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

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Speaker 2: Good morning. I'm Nathan Hager.

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Speaker 3: And I'm Karen Moscow. Here are the stories we're following today.

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Speaker 2: Karen will have much more markets in a minute. First,

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Speaker 2: we want to get the latest on the aftermath of

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Speaker 2: Hurricane Milton. Bloomberg's John Tucker is following that and joins

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Speaker 2: us now. Good morning, John, Good morning Nathan. It could

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Speaker 2: cake days to assess the full extent of the damages.

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Speaker 2: So far, ten people are dead, millions are without power,

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Speaker 2: but it could have been a lot worse. Florida Governor

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Speaker 2: Ron DeSantis.

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Speaker 4: The storm was significant, but thankfully this was not the

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Speaker 4: worst case scenario. The storm did weaken before landfall.

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Speaker 5: Much of the worst damage came from wind rather than water.

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Speaker 5: There or at least thirty eight reports of tornadoes. Milton's

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Speaker 5: one hundred and twenty mile an hour winds tossed a

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Speaker 5: crane into a Saint Petersburg building. The roof of Tropicana

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Speaker 5: Field was shredded. President Biden called on Congress to return

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Speaker 5: to Washington and immediately to pass additional funding for disaster

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Speaker 5: rate and made a vow to the people of Florida.

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Speaker 6: I promise you you have to pick up the pieces still.

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Speaker 7: I want you to know everything on our power to

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Speaker 7: help you put pieces back together.

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Speaker 5: A disaster modeler with NK Research says the damage could

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Speaker 5: cost seventy five billion dollars. About two and a half

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Speaker 5: million homes and businesses remain without electricity. Well Disney World

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Speaker 5: and Comcast Orlando theme parks. They say they plan to

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Speaker 5: reopen today. I'm John Tucker, Bloomberg Radio.

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Speaker 3: All right, John, thank you. Now we want to get

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Speaker 3: the latest from the campaign trail. Former President Trump is

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Speaker 3: making a bid to boost the auto industry, and a

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Speaker 3: speech at the Economic Club of Detroit, he promised to

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Speaker 3: make interest on car loans tax deductible.

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Speaker 8: This will stimulate massive domestic auto production and make car

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Speaker 8: ownership dramatically more affordable for millions and millions of working

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Speaker 8: American families.

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Speaker 3: Donald Trump also promised to renegotiate the US Mexico Canada

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Speaker 3: trade agreement to prevent Chinese cars made in Mexic go

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Speaker 3: from crossing the border, and he took a swipe at

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Speaker 3: his host city, saying the whole country will end up

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Speaker 3: like Detroit if Kamala Harris is elected president. The vice

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Speaker 3: president seized on that remark.

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Speaker 9: My opponent, Donald Trump, yet again has trashed another great

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Speaker 9: American city when he was in Detroit, which is just

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Speaker 9: a further piece of evidence on a very long list

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Speaker 9: of why he is unfit to be president of the

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Speaker 9: United States.

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Speaker 3: Kamala Harris spoken her way to a rally in Arizona

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Speaker 3: last night. The Vice president also appeared at a town

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Speaker 3: hall in Las Vegas with Univision and a bid to

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Speaker 3: shore up the Latino vote. She defended her record on

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Speaker 3: immigration and took questions from voters frustrated by rising grocery

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Speaker 3: prices and health services that have become difficult to procure.

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Speaker 2: Now, Karen, let's get to the latest from the Middle East.

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Speaker 2: Israel has stepped up strikes on Bay Route in its

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Speaker 2: campaign against Hesbola. That's as it continues to decide how

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Speaker 2: to retaliate against Iran for its ballistic missile attack last week.

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Speaker 2: Israel's security cabinet held a meeting last night, but an

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Speaker 2: Israeli official tells Bloomberg it ended with no decision made.

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Speaker 2: Bloomberg Stewart Livingston Wallace says that should not be taken

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Speaker 2: as a surprise.

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Speaker 6: And I think it's just standard procedure and I don't

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Speaker 6: think we should read anything more into it than that,

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Speaker 6: And they came out of it saying that the final

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Speaker 6: decision is going to be taken by the Prime Minister

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Speaker 6: and the Defense Minister, which again is pretty standard.

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Speaker 2: Bloomberg Stewart Livingston Wallace reports President Biden warned Israeli Prime

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Speaker 2: Minister Benjamin Netanyahu against targeting Iran's oil and nuclear sites

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Speaker 2: a day before the Security Cabinet meeting.

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Speaker 3: Well Nathan Elon Musk has unveiled the long awaited prototype

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Speaker 3: of Tesla's cyberg Cab at an event in Burbank, California,

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Speaker 3: last night. The billionaire said production may start in twenty

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Speaker 3: twenty six, with a vehicle priced under thirty thousand dollars.

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Speaker 10: You can think of it like individualized mass transit. The

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Speaker 10: average cost of a bus per mile for a city

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Speaker 10: not to take a price because that is subsidized, but

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Speaker 10: the average price is about a dollar a mile, whereas

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Speaker 10: the cost of Cybercab we think probably over time from

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Speaker 10: the operating cost is probably be around twenty cents a mile.

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Speaker 3: And Musk also showcased a robovan concept, which he says

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Speaker 3: could transport twenty people at once. Analy say Musk's presentation

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Speaker 3: lack technical details and gloss over topics, including regulation on

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Speaker 3: whether the company will own and operate its own fleet

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Speaker 3: of cyber caps. Shares of Tesla are down almost six

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Speaker 3: percent this morning.

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Speaker 2: And Karen investors are gearing up to watch shares of

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Speaker 2: big banks. We get earnings from two of them this morning,

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Speaker 2: and we get a preview now from Bloomberg Wall Street

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Speaker 2: correspondent Schanelie Bassik.

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Speaker 11: JP Morgan and Wells Fargo kick off an earning season

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Speaker 11: for the big banks, and it's the first one since

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Speaker 11: the Federal Reserve cut interest rates for the first time

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Speaker 11: after its historic rate hiking cycle. Now what's unclear is

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Speaker 11: how that will unlock lending as interest rates become lower

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Speaker 11: eventually across different credit products.

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Speaker 1: The yield curve has also.

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Speaker 11: Been steepening, which is generally good for banks, but it's

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Speaker 11: been fluctuating, and JP Morgan and Wells Fargo's outlook will

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Speaker 11: be just as important as the numbers themselves. In New York,

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Speaker 11: I'm Shinali Bask for Bloomberg Radio.

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Speaker 3: Right, Janali, thank you well. Also out this morning, another

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Speaker 3: key reading on inflation. Producer prices for the month of

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Speaker 3: September forecast to arisen a tenth of upper sut We

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Speaker 3: get a preview from Bloomberg's Michael McKee.

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Speaker 8: The upside surprise from CPI is not expected to carry

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Speaker 8: over to the prices producers are charging. The consensus forecast

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Speaker 8: is for a tenth of a percentage point drop in

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Speaker 8: the rates of both headline and court inflation. If verified,

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Speaker 8: that would give FED officials and investors more hope that

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Speaker 8: the September rise in consumer prices was a one off.

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Speaker 8: One thing to watch prices for trade services, essentially retailer

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Speaker 8: and wholesaler margins, was the September CPI bump at effort

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Speaker 8: by companies to protect those margins at a time when

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Speaker 8: the cost of labor continues to rise. Michael McKee, Bloomberg Radio.

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Speaker 2: All Right, Mike Thanks. Fed policymaker Austin Golsby is praising

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Speaker 2: progress on inflation and the labor market. Speaking with Bloomberg's

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Speaker 2: Odd Lots podcast before the latest consumer price index, the

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Speaker 2: Chicago Fed president said he does not see convincing evidence

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Speaker 2: the economy is overheating. Despite the stronger September jobs report,

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Speaker 2: all of.

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Speaker 12: The measures broadly have been showing a labor market that

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Speaker 12: is cooling from a white hot level to something like

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Speaker 12: sustainable full employment. I haven't seen anything that is yet

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Speaker 12: convincing that there's a new trend that we're not stabilizing

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Speaker 12: at full employment.

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Speaker 2: Chicago Fed President Austin Golsby. To hear the full conversation,

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Speaker 2: head over to the Bloomberg Odd Lots podcast.

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Speaker 3: Well, Ever, in Europe, Nathan, the UK economy return to

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Speaker 3: growth in August, putting Prime Minister Keir Starmer on track

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Speaker 3: for a modest recovery before worries about his first budget

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Speaker 3: began to weigh on sentiment. Gross domestic product rose two

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Speaker 3: tenths of percent from July, and that's in line with

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Speaker 3: economist estimates.

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Speaker 2: And back in the US, Karen Boeing is taking a

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Speaker 2: harder line with union representatives as the strike hits the

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Speaker 2: one mark. The Planemaker has filed unfair labor practice charges,

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Speaker 2: saying the other side has bargained in bad faith and

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Speaker 2: undermined its own deal. The union has said it's willing

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Speaker 2: to talk, though Boeing quote needs to meet us at

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Speaker 2: the table.

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

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

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Speaker 3: and for that we're joined by Bloomberg's Michael Barr.

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Speaker 13: Michael, good morning, Good morning, Karen. Breaking news. A Japanese

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Speaker 13: group of atomic bomb survivors has just won the Nobel

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Speaker 13: Peace Prize. Nihan Haidankiyo is the only national organization of

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Speaker 13: A bomb survivors of Hiroshima and Nagasaki in Japan. It

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Speaker 13: was formed by organizations. It was also founded in August

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Speaker 13: of nineteen fifty six during the second World Conference against

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Speaker 13: A and H bombs. Of course, we'll have more on

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Speaker 13: this story throughout the entire day. A deadly incident at

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Speaker 13: a tourist attraction west of Colorado Springs, Colorado's governor says

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Speaker 13: he's relieved that twelve people who were trapped in the

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Speaker 13: Molly Kathleen mine in Cripple Creek have been rescued. However,

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Speaker 13: one person died and four were injured when the trolley

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Speaker 13: car that goes down the elevator at the tourist attraction malfunctioned.

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Speaker 13: Teller County Sheriff Jason.

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Speaker 4: Mike Sell, it's going to take a full investigation and

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Speaker 4: know what really went wrong.

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Speaker 2: Accidents happen when you're dealing with this type of machinery.

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Speaker 13: Sheriff Mike Sale says those stuck We're one thousand feet

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Speaker 13: below ground for hours. No word on what caused the malfunction.

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Speaker 13: Ethel Kennedy, who lost her husband, Robert F. Kennedy, to

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Speaker 13: an assassination, has died. She was by her husband's side

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Speaker 13: when the senator was killed while running for president in

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Speaker 13: nineteen sixty eight. As a student at Manhattanville College in

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Speaker 13: New York, she shared a room with Jean Kennedy. Ethel

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Speaker 13: was seventeen when she met Jean's brother Robert, on a

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Speaker 13: skiing vacation in nineteen forty five.

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Speaker 11: He was standing in front of an open fire place

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Speaker 11: and I just turned around.

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Speaker 1: I worked in the turned to and so.

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Speaker 13: That Ethel and Robert married in a lavish ceremony. Five

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Speaker 13: years later. Former President Barack Obama called Ethel Kennedy a

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Speaker 13: dear friend with a passion for justice. Ethel Kennedy was

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Speaker 13: ninety six. Finally, yesterday was World Mental Health Day Day.

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Speaker 13: People are asked to prioritize their own well being. Dozens

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Speaker 13: of students at Penn State Scranton took the day off

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Speaker 13: from school to do just that, including this student.

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Speaker 14: I know that a lot of students are overwhelmed at

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Speaker 14: this time of year because of midterms and all of

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Speaker 14: our exams and everything.

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Speaker 13: About sixty two percent of people globally report experiencing stress

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Speaker 13: that affects their daily life. Global News twenty four hours

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Speaker 13: a day, whenever you want it with Bloomberg News Now.

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Speaker 13: I'm Michael Barran. This is Bloomberg Karen.

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Speaker 3: All right, Michael Barr, thank you time now for the

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Speaker 3: Bloomberg Sport brought to you by Try a State Audi.

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Speaker 3: Here's John Stanshawer, John, good morning.

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Speaker 4: Good morning Karen. Two teams have so far advanced of

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Speaker 4: the league Championship series, and those teams are the Mets

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Speaker 4: and the Yankees, who won three one of Kansas City

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Speaker 4: won the series three to one. They started Game four

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Speaker 4: quickly scoring before there was an out, Wan Soto, driving

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Speaker 4: home Labor Torres, who then drove in a run in

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Speaker 4: the fifth and ending later another run scoring hit for

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Speaker 4: John Carlos Stanton, the hero of Game three. He pleaded

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Speaker 4: Aaron Judge, who, as it was well documented, had a

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Speaker 4: quiet series. But Judge doubled in that sixth inning and

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Speaker 4: the Yankee captain now happy to be moving on.

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Speaker 15: Well means everything you know we haven't since I've been

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Speaker 15: here with the Yankees. We haven't secured a pennant, so

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Speaker 15: you know the group that we have, how special this is, Like,

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Speaker 15: there's excited for this opportunity. It's gonna be something special.

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Speaker 15: And you know what a series for the boys. This

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Speaker 15: this DS was against a good Royals team. So excited

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Speaker 15: about the see us, that's for sure.

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Speaker 4: Monday Night at the State in the host either Cleveland

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Speaker 4: or Detroit. Guardian State Alive, winning five three, They'll host

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Speaker 4: the Tigers the decisive game five Tomorrow night, Game five

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Speaker 4: tonight and the NLDS Padres and Dodgers in LA and

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Speaker 4: the winner then host the Mets Game one Sunday. Also

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Speaker 4: for baseball, Minnesota Twins are for sale. They've only had

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Speaker 4: two owners since nineteen nineteen when they were in Washington,

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Speaker 4: the Griffith family and for the past forty years, the

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Speaker 4: pole Ad family. The team has been valued at just

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Speaker 4: under one point five billion. Week six began in the

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Speaker 4: NFC Western Seattle forty nine Ers led all the way

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Speaker 4: beat the Seahawks thirty six to twenty four, three touchdown

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Speaker 4: passes for Brock perty two to George Kittle after a

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Speaker 4: seventy six yarder to Deebo Samuel. Both teams are three

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Speaker 4: and three wild start to the WNBA Finals, and broke them.

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Speaker 4: The Liberty Blue n eighteen point lead, trailed by one

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Speaker 4: with less than a second to go when Brianna Stewart

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Speaker 4: got fouled. She made the first free throw but missed

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Speaker 4: the second, and the Minnesota Links one Game one of

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Speaker 4: the best of five in overtime ninety five ninety three

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Speaker 4: Game two, Sunday afternoon, also at Barclay's. John Stashedward at

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Speaker 4: Bloomberg Sports.

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Speaker 7: Karennacom Coast to coast Bloomberg Radio nationwide on Sirius XM

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Speaker 7: and around the world on Bloomberg dot Com and the

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Speaker 7: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 7: Nathan Hager.

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Speaker 2: The weight is finally over for Tesla is self driving robotaxi,

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Speaker 2: or at least to see what it looks like. Elon

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Speaker 2: Musk has unveiled the prototype of what he is now

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Speaker 2: calling cyber Cab, saying it could begin production in the

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Speaker 2: next two years.

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Speaker 10: Yes, and you will be able to buy one, and

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Speaker 10: we expect the cost to be below thirty thousand dollars.

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Speaker 2: Tesla CEO Elon Musk at the Wee Robot event in

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Speaker 2: southern California last night. This morning, we were joined by

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Speaker 2: Bloomberg's Kritty Gupta. Critty, good morning. We just heard the

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Speaker 2: promises from Elon Musk about cyber cab production in the

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Speaker 2: next two years. Maybe a price point under thirty thousand. Maybe,

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Speaker 2: look at the stock reaction, Maybe isn't enough for investors apparently.

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Speaker 1: Good morning, Nathan.

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Speaker 14: I'm sure a lot of folks with thirty thousand dollars

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Speaker 14: are looking at this cyber cab to throw that money at.

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Speaker 14: But it's an interesting one in terms of that price point,

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Speaker 14: because a lot of people were expecting in the lead

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Speaker 14: up to this a much more expensive price point. I

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Speaker 14: remember that's one of the key things that Tesla has

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Speaker 14: struggled with in terms of pricing its evs.

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Speaker 1: Specifically in the United States.

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Speaker 14: The idea here simply being that Americans don't want to

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Speaker 14: spend that much for an EV and if a gas

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Speaker 14: guzzler is cheaper, they're going to go for the cheaper option.

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Speaker 14: Now it looks like that something Tesla's addressing in some

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Speaker 14: of their other products, which again, thirty thousand is quite

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Speaker 14: an attractive price point as well. Nathan, It is not

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Speaker 14: enough to impress the investor standpoint, though, or the investor

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Speaker 14: or the stock I should say, the shares are dropping

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Speaker 14: pre market by just shy of about six percent, so

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Speaker 14: you are seeing it take a little bit of a beating.

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Speaker 14: The idea here simply being how do you make money

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Speaker 14: off of this? How viable is this in terms of

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Speaker 14: helping your bottom line right now?

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Speaker 1: It doesn't seem like that much.

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Speaker 14: I'll add another little fun fact here, Nathan, in that

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Speaker 14: Bloomberg Intelligence is fogging the point that there's still scrutiny

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Speaker 14: around there's just still regulation around some of these self

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Speaker 14: driving vehicles and the robotaxi in particular. The National Highway

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Speaker 14: Traffic Safety Administration, according to Bloomberg Intelligence, has an annual

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Speaker 14: production limit of twenty five hundred steering wheel free vehicles.

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Speaker 14: So that's going to get in the way at the

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Speaker 14: moment of mass production of this.

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Speaker 2: And that gets to some of the unanswered questions that

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Speaker 2: we're still waiting to hear answers for after this event,

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Speaker 2: not only how Elon Musk and Tesla make the leap

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Speaker 2: from assisted driving that they still haven't quite fully mastered,

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Speaker 2: and to the price point when they haven't even put

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Speaker 2: out a sub thirty thousand driveable vehicle.

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Speaker 14: The timing is also another kind of volatile factor here,

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Speaker 14: because yes, there are plenty of unveilings coming out of Tesla,

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Speaker 14: but Elon Musk and his design team has a history

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Speaker 14: of going far past the timemeline that they suggest.

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Speaker 1: If he's talking about two short years, there's a lot

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Speaker 1: of questions.

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Speaker 14: About, well, can you actually get to those two years,

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Speaker 14: not just in terms of the cybercab, but also in

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Speaker 14: terms of the other product, which is the cyber van

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Speaker 14: really looks like an Art Deco bus for those who've

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Speaker 14: looked at that visual.

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Speaker 2: Yeah, pretty soon the conversation is going to turn from

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Speaker 2: the future of ev autonomy to the present of big banks.

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Speaker 2: What are we expecting in our last minute here from JP,

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Speaker 2: Morgan Chase and Wells Fargo.

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Speaker 14: Today, Well, we're expecting some sort of gauge on the consumer. Look,

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Speaker 14: we know that the IPO market isn't doing that well.

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Speaker 14: We know that capital markets activity has kind of slowed down.

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Speaker 14: We also know that a lot of these trading profits

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Speaker 14: have come from the volatility that you're going to see

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Speaker 14: that's not going to slow down going into the election.

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Speaker 1: Nathan What is going to happen though, is a little

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Speaker 1: bit more clarity on.

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Speaker 14: The consumers, all eyes on what Jamie Diamond is going

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Speaker 14: to be saying around that. Do you still see that

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Speaker 14: consumer support or geopolitics going to be weighing.

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Speaker 1: On that sentiment. That's I think what we're watching for

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Speaker 1: this morning.

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Speaker 2: I'm Karen Moscow and I'm Nathan Hager. Join us again

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Speaker 14: Ray