker 7: Jackson International Airport to assess crowd levels, but police say

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Speaker 7: they were alerted to his activities by family members and

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Speaker 7: arrested him at the airport. Chief Darren shirebamb says they

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Speaker 7: found an assault rifle in his pickup truck.

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Speaker 6: I do believe the Michi Keagle was headed back to

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Speaker 6: his truck to retrieve it, and I do believe he

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Speaker 6: is likely to use that weapon inside the crowded terminal that.

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Speaker 7: He had just seen. Chief shire Bomb says Kegel was

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Speaker 7: not able to legally own a gun since he is

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Speaker 7: a convicted felon. New York City police are looking for

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Speaker 7: answers after a newborn baby was left in a subway

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Speaker 7: station during the busy Monday morning commute. An anonymous caller

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Speaker 7: led police to the baby at the station on West

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Speaker 7: thirty fourth Street and Seventh Avenue. Fortunately, the newborn girl

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Speaker 7: was wrapped in a blanket and is okay. New York

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Speaker 7: City Transit President Dmitrius Kritchlow called her the miracle on

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Speaker 7: thirty fourth Street.

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Speaker 5: Just grateful for the work of the miypdum responding and

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Speaker 5: caring for the baby.

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Speaker 7: Police brought the baby to Bellevue Hospital and JESU in

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Speaker 7: stable condition. Nicholas Arcosey entered prison after his conviction for

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Speaker 7: a criminal conspiracy, marking the first time a former French

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Speaker 7: president goes to jail. Sarkozy, who was convicted last month

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Speaker 7: after her AIDS, allegedly sought electoral funding from Libyan leader

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Speaker 7: Momarkadavi's regime has consistently denied any wrongdoing. Global news twenty

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Speaker 7: four hours a day and whenever you want it with

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Speaker 7: the Bloomberg News. Now, I'm Michael Barr, and this is

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Speaker 7: Bloomberg Karen.

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Speaker 3: Thanks Michael all the time. Now for our Bloomberg Sports Update,

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Speaker 3: and for that we bring in John Stashauer.

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Speaker 10: Thanks Darren a thrilling Game seven the and the American

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Speaker 10: League Championship Series in Toronto. Seattle took a three to

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Speaker 10: one lead to the seventh and in when George Springer

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Speaker 10: hit a three run homer off Edward Bizardo. The Blue

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Speaker 10: Jays won the game four to three and won the

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Speaker 10: series four to three. The World Series starting Friday, will

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Speaker 10: be the Blue Jays against the Dodgers nfil one Night

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Speaker 10: Football Detroit at home beat Tampa Bay twenty four to nine.

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Speaker 10: Seattle at home beat Houston twenty seven to nineteen. That's

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Speaker 10: your Bloomberg Sports Update.

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Speaker 3: Stay with us. More from Bloomberg Day Break coming up

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Speaker 3: after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning, I'm Nathan Hager. President Donald Trump has signed

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Speaker 2: a landmark deal with Australia to counter China's dominance in

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Speaker 2: rare earths, but the President is still sounding optimistic on

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Speaker 2: making a trade deal when he meets with Chinese President

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Speaker 2: Shi Jinping at the end of the month.

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Speaker 4: If we don't make a deal, we'll charge them a

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Speaker 4: very substantial tariff and they'll be paying US hundreds of

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Speaker 4: millions of dollars a year, which you're basically.

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Speaker 7: Paying right now.

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Speaker 2: And that was the President during his meeting with Australian

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Speaker 2: Prime Minister Anthony Albani's at the White House. And for more,

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Speaker 2: we're joined this morning from Hong Kong by Jenny Marsh,

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Speaker 2: Bloomberg's team leader for Greater China Economy and Government. Jenny,

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Speaker 2: good morning. Walk us through this deal that was struck

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Speaker 2: between President Trump and Prime Minister Albanese and what it

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Speaker 2: could mean for China's stranglehold on rare earths.

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Speaker 11: So Trump and alban Ezi have struck this deal to

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Speaker 11: help the US secure better access to China rare earth

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Speaker 11: to reds rather, I mean for China. This is interesting

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Speaker 11: because it shows that the US is now sort of

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Speaker 11: turning to other countries to try and secure these rare earths.

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Speaker 11: It's an eight point five billion dollar agreement, and you know,

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Speaker 11: the US is a significant ally in this because it

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Speaker 11: is currently home to the only company that is actually

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Speaker 11: sort of mine and processing heavy rares at the moment.

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Speaker 11: So Australia already in the past has helped Japan sort

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Speaker 11: of wean itself off rare earth dependence, and so now

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Speaker 11: the US is sort of turning to Australia to do

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Speaker 11: a similar thing for it as China sort of wheels

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Speaker 11: it's chocol over these supply chains.

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Speaker 2: So will this be enough in the short term for

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Speaker 2: the US to sort of wean itself off its dependence

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Speaker 2: on Chinese rare earths.

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Speaker 11: It's going to take a long time. I mean, this

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Speaker 11: eight point five billion dollar deal, you know, it's gonna

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Speaker 11: take things to the next level. They said that it's

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Speaker 11: going to take years. You know, there are sort of

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Speaker 11: various estems out there how long it takes for new

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Speaker 11: mines to come online. But you know, I think Goldman

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Speaker 11: Sachs had a note this morning saying, gibe eight to

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Speaker 11: nine years just for a new mine and then to

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Speaker 11: build out sort of the processing capabilities as well also

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Speaker 11: takes a very long time, and these plants are often

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Speaker 11: dependent on Chinese machinery, as we've seen in Malaysia. So

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Speaker 11: this is a step in the right direction. It's a

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Speaker 11: good thing that the US is sort of looking beyond

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Speaker 11: its own borders, you know, to that sake in empty materials.

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Speaker 11: But now it's sort of turning to the experts in

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Speaker 11: Australia as well to try and beef up its capabilities.

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Speaker 11: But you know, this isn't going to produce results of

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Speaker 11: any sort of meaningful scale that will allow the US

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Speaker 11: to sort of reduce its dependence on China for years,

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Speaker 11: you know, probably until after Trump's presidency finishes.

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Speaker 2: And of course this all comes after China announced these

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Speaker 2: restrictions on rare earth exports and that sort of upset

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Speaker 2: reaction that we heard from President Trump regarding that, is

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Speaker 2: this kind of deal what the US has struck with

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Speaker 2: Australia the kind of thing that could move China when

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Speaker 2: it comes to its own plans for rare earths.

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Speaker 11: I think this is exactly the kind of thing that

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Speaker 11: China's latest restrictions are aimed at stopping. Because those restrictions,

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Speaker 11: you know that China unveiled this month put curbs on

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Speaker 11: the export of machinery, and that sort of the ability

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Speaker 11: of foreign companies and plants to process the China is

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Speaker 11: helping to extract from the ground. And so when you

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Speaker 11: look at those curbs, what they're sort of really the

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Speaker 11: intention there is they want to try and keep this

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Speaker 11: leverage for as long as they can. You know, the

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Speaker 11: thing about putting these sort of export controls on a

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Speaker 11: product is they immediately sort of start a race for

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Speaker 11: other countries to reduce their dependency on you. So you're

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Speaker 11: telling everybody you know, we're going to use this as

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Speaker 11: a weapon. So people then want to sort of find

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Speaker 11: an alternatives. And I think China understands that, and what

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Speaker 11: it just wants to do is slow down the sort

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Speaker 11: of collaboration that the US and Australia really are kicking

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Speaker 11: off here so that it can use this leverage for

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Speaker 11: as long as it possibly can.

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Speaker 2: Do So in our last thirty seconds, what could this

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Speaker 2: mean for the meeting that we're still expecting between Presidents

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Speaker 2: Trump and she in South Korea at the end of

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Speaker 2: the month.

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Speaker 11: Yeah, I mean rare rest would be a big part

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Speaker 11: of that. I think this enables Trump to go to

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Speaker 11: she and say, look, you know you've got this big

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Speaker 11: leverage over me, but we have friends and allies around

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Speaker 11: the world who are wanting to work with us to

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Speaker 11: sort of expedite our ability to mine and process our

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Speaker 11: own wreirth. So it gives Trump a little bit more

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Speaker 11: sort of a cloud going into that meeting. But I

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Speaker 11: think she probably knows he has a pretty good hand

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Speaker 11: when it comes to rares.

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