WEBVTT - Netanyahu Rules Out Cease-Fire, Yen Rallies, China PMI Preview

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<v Speaker 1>Good morning. I'm Brian Curtiz and I'm Doug Krisner. Here

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<v Speaker 1>are the stories we're following today.

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<v Speaker 2>Israeli Prime Minister of Benyamin Netanyahu has ruled out a

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<v Speaker 2>cease fire and he has refused to resign, which the

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<v Speaker 2>opposition has been imploring him to do. Let's get to

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<v Speaker 2>Ed Baxter in San Francisco with all the latest.

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<v Speaker 3>Dead Yeah, that's right, Brian. And this with a backdrop

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<v Speaker 3>of intensified ground operations in Gaza, tanks penetrating deep into Gaza,

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<v Speaker 3>and Israeli forces raiding a West Bank, exchanging fire with

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<v Speaker 3>Hezbollah across the Lebanese border. Net Yahoo defiant today at

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<v Speaker 3>addressing the nation of the media, I.

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<v Speaker 4>Want to make clear Israel's position regarding the cease fire.

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<v Speaker 4>Just as the United States would not agree to a

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<v Speaker 4>cease fire after the bombing of Pearl Harbor or after

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<v Speaker 4>the terrorist attack of nine eleven, Israel will not agree

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<v Speaker 4>to a cessation of ascilities with Kramas after the horrific

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<v Speaker 4>attacks of October seventh. Calls for a ceasefire are calls

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<v Speaker 4>for Israel well to surrender to Ramas, to surrender to terrorism,

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<v Speaker 4>to surrender to barbarism.

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<v Speaker 3>That will not happen, and says he will not resign.

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<v Speaker 4>The only thing that I intend to have resign is Ramas.

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<v Speaker 4>We're going to resign them to the dust benef history.

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<v Speaker 4>That's my goal, that's my responsibility, and that's what I'm

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<v Speaker 4>leading the country to do.

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<v Speaker 3>And then Yahoo says this is a turning point, the

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<v Speaker 3>decision to fight or surrender to tyranny. House Republicans are

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<v Speaker 3>taking their own path to aid on Israel. House Republicans

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<v Speaker 3>introducing a fourteen point three billion dollar aid plan. The

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<v Speaker 3>package separates Israel aid from a broader Biden emergency funding

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<v Speaker 3>request that includes Ukraine and Taiwan. Bloomber's Jonathan Tamari says,

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<v Speaker 3>it's interesting question about separating them and whether aid to

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<v Speaker 3>Ukraine now will pass.

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<v Speaker 5>The Republicans the only want to put up bills that

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<v Speaker 5>have a majority of Republican support, and that's where the

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<v Speaker 5>question comes in on Ukraine is that there's been a

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<v Speaker 5>lot of skepticism amongst some segments of Republicans towards Ukraine aid,

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<v Speaker 5>and so that bill would get enough support I think

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<v Speaker 5>from Republicans and Democrats.

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<v Speaker 2>Now.

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<v Speaker 3>The House bill pays for the Israel aid by cutting

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<v Speaker 3>the Biden inflation reduction, calling for a fourteen point three

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<v Speaker 3>billion dollar reduction in funding for the IRS in the US.

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<v Speaker 3>White House says it is getting reports of arise in

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<v Speaker 3>anti Semitic incidents. National Security Spokesman John Kirby says the

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<v Speaker 3>administration has doubled down on its commitment to protect the

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<v Speaker 3>Jewish community.

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<v Speaker 6>It's a deep concern, which is why we as an

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<v Speaker 6>administration are working so closely with state and local authorities

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<v Speaker 6>to make sure we can identify any threats and disrupt

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<v Speaker 6>them before they happen.

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<v Speaker 3>Kirby says there's no place for it in America. Saudi

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<v Speaker 3>forces say they are on high alert after a clash

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<v Speaker 3>with Houthi rebels. Fort Saudi soldiers died in classes in

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<v Speaker 3>the Jaizm province on the border with Yemen. The Huthi's

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<v Speaker 3>also tried to fire a missile over the Kingdom toward Israel.

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<v Speaker 3>And with a settlement between GM and the UAW today,

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<v Speaker 3>all of the Big three are getting ready to go

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<v Speaker 3>back to work full forest and President Joe Biden says

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<v Speaker 3>a majority of victory for both sides.

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<v Speaker 7>These record agreements reward autoworkers who gave up much to

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<v Speaker 7>keep the industry working and going during the financial crisis

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<v Speaker 7>more than a decade ago. These agreements ensure the iconic

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<v Speaker 7>Big Three can still lead the world in quality and innovation.

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<v Speaker 3>Biden says, building the economy from the middle out more

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<v Speaker 3>details on the deal itself coming up very shortly here

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<v Speaker 3>on Bloomberg Global News twenty four hours a day and

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<v Speaker 3>whenever you want it with Bloomberg News Now in San Francisco.

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<v Speaker 3>I'm Ed Baxter in this. He is Bloomberg Brian.

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<v Speaker 2>Thanks very much. Doud Crissner and I will take a

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<v Speaker 2>look at some of the top stories, and Paul Allen

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<v Speaker 2>will be joining us in a few moments on the

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<v Speaker 2>show as well well. General Motors says it has reached

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<v Speaker 2>a tentative agreement with United Auto Workers to end its strike.

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<v Speaker 2>The strike has run six weeks. We hear the deal

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<v Speaker 2>includes twenty five percent hourly pay raise plus cost of

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<v Speaker 2>living allowances over more than four years of the contract.

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<v Speaker 2>We spoke earlier with Bloomberg's David Welch, who says there's

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<v Speaker 2>still more work ahead.

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<v Speaker 8>These contracts do. It should takes some time to kind

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<v Speaker 8>of get ratified and that sort of think, you know,

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<v Speaker 8>and there will be this sort of almost Buzanteine process

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<v Speaker 8>where they go about, you know, trying to get everything ratified.

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<v Speaker 8>And once that process is in place, then the companies

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<v Speaker 8>can kind of start looking at where they're going to

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<v Speaker 8>invest to help the ramp things up. And I think

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<v Speaker 8>that's you know, it's going to be tough for them

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<v Speaker 8>to do just kind of cranking up EV production and

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<v Speaker 8>all this sort of stuff. You know, it just takes

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<v Speaker 8>a little bit of time to turn the ignition on

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<v Speaker 8>these things.

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<v Speaker 2>That's Bloomberg's David Welch. Separately, UAW officials are now urging

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<v Speaker 2>all unions in the US to prepare for strikes on

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<v Speaker 2>May day of twenty twenty eight, that's when the latest

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<v Speaker 2>proposed contracts with the big three automakers are set to expire.

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<v Speaker 1>Trick or treat from Apple, Well, we're about to find out.

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<v Speaker 1>The tech giant is rolling out some new products the

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<v Speaker 1>eve of Halloween. Here's Bloomberg Zed Ludlow in.

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<v Speaker 9>The event dubbed Scary Fast. We're expecting a big focus

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<v Speaker 9>on Mac, a new iMac according to Bloomberg's reporting, and

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<v Speaker 9>an updated version of a high end MacBook Pro. We

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<v Speaker 9>also expect Apple to debut its latest generation Silicon, the

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<v Speaker 9>M three chip, its PC processor. Then move forward to Thursday,

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<v Speaker 9>when we get Apple earnings. The expectation is that overall

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<v Speaker 9>we see a fourth consecutive quarter of sales decline for Apple.

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<v Speaker 1>That is Bloomberg's ed Ludlow. By the way, Apple shares,

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<v Speaker 1>we're up one percent today and that scary fast event

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<v Speaker 1>will kick off at eight pm Wall Street time, and

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<v Speaker 1>of course will be monitoring it for you, Brian Well.

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<v Speaker 2>The US Treasury cut its its net borrowing estimate for

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<v Speaker 2>the current quarter from eight hundred and fifty two to

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<v Speaker 2>seven hundred and seventy six billion dollars. Now, this offers

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<v Speaker 2>some relief to investors who are concerned about the rapidly

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<v Speaker 2>widening fiscal deficit. Treasury officials said, part of the reason

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<v Speaker 2>for this figure is the magnitude of deferred tax receipts

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<v Speaker 2>coming from areas of California and other states. These states

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<v Speaker 2>have been granted extensions due to natural disasters, and we've

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<v Speaker 2>been talking for the past a week or so about

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<v Speaker 2>the refunding announcement on Wednesday. That's when we'll find out

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<v Speaker 2>how this money is spread across the various tenors of

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<v Speaker 2>those bonds being sold.

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<v Speaker 1>Doug Well. President Biden today signed an executive order on

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<v Speaker 1>Artificial intelligence. This will establish standards for both security and

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<v Speaker 1>privacy protections. The order will have obviously brought impacts on

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<v Speaker 1>companies developing AI tools. They will be required to first

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<v Speaker 1>safety test new models before releasing them to the public.

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<v Speaker 1>Here is the President on the order.

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<v Speaker 7>One thing is clear. To realize the promise of AI

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<v Speaker 7>and void the risk, we need to govern this technology

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<v Speaker 7>not and there's no other way around it. In my view,

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<v Speaker 7>it must be governed.

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<v Speaker 1>That is President Biden.

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<v Speaker 4>Now.

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<v Speaker 1>He went on to say that he will meet Tuesday

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<v Speaker 1>with Senamajority Leader Chuck Schumer and lawmakers from both parties

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<v Speaker 1>at the White House. They will discuss AI and passing

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<v Speaker 1>legislation on privacy concerns.

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<v Speaker 2>Ran We saw a pop in the end dollar yen

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<v Speaker 2>here one forty nine to six. At the moment. Policymakers

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<v Speaker 2>at the Bank of Japan are considering letting ten year

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<v Speaker 2>bond yields top the one percent mark. Bloombergs Johan Wong

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<v Speaker 2>has more.

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<v Speaker 10>The Bank of Japan is said to consider a further

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<v Speaker 10>tweaking of its yield curve control policy at its meeting today.

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<v Speaker 10>The Nikai newspaper says the central Bank is likely to

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<v Speaker 10>allow further flexibility in yield movements. The BOJ is likely

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<v Speaker 10>to consider allowing ten year JGB yields to rise above

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<v Speaker 10>one percent by modifying its fixed rate buying operations. The

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<v Speaker 10>move may prevent the bank from having to buy large

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<v Speaker 10>amounts of long term debts. The yen strengthened against the

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<v Speaker 10>dollar after the report. Ten year swap rates also received

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<v Speaker 10>a boost. Upper pressure on yields has been stronger than

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<v Speaker 10>what BOJ Governor Kazuo Oa had expected. In Hong Kong,

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<v Speaker 10>Join Wang Bloomberg Radio.

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<v Speaker 8>Well.

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<v Speaker 1>Later today, we'll get China's official readings on the PMI

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<v Speaker 1>and analyster expecting these data to show a brief lull

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<v Speaker 1>in China's recovery. You'll have to remember the eight day

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<v Speaker 1>holiday at the beginning of the month, yes, and that's

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<v Speaker 1>likely to be behind this anticipated setback. Bloomberg Economics is

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<v Speaker 1>projecting the official manufacturing PMI to slip to a reading

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<v Speaker 1>of forty nine to nine. That would be down from

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<v Speaker 1>fifty point two in September and would be the first

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<v Speaker 1>drop that we have seen since May. At the same time,

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<v Speaker 1>the non manufacturing PMI is expected to ease to a

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<v Speaker 1>reading a fifty one. That would be down from fifty

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<v Speaker 1>one to seven seven. By the way, separately, the private

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<v Speaker 1>Seisheen Manufacturing PMI could move in the other direction, and

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<v Speaker 1>that's because there is a different seasonal adjustment method used

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<v Speaker 1>in that calculation.

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<v Speaker 2>I'm Brian Curtis along with Paul Allen, and this is

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<v Speaker 2>Bloomberg day Break Asia. Our guest is Jody Schneider, political

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<v Speaker 2>news director for Bloomberg Television and Radio. With us to

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<v Speaker 2>look more closely at the Israel Hamas war. Jody, Israel

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<v Speaker 2>is definitely facing more pressure to focus on humanitarian considerations,

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<v Speaker 2>and so that's one thing. Markets have been a little

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<v Speaker 2>bit buoyant here in the past twenty four hours. Yet

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<v Speaker 2>at the same time, as you heard from Ed, Israeli

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<v Speaker 2>forces have raided a city in the West Bank. They've

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<v Speaker 2>exchanged fire with Hesbla across the Lebanese border, and also

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<v Speaker 2>conducted an air strike in Syria. So it seems that

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<v Speaker 2>we have both restraint and escalation, which seems a little oxymoronic,

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<v Speaker 2>but I guess that's war.

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<v Speaker 11>Yeah, I think that's exactly what we're seeing, Brian. We're

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<v Speaker 11>seeing both on the US forces at US and Allied forces,

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<v Speaker 11>telling us that Israel is moving ahead with this next phase,

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<v Speaker 11>and even as the UN warns that this war is

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<v Speaker 11>spreading and this humanitarian crisis, Israel is promising more aid

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<v Speaker 11>even as it steps up those attacks. They're except there.

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<v Speaker 11>Ron Durmer, the Strategic Affairs Minister, told us that the

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<v Speaker 11>aid shipments to Gaza are set to pick up somewhat

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<v Speaker 11>one hundred trucks a day of aid starting tomorrow or Wednesday, which,

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<v Speaker 11>of course, at this stage you know, is still a

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<v Speaker 11>proverbial drop in the bucket, but they said they expect

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<v Speaker 11>that and they expect that to continue. Durmer also said

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<v Speaker 11>that the next several days should see the lowest number

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<v Speaker 11>of civilian casualties of war, which is an interesting statement

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<v Speaker 11>to make, though he acknowledged that unanticipated effects may affect

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<v Speaker 11>the outlook. So this is what Israel has had a

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<v Speaker 11>lot of criticism for is the civilians, the large number

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<v Speaker 11>of civilians that have died as they have gone further

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<v Speaker 11>into Gaza. And this is something that the US has

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<v Speaker 11>also been concerned about and has been urging Israel to,

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<v Speaker 11>you know, think of a different think of different strategies.

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<v Speaker 11>Uh as it goes into Gaza, given the civilian you know,

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<v Speaker 11>and the whole humanitarian crisis that is occurring there.

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<v Speaker 6>We were hearing from Benjaminet earlier and at Baxter's newscast,

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<v Speaker 6>and he's pushing back on suggestions that he resign over

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<v Speaker 6>the security breach that started this whole conflict. How how

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<v Speaker 6>strong is his position right now? Is he likely to

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<v Speaker 6>see out this entire conflict?

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<v Speaker 11>Yeah, hard to know, Paul. But one of the things

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<v Speaker 11>that of course provoked these questions was over the weekend

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<v Speaker 11>the Prime Minister criticized when you know, when when asked,

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<v Speaker 11>was actually criticized the the army. He criticized it for

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<v Speaker 11>some of the the or the armed forces there, for

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<v Speaker 11>some of the intelligence failures, and that that was very

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<v Speaker 11>you know, that went online and very quickly taken down

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<v Speaker 11>and then he apologized. But there's a lot of anger

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<v Speaker 11>in Israel over how this intelligence failure occurred, sort of,

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<v Speaker 11>and a lot of it directed toward him and his government,

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<v Speaker 11>given that he had really been pushing for this judicial

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<v Speaker 11>the so called judicial reform, and had been focusing on

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<v Speaker 11>that rather than military matters. So some found it very

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<v Speaker 11>ironic that he was then pointing the finger at the

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<v Speaker 11>military itself, so when this is what provoked these questions today,

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<v Speaker 11>But he came out and made it very clear he's

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<v Speaker 11>not resigning, making that statement. The only thing I intend

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<v Speaker 11>to have resign as Hamas. So it looks like for

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<v Speaker 11>now he has no intention of doing that. It is

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<v Speaker 11>a war cabinet he is in right now. They're not

0:12:40.440 --> 0:12:45.840
<v Speaker 11>doing anything except military related activities, taking up no other matters.

0:12:46.280 --> 0:12:51.000
<v Speaker 2>Well, he always does defiance very well, Benjamin Natanyahu. From

0:12:51.000 --> 0:12:55.280
<v Speaker 2>the US point of view, US forces have been attacked

0:12:55.320 --> 0:12:58.440
<v Speaker 2>by Iran backed militias, and we had a senior defense

0:12:58.480 --> 0:13:02.760
<v Speaker 2>official saying was twenty three times since October seventeenth, Yet

0:13:02.800 --> 0:13:04.960
<v Speaker 2>most of the attacks failed to hit their targets. So

0:13:05.559 --> 0:13:08.079
<v Speaker 2>is the US approaching this from well, it's terrible that

0:13:08.120 --> 0:13:11.240
<v Speaker 2>we've been attacked so many times, or it's actually good

0:13:11.280 --> 0:13:14.320
<v Speaker 2>because these militias are not very good in getting their

0:13:14.360 --> 0:13:16.440
<v Speaker 2>targets to hit the mart Yeah.

0:13:16.480 --> 0:13:18.280
<v Speaker 11>I think it's a little bit of both. Actually, I mean,

0:13:18.280 --> 0:13:21.160
<v Speaker 11>they're obviously relieved that most of these attacks did fail

0:13:21.200 --> 0:13:24.880
<v Speaker 11>to hit those targets. But the bigger concern is this

0:13:25.200 --> 0:13:29.560
<v Speaker 11>escalation of the Israeljamas war. And as we know, last

0:13:29.559 --> 0:13:32.840
<v Speaker 11>week the US conducted strikes and two facilities in Syria

0:13:32.960 --> 0:13:36.640
<v Speaker 11>that the administration is concerned are used by groups affiliated

0:13:36.679 --> 0:13:39.880
<v Speaker 11>with Iranian forces, And of course we've heard from the

0:13:40.080 --> 0:13:44.800
<v Speaker 11>Syrian side there's concerns, there's concerns about Hesbalah in the north.

0:13:45.040 --> 0:13:47.440
<v Speaker 11>So this is a real worry from the US that

0:13:47.520 --> 0:13:49.760
<v Speaker 11>this could get out of control and out of control

0:13:49.800 --> 0:13:50.440
<v Speaker 11>pretty quickly.

0:13:51.520 --> 0:13:55.560
<v Speaker 6>You mentioned the precision of aid into Gaza or moment ago,

0:13:55.800 --> 0:13:58.200
<v Speaker 6>we've only got about thirty seconds left. But what about

0:13:58.200 --> 0:14:01.440
<v Speaker 6>the opportunities for refugees to get out. That's still not

0:14:01.520 --> 0:14:02.960
<v Speaker 6>really an option, is it not?

0:14:03.080 --> 0:14:03.400
<v Speaker 8>Really?

0:14:03.559 --> 0:14:05.640
<v Speaker 11>This is really, this is a huge problem. This is

0:14:05.679 --> 0:14:08.880
<v Speaker 11>what's leaving the UN another and relief for organizations to

0:14:08.920 --> 0:14:12.840
<v Speaker 11>be very, very concerned because people in Gasa are basically

0:14:12.840 --> 0:14:14.240
<v Speaker 11>stuck there for the time being.

0:14:16.200 --> 0:14:19.080
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0:14:19.160 --> 0:14:22.800
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