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Speaker 1: Good morning. I'm Brian Curtiz and I'm Doug Krisner. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: The US Navy has shot down a missile headed for Israel,

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Speaker 2: and Baxter is covering that story as well as the

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Speaker 2: rest of the news from the nine to sixty newsroom

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Speaker 2: in San Francisco.

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Speaker 3: And yeah right, Brian, missiles. An American destroyer in the

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Speaker 3: Red Sea intercepted cruise missiles and drones fired toward Israel

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Speaker 3: by Huthy rebels and Yemen. The Pentagon also says it

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Speaker 3: brings up fresh concerns about targeted US bases in Syria

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Speaker 3: and Iraq. Meanwhile, US President Joe Biden, after conferring with Egypt,

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Speaker 3: says humanitarian aid will start moving into Gaza. Bloomberg's Oliver

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Speaker 3: Crook and Tel Aviv says it's still a very difficult situation.

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Speaker 4: The one hand, the Israelis are saying, yes, we will.

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Speaker 4: We're happy to allow aid in some form to get

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Speaker 4: in and to create the conditions for this to happen. However,

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Speaker 4: we need guarantee that this is not commandeered by Hamas.

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Speaker 4: How exactly do you do that in such a situation,

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Speaker 4: particularly when you've had reports of hundreds of thousands of

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Speaker 4: people moving further south. I'm just expanding to the chaos

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Speaker 4: in southern Gaza.

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Speaker 3: Yeah, and UK Prime Minister Rishisunak is in Israel today

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Speaker 3: to try to support that effort.

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Speaker 5: We absolutely support Israel's right to defend itself in line

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Speaker 5: with international law, to go off to Hamas, to take

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Speaker 5: back hostages, deter further incursions, and to strengthen your security

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Speaker 5: for the long term.

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Speaker 6: Yeah.

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Speaker 3: Sunak also saying that he welcomes helping with aid for

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Speaker 3: the Gaza strip and welcomes Israel's willingness to allow aid in.

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Speaker 3: President Biden will address the nation tonight eight Eastern time

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Speaker 3: regarding aid for Israel, Ukraine, and about the southern border

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Speaker 3: of the US. We shall carry it live here full

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Speaker 3: Coveragejohn Bloomberg Radio. You Republican effort to elect a speaker

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Speaker 3: is on hold. Nominee Jim Jordan doing a one eighty

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Speaker 3: from earlier today saying he supported interim speaker power, and

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Speaker 3: now another one eighty saying maybe there will be a

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Speaker 3: vote for speaker itself today.

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Speaker 6: Hits two members on the resolution. As a way to

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Speaker 6: lower the temperature and get back to work. We decided

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Speaker 6: that wasn't where we're going to go. I'm still running

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Speaker 6: for speaker.

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Speaker 3: Yeah, It says he wants to speak to the twenty

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Speaker 3: members who voted against him and Bloomberg's Peggy Collins, Washington

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Speaker 3: DC Bureau chief says, back to square one feels a.

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Speaker 7: Little bit like Groundhouse's day, and at the end of

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Speaker 7: each day we get to a phrase something to the

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Speaker 7: effect of, well that didn't go well, So here we

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Speaker 7: are again today. On that front, I do think though

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Speaker 7: it's important to remember that the stakes are getting.

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Speaker 2: Higher and higher.

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Speaker 8: Here.

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Speaker 7: We are getting closer and closer to the November seventeenth

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Speaker 7: date where we could have a shutdown again. And of

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Speaker 7: course we have issues around the world and a Congress

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Speaker 7: that's not able to fully govern.

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Speaker 3: Yeah, and the same group of ultra right wing Republicans

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Speaker 3: holding things up, and former Speaker Kevin McCarthy knows where

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Speaker 3: he'd place the blame.

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Speaker 1: The whole country. I think with scream at Matt.

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Speaker 3: Gates right now, Trump attorney and advocate during the efforts

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Speaker 3: to find votes and Orgia and attack the election. Sidney

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Speaker 3: Powell has pleaded guilty to six misdemeanor conspiracy charges, among

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Speaker 3: provisions agreed to by her and the prosecution is that

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Speaker 3: she can and will testify against other co defendants, including

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Speaker 3: Donald Trump.

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Speaker 9: You're to testify truthfully against any and all co defendants

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Speaker 9: in this matter at any upcoming proceedings. You are not

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Speaker 9: to have any communication with any witness, any co defendant,

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Speaker 9: or any member of the media concerning the facts or

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Speaker 9: circumstances of this case.

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Speaker 3: Judge Scott McAfee also declaring six years probation fines paid

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Speaker 3: to several government employees. Global News twenty four hours a

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Speaker 3: day and whenever you want it with Bloomberg News now

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Speaker 3: in San Francisco. I'm Ed Baxter, and this is Bloomberg Garbrian,

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Speaker 3: I'm Brian Curtis, along with Doug Christner. Vonnie Quinn will

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Speaker 3: be joining us a little bit later.

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Speaker 2: Today, FED Chair J Powell suggested that the FED is

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Speaker 2: inclined to hold interest rates steady again at the next meeting,

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Speaker 2: but Powell was careful not to rule out the possibility

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Speaker 2: of further tightening.

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Speaker 10: We have models for everything, we have formulists for everything. Ultimately,

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Speaker 10: as a practitioner, we have to focused on what the

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Speaker 10: economy is telling us, even taking lags into account. What's

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Speaker 10: it telling us, does it feel like policy is too

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Speaker 10: tight right now?

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Speaker 1: I would have to say no.

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Speaker 10: I think the evidence is not that a policy is

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Speaker 10: too tight right now. So and M word five five

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Speaker 10: and a quarter to five and a half percent, that's Jowell.

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Speaker 2: Powell also said that rising yields may lessen the need

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Speaker 2: for higher interest rates. Yields on two year treasuries declined

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Speaker 2: after Palace spoke, while tenure yields approached the five percent

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Speaker 2: more well.

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Speaker 1: The US is weighing leaning on banks as a way

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Speaker 1: of curbing highly leverage trading among hedge funds, the story

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Speaker 1: from Bloomberg's and Kates.

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Speaker 11: Top regulators are especially concerned about the growth of one

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Speaker 11: strategy known as the basis trade, which involves a use

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Speaker 11: of leverage from the price gap between treasury futures and

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Speaker 11: the underlying cash market. Although hedge funds are subjected to

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Speaker 11: less direct rug liatory oversight, they rely on large banks

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Speaker 11: to finance many of their trades, so federal officials are

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Speaker 11: considering options including pushing financial institutions to ramp up haircuts

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Speaker 11: on some secured borrowing and collect more data on exposures.

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Speaker 11: In Washington and Kate's Bloomberg Radio Well, we.

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Speaker 2: Go to politics next. A new poll is out in

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Speaker 2: the twenty twenty four presidential race from Bloomberg News and

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Speaker 2: Morning Consult and it points to a challenge ahead for

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Speaker 2: President Biden in a head to head matchup with former

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Speaker 2: President Donald Trump. More from Bloomberg's Jack Fitzpatrick.

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Speaker 12: He is trailing in this poll in several important swing

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Speaker 12: states that includes Arizona, Georgia, North Carolina, Pennsylvania, and Wisconsin

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Speaker 12: to former President Trump. Collectively in seven different battleground states,

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Speaker 12: he trails overall in aggregate forty seven to forty three.

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Speaker 12: Voters say they broadly support former President Trump's stance on

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Speaker 12: the economy. They trust him on the economy. More, foreign

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Speaker 12: policy is not a strength for President Biden either. It's

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Speaker 12: broadly a pretty negative poll for President Biden in swing

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Speaker 12: states in particular.

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Speaker 2: That's Bloomberg's Jack Fitzpatrick. The poll also finds swing state

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Speaker 2: voters citing the US economy as the most important issue

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Speaker 2: heading to the mallot box.

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Speaker 1: Well, Taiwan's giant chip fabricator TSMC says the worst could

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Speaker 1: soon be over for the semiconductor industry. The story from

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Speaker 1: bloombergs Juan Wong in Hong Kong.

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Speaker 13: The Taiwan chipmaker, projected sales of about nineteen billion dollars

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Speaker 13: this quarter and capital spending of thirty two billion dollars

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Speaker 13: for twenty twenty three. That's ahead of analysts estimates. It

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Speaker 13: also posted better than expected net income at the third

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Speaker 13: quarter of six and a half billion dollars. Ceocc Way

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Speaker 13: says the company is counting on the chip market hitting

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Speaker 13: bottom very soon, but he stopped short of calling for

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Speaker 13: a strong rebound because of uncertainty surrounding China. TSMC is

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Speaker 13: also counting on a sustained boom in demand for chips

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Speaker 13: to train AI surfaces. That demand has been sparked by

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Speaker 13: the advent of chat GPT in Hong Kong joined Wong Bloomberg.

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Speaker 2: Radio battery maker CAATL posted third quarter net income and

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Speaker 2: revenue that missed estimates. Bloomberg's Bunny Ou has the story

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Speaker 2: from Hong Kong.

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Speaker 14: Net income rose ten percent from a year earlier to

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Speaker 14: the equivalent of one point four billion dollars in the

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Speaker 14: third quarter. That's far short of analyst estimates of one

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Speaker 14: point seven eight billion. Revenue also saw the slowest growth

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Speaker 14: in three years of just eight point two percent. The

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Speaker 14: legluster results point to a slight cooling of demand for

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Speaker 14: electric vehicles, as well as a price war and rising

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Speaker 14: competition in Hong Kong. I'm Bonnie Al Bloomberg Radio.

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Speaker 2: I'm Brian Curtis along with Vonnie Quinn, and we say

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Speaker 2: good morning to our guest joined on the radio here

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Speaker 2: for a little bit closer look at what's happening with

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Speaker 2: politics and also the Israel Hamas war. Daniel Flatley, Bloomberg

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Speaker 2: National Security reporter joins us So, Daniel, just a plethora

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Speaker 2: of developments there that we heard from Ed Baxter, among

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Speaker 2: them US bases in Syria and Iraq attacked, and also

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Speaker 2: that US destroyer launching cruise missiles or launching launching missiles

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Speaker 2: to shoot down cruise missiles heading for Israel. Is the

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Speaker 2: US getting sucked into this war?

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Speaker 15: Yeah, I mean it's a good question, Brian. I don't

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Speaker 15: think that the US is getting sucked into the war necessarily,

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Speaker 15: but it is certainly being challenged on several different fronts

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Speaker 15: at the moment. It's hard to tell, of course, whether

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Speaker 15: this is a coordinated effort or whether this is just

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Speaker 15: some isolated cases of people trying to take advantage of

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Speaker 15: the fact that you know, the US now has a

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Speaker 15: war in Europe, a war in the Middle East, tensions

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Speaker 15: of China, and that's all trying to manage at the

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Speaker 15: same time. So I think that not necessarily getting the

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Speaker 15: US is not necessarily getting dragged into the war in

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Speaker 15: the Middle East, but is certainly getting dragged in a

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Speaker 15: number of different directions at the moment.

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Speaker 8: How much is the Middle East Daniel speaking with one voice.

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Speaker 15: That's a good question, Vannie. It's hard to say. I mean,

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Speaker 15: I think that there are a number of different interests

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Speaker 15: at play here. I think that certainly with regard to

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Speaker 15: the conflict going on right now between Israel and Hamas

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Speaker 15: in the Gaza Strip, there is a lot of confusion

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Speaker 15: and a lot of questions about where this is going

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Speaker 15: to go from now. We know that President Biden is

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Speaker 15: supposed to address the nation tonight at eight pm our

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Speaker 15: time here in Washington to discuss not just the terrorist

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Speaker 15: attacks against Israel, according to what the White House has said,

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Speaker 15: but also Russia's ongoing brutal war against Ukraine. So just

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Speaker 15: kind of an illustration of the fact that there's a

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Speaker 15: lot going on right now, to say the least.

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Speaker 2: Yeah, the Pentagon's saying just as you reference that the

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Speaker 2: US is sending more interceptors for Israel as to be

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Speaker 2: used in its ironed on defense system. Curious whether or

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Speaker 2: not those were originally earmarked for Ukraine or those new.

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Speaker 15: Yeah, it's another good question. I think that we know

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Speaker 15: that the defense industrial base has had some issues keeping

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Speaker 15: up with everything that's going on, you know, earlier this year,

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Speaker 15: even before well before recent events occurred. You know, we've

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Speaker 15: done some reporting on the fact that the US defense

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Speaker 15: industry is having trouble keeping up with stockpiles. There is

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Speaker 15: there's been some reporting about some stockpiles in the Middle

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Speaker 15: East near Israel that have been tapped for Ukraine. So

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Speaker 15: you know, there's really only so much of this stuff

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Speaker 15: to go around. It takes a long time to be

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Speaker 15: manufactured to make it to these strategic positions. So yeah,

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Speaker 15: definitely some stress on the system, no doubt.

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Speaker 8: How concerned are US national security interests about you know,

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Speaker 8: places like Yemen and the who's he's getting involved?

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Speaker 15: I think that's always a concern. You know, you have,

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Speaker 15: especially in Iraq and Syria, some US personnel operating, you know,

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Speaker 15: and they could more directly come under fire. But I

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Speaker 15: think basically what we're seeing now is the potential for

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Speaker 15: a lot of these touch points to kind of catch

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Speaker 15: fire at the same time, and that would really be

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Speaker 15: a lot of stress on the system.

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Speaker 2: In terms of what Israel does in Gaza. I saw

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Speaker 2: our story featuring that a little bit of a change

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Speaker 2: in approach seems to have happened as a result of

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Speaker 2: President Biden's trip. I'm not sure if it's directly because

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Speaker 2: of the trip, but could you outline for us how

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Speaker 2: it's different. It seems to be that it starts later

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Speaker 2: and lasts longer, something like that.

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Speaker 15: Yeah, I think you know. In speaking to officials here

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Speaker 15: in Washington, there was some initial concern that Israel would

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Speaker 15: go into Gaza very quickly, very aggressively, without a plan

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Speaker 15: for how to manage the conflict long term. And what

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Speaker 15: you've seen happen over the last week or so with

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Speaker 15: a lot of trips by US officials is a gradual

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Speaker 15: sort of toning down of some of that immediate reaction,

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Speaker 15: but potentially girding for a longer conflict in the long run.

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Speaker 15: So you don't know when it's going to start.

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Speaker 8: I mean, it's kind of ironic, isn't it.

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Speaker 1: Daniel?

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Speaker 8: After the US President had suggested that perhaps it isn't

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Speaker 8: the best thing to have a twenty year war following,

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Speaker 8: you know, an event.

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Speaker 15: Yeah, you know, it's a good question, and I think

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Speaker 15: that I don't know that there's going to be any

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Speaker 15: quick resolution to this on flip. That's been going on

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Speaker 15: for many, many years and will continue for many many more,

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Speaker 15: I'm sure. But in terms of the actual ground incursion

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Speaker 15: that Israel was planning, you know, we know that the

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Speaker 15: Israeli ambassadors to the US has said they're not planning

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Speaker 15: to reoccupy Gaza. That wasn't on the table as a

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Speaker 15: few days ago. So I don't know how long it

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Speaker 15: will actually last, but it will certainly be something that's

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Speaker 15: not going to be easy to get into or get

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Speaker 15: easy to get or easy to get out of.

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Speaker 2: I feel for you, Daniel, because you have absolutely no

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Speaker 2: idea what we're going to ask you about. We just

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Speaker 2: want to bomb you with questions. Is how we all learn,

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Speaker 2: and you know, don't be afraid to say it's a naive.

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Speaker 2: Like my next question, which is how much do we

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Speaker 2: know about what President Biden will say at eight o'clock.

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Speaker 15: Well, it's a very interesting question, Brian, because if you'd

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Speaker 15: ask me that a week ago, I would say, well,

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Speaker 15: he's going to talk about Israel, obviously, but you know,

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Speaker 15: the White House is said he's going to talk about

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Speaker 15: both Israel and Russia. So that's an indication that, you know,

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Speaker 15: his attention is being pooled in a lot of different directions,

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Speaker 15: and how he'll be able to address both of those

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Speaker 15: at the same time. I'm not sure, but.

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Speaker 8: Sounds like thematically he wants to talk about democracies versus

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Speaker 8: non democracies or something like that to maybe plack hate

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Speaker 8: some other, you know, interests.

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Speaker 15: It's possible. I mean, I think that's I think that's

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Speaker 15: a safe bet. But you know, again, it's it's going

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Speaker 15: to be a difficult you know, it's going to just

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Speaker 15: be a difficult situation going forward for the next, uh,

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Speaker 15: you know, next foreseeable period.

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Speaker 2: This is Bloomberg Daybreak Asia, your morning brief on the

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