Speaker 1: Good morning. I'm Brian Curtiz and I'm Doug Krisner. Here
Speaker 1: are the stories we're following today.
Speaker 2: Israeli Prime Minister of Benyamin Netanyahu has ruled out a
Speaker 2: cease fire and he has refused to resign, which the
Speaker 2: opposition has been imploring him to do. Let's get to
Speaker 2: Ed Baxter in San Francisco with all the latest.
Speaker 3: Dead Yeah, that's right, Brian. And this with a backdrop
Speaker 3: of intensified ground operations in Gaza, tanks penetrating deep into Gaza,
Speaker 3: and Israeli forces raiding a West Bank, exchanging fire with
Speaker 3: Hezbollah across the Lebanese border. Net Yahoo defiant today at
Speaker 3: addressing the nation of the media, I.
Speaker 4: Want to make clear Israel's position regarding the cease fire.
Speaker 4: Just as the United States would not agree to a
Speaker 4: cease fire after the bombing of Pearl Harbor or after
Speaker 4: the terrorist attack of nine eleven, Israel will not agree
Speaker 4: to a cessation of ascilities with Kramas after the horrific
Speaker 4: attacks of October seventh. Calls for a ceasefire are calls
Speaker 4: for Israel well to surrender to Ramas, to surrender to terrorism,
Speaker 4: to surrender to barbarism.
Speaker 3: That will not happen, and says he will not resign.
Speaker 4: The only thing that I intend to have resign is Ramas.
Speaker 4: We're going to resign them to the dust benef history.
Speaker 4: That's my goal, that's my responsibility, and that's what I'm
Speaker 4: leading the country to do.
Speaker 3: And then Yahoo says this is a turning point, the
Speaker 3: decision to fight or surrender to tyranny. House Republicans are
Speaker 3: taking their own path to aid on Israel. House Republicans
Speaker 3: introducing a fourteen point three billion dollar aid plan. The
Speaker 3: package separates Israel aid from a broader Biden emergency funding
Speaker 3: request that includes Ukraine and Taiwan. Bloomber's Jonathan Tamari says,
Speaker 3: it's interesting question about separating them and whether aid to
Speaker 3: Ukraine now will pass.
Speaker 5: The Republicans the only want to put up bills that
Speaker 5: have a majority of Republican support, and that's where the
Speaker 5: question comes in on Ukraine is that there's been a
Speaker 5: lot of skepticism amongst some segments of Republicans towards Ukraine aid,
Speaker 5: and so that bill would get enough support I think
Speaker 5: from Republicans and Democrats.
Speaker 2: Now.
Speaker 3: The House bill pays for the Israel aid by cutting
Speaker 3: the Biden inflation reduction, calling for a fourteen point three
Speaker 3: billion dollar reduction in funding for the IRS in the US.
Speaker 3: White House says it is getting reports of arise in
Speaker 3: anti Semitic incidents. National Security Spokesman John Kirby says the
Speaker 3: administration has doubled down on its commitment to protect the
Speaker 3: Jewish community.
Speaker 6: It's a deep concern, which is why we as an
Speaker 6: administration are working so closely with state and local authorities
Speaker 6: to make sure we can identify any threats and disrupt
Speaker 6: them before they happen.
Speaker 3: Kirby says there's no place for it in America. Saudi
Speaker 3: forces say they are on high alert after a clash
Speaker 3: with Houthi rebels. Fort Saudi soldiers died in classes in
Speaker 3: the Jaizm province on the border with Yemen. The Huthi's
Speaker 3: also tried to fire a missile over the Kingdom toward Israel.
Speaker 3: And with a settlement between GM and the UAW today,
Speaker 3: all of the Big three are getting ready to go
Speaker 3: back to work full forest and President Joe Biden says
Speaker 3: a majority of victory for both sides.
Speaker 7: These record agreements reward autoworkers who gave up much to
Speaker 7: keep the industry working and going during the financial crisis
Speaker 7: more than a decade ago. These agreements ensure the iconic
Speaker 7: Big Three can still lead the world in quality and innovation.
Speaker 3: Biden says, building the economy from the middle out more
Speaker 3: details on the deal itself coming up very shortly here
Speaker 3: on Bloomberg Global News twenty four hours a day and
Speaker 3: whenever you want it with Bloomberg News Now in San Francisco.
Speaker 3: I'm Ed Baxter in this. He is Bloomberg Brian.
Speaker 2: Thanks very much. Doud Crissner and I will take a
Speaker 2: look at some of the top stories, and Paul Allen
Speaker 2: will be joining us in a few moments on the
Speaker 2: show as well well. General Motors says it has reached
Speaker 2: a tentative agreement with United Auto Workers to end its strike.
Speaker 2: The strike has run six weeks. We hear the deal
Speaker 2: includes twenty five percent hourly pay raise plus cost of
Speaker 2: living allowances over more than four years of the contract.
Speaker 2: We spoke earlier with Bloomberg's David Welch, who says there's
Speaker 2: still more work ahead.
Speaker 8: These contracts do. It should takes some time to kind
Speaker 8: of get ratified and that sort of think, you know,
Speaker 8: and there will be this sort of almost Buzanteine process
Speaker 8: where they go about, you know, trying to get everything ratified.
Speaker 8: And once that process is in place, then the companies
Speaker 8: can kind of start looking at where they're going to
Speaker 8: invest to help the ramp things up. And I think
Speaker 8: that's you know, it's going to be tough for them
Speaker 8: to do just kind of cranking up EV production and
Speaker 8: all this sort of stuff. You know, it just takes
Speaker 8: a little bit of time to turn the ignition on
Speaker 8: these things.
Speaker 2: That's Bloomberg's David Welch. Separately, UAW officials are now urging
Speaker 2: all unions in the US to prepare for strikes on
Speaker 2: May day of twenty twenty eight, that's when the latest
Speaker 2: proposed contracts with the big three automakers are set to expire.
Speaker 1: Trick or treat from Apple, Well, we're about to find out.
Speaker 1: The tech giant is rolling out some new products the
Speaker 1: eve of Halloween. Here's Bloomberg Zed Ludlow in.
Speaker 9: The event dubbed Scary Fast. We're expecting a big focus
Speaker 9: on Mac, a new iMac according to Bloomberg's reporting, and
Speaker 9: an updated version of a high end MacBook Pro. We
Speaker 9: also expect Apple to debut its latest generation Silicon, the
Speaker 9: M three chip, its PC processor. Then move forward to Thursday,
Speaker 9: when we get Apple earnings. The expectation is that overall
Speaker 9: we see a fourth consecutive quarter of sales decline for Apple.
Speaker 1: That is Bloomberg's ed Ludlow. By the way, Apple shares,
Speaker 1: we're up one percent today and that scary fast event
Speaker 1: will kick off at eight pm Wall Street time, and
Speaker 1: of course will be monitoring it for you, Brian Well.
Speaker 2: The US Treasury cut its its net borrowing estimate for
Speaker 2: the current quarter from eight hundred and fifty two to
Speaker 2: seven hundred and seventy six billion dollars. Now, this offers
Speaker 2: some relief to investors who are concerned about the rapidly
Speaker 2: widening fiscal deficit. Treasury officials said, part of the reason
Speaker 2: for this figure is the magnitude of deferred tax receipts
Speaker 2: coming from areas of California and other states. These states
Speaker 2: have been granted extensions due to natural disasters, and we've
Speaker 2: been talking for the past a week or so about
Speaker 2: the refunding announcement on Wednesday. That's when we'll find out
Speaker 2: how this money is spread across the various tenors of
Speaker 2: those bonds being sold.
Speaker 1: Doug Well. President Biden today signed an executive order on
Speaker 1: Artificial intelligence. This will establish standards for both security and
Speaker 1: privacy protections. The order will have obviously brought impacts on
Speaker 1: companies developing AI tools. They will be required to first
Speaker 1: safety test new models before releasing them to the public.
Speaker 1: Here is the President on the order.
Speaker 7: One thing is clear. To realize the promise of AI
Speaker 7: and void the risk, we need to govern this technology
Speaker 7: not and there's no other way around it. In my view,
Speaker 7: it must be governed.
Speaker 1: That is President Biden.
Speaker 4: Now.
Speaker 1: He went on to say that he will meet Tuesday
Speaker 1: with Senamajority Leader Chuck Schumer and lawmakers from both parties
Speaker 1: at the White House. They will discuss AI and passing
Speaker 1: legislation on privacy concerns.
Speaker 2: Ran We saw a pop in the end dollar yen
Speaker 2: here one forty nine to six. At the moment. Policymakers
Speaker 2: at the Bank of Japan are considering letting ten year
Speaker 2: bond yields top the one percent mark. Bloombergs Johan Wong
Speaker 2: has more.
Speaker 10: The Bank of Japan is said to consider a further
Speaker 10: tweaking of its yield curve control policy at its meeting today.
Speaker 10: The Nikai newspaper says the central Bank is likely to
Speaker 10: allow further flexibility in yield movements. The BOJ is likely
Speaker 10: to consider allowing ten year JGB yields to rise above
Speaker 10: one percent by modifying its fixed rate buying operations. The
Speaker 10: move may prevent the bank from having to buy large
Speaker 10: amounts of long term debts. The yen strengthened against the
Speaker 10: dollar after the report. Ten year swap rates also received
Speaker 10: a boost. Upper pressure on yields has been stronger than
Speaker 10: what BOJ Governor Kazuo Oa had expected. In Hong Kong,
Speaker 10: Join Wang Bloomberg Radio.
Speaker 8: Well.
Speaker 1: Later today, we'll get China's official readings on the PMI
Speaker 1: and analyster expecting these data to show a brief lull
Speaker 1: in China's recovery. You'll have to remember the eight day
Speaker 1: holiday at the beginning of the month, yes, and that's
Speaker 1: likely to be behind this anticipated setback. Bloomberg Economics is
Speaker 1: projecting the official manufacturing PMI to slip to a reading
Speaker 1: of forty nine to nine. That would be down from
Speaker 1: fifty point two in September and would be the first
Speaker 1: drop that we have seen since May. At the same time,
Speaker 1: the non manufacturing PMI is expected to ease to a
Speaker 1: reading a fifty one. That would be down from fifty
Speaker 1: one to seven seven. By the way, separately, the private
Speaker 1: Seisheen Manufacturing PMI could move in the other direction, and
Speaker 1: that's because there is a different seasonal adjustment method used
Speaker 1: in that calculation.
Speaker 2: I'm Brian Curtis along with Paul Allen, and this is
Speaker 2: Bloomberg day Break Asia. Our guest is Jody Schneider, political
Speaker 2: news director for Bloomberg Television and Radio. With us to
Speaker 2: look more closely at the Israel Hamas war. Jody, Israel
Speaker 2: is definitely facing more pressure to focus on humanitarian considerations,
Speaker 2: and so that's one thing. Markets have been a little
Speaker 2: bit buoyant here in the past twenty four hours. Yet
Speaker 2: at the same time, as you heard from Ed, Israeli
Speaker 2: forces have raided a city in the West Bank. They've
Speaker 2: exchanged fire with Hesbla across the Lebanese border, and also
Speaker 2: conducted an air strike in Syria. So it seems that
Speaker 2: we have both restraint and escalation, which seems a little oxymoronic,
Speaker 2: but I guess that's war.
Speaker 11: Yeah, I think that's exactly what we're seeing, Brian. We're
Speaker 11: seeing both on the US forces at US and Allied forces,
Speaker 11: telling us that Israel is moving ahead with this next phase,
Speaker 11: and even as the UN warns that this war is
Speaker 11: spreading and this humanitarian crisis, Israel is promising more aid
Speaker 11: even as it steps up those attacks. They're except there.
Speaker 11: Ron Durmer, the Strategic Affairs Minister, told us that the
Speaker 11: aid shipments to Gaza are set to pick up somewhat
Speaker 11: one hundred trucks a day of aid starting tomorrow or Wednesday, which,
Speaker 11: of course, at this stage you know, is still a
Speaker 11: proverbial drop in the bucket, but they said they expect
Speaker 11: that and they expect that to continue. Durmer also said
Speaker 11: that the next several days should see the lowest number
Speaker 11: of civilian casualties of war, which is an interesting statement
Speaker 11: to make, though he acknowledged that unanticipated effects may affect
Speaker 11: the outlook. So this is what Israel has had a
Speaker 11: lot of criticism for is the civilians, the large number
Speaker 11: of civilians that have died as they have gone further
Speaker 11: into Gaza. And this is something that the US has
Speaker 11: also been concerned about and has been urging Israel to,
Speaker 11: you know, think of a different think of different strategies.
Speaker 11: Uh as it goes into Gaza, given the civilian you know,
Speaker 11: and the whole humanitarian crisis that is occurring there.
Speaker 6: We were hearing from Benjaminet earlier and at Baxter's newscast,
Speaker 6: and he's pushing back on suggestions that he resign over
Speaker 6: the security breach that started this whole conflict. How how
Speaker 6: strong is his position right now? Is he likely to
Speaker 6: see out this entire conflict?
Speaker 11: Yeah, hard to know, Paul. But one of the things
Speaker 11: that of course provoked these questions was over the weekend
Speaker 11: the Prime Minister criticized when you know, when when asked,
Speaker 11: was actually criticized the the army. He criticized it for
Speaker 11: some of the the or the armed forces there, for
Speaker 11: some of the intelligence failures, and that that was very
Speaker 11: you know, that went online and very quickly taken down
Speaker 11: and then he apologized. But there's a lot of anger
Speaker 11: in Israel over how this intelligence failure occurred, sort of,
Speaker 11: and a lot of it directed toward him and his government,
Speaker 11: given that he had really been pushing for this judicial
Speaker 11: the so called judicial reform, and had been focusing on
Speaker 11: that rather than military matters. So some found it very
Speaker 11: ironic that he was then pointing the finger at the
Speaker 11: military itself, so when this is what provoked these questions today,
Speaker 11: But he came out and made it very clear he's
Speaker 11: not resigning, making that statement. The only thing I intend
Speaker 11: to have resign as Hamas. So it looks like for
Speaker 11: now he has no intention of doing that. It is
Speaker 11: a war cabinet he is in right now. They're not
Speaker 11: doing anything except military related activities, taking up no other matters.
Speaker 2: Well, he always does defiance very well, Benjamin Natanyahu. From
Speaker 2: the US point of view, US forces have been attacked
Speaker 2: by Iran backed militias, and we had a senior defense
Speaker 2: official saying was twenty three times since October seventeenth, Yet
Speaker 2: most of the attacks failed to hit their targets. So
Speaker 2: is the US approaching this from well, it's terrible that
Speaker 2: we've been attacked so many times, or it's actually good
Speaker 2: because these militias are not very good in getting their
Speaker 2: targets to hit the mart Yeah.
Speaker 11: I think it's a little bit of both. Actually, I mean,
Speaker 11: they're obviously relieved that most of these attacks did fail
Speaker 11: to hit those targets. But the bigger concern is this
Speaker 11: escalation of the Israeljamas war. And as we know, last
Speaker 11: week the US conducted strikes and two facilities in Syria
Speaker 11: that the administration is concerned are used by groups affiliated
Speaker 11: with Iranian forces, And of course we've heard from the
Speaker 11: Syrian side there's concerns, there's concerns about Hesbalah in the north.
Speaker 11: So this is a real worry from the US that
Speaker 11: this could get out of control and out of control
Speaker 11: pretty quickly.
Speaker 6: You mentioned the precision of aid into Gaza or moment ago,
Speaker 6: we've only got about thirty seconds left. But what about
Speaker 6: the opportunities for refugees to get out. That's still not
Speaker 6: really an option, is it not?
Speaker 8: Really?
Speaker 11: This is really, this is a huge problem. This is
Speaker 11: what's leaving the UN another and relief for organizations to
Speaker 11: be very, very concerned because people in Gasa are basically
Speaker 11: stuck there for the time being.
Speaker 2: This is Bloomberg Daybreak Asia, your morning brief on the
Speaker 2: stories making news from Hong Kong to Singapore and Wall Street.
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