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Speaker 1: Good morning.

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Speaker 2: I'm Brian Curtis and I'm Doug Krissner. Here are the

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Speaker 2: stories we're following today.

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Speaker 1: Let's get right over to Ed Bastro, who is looking

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Speaker 1: at the President's upcoming trip to Israel and all the

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Speaker 1: rest of the news from San Francisco.

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Speaker 3: Ed.

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Speaker 4: Yeah, thank you, Brian. Israel's military says it did not

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Speaker 4: strike a hospital in Gaza. It says Islamic jihad militants

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Speaker 4: sit with rockets. Prime Minister Benjamin net Yahu says it

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Speaker 4: was terrorist. He says definitely not. The Ida for Ports

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Speaker 4: earlier have said at least five hundred people died in

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Speaker 4: the attack. Meanwhile, while on the humanitarian front, trucks carrying

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Speaker 4: aid from Egypt were unable to cross into Gaza today.

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Speaker 4: More from Bloomberg's Oliver Crook in Tel Aviv, and.

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Speaker 3: Literally hundreds of tons of aid that are just sitting

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Speaker 3: there waiting to get through. We've heard from the Egyptians,

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Speaker 3: We've heard from the Israelis. The Israelis have said that

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Speaker 3: they want to create the conditions under which this aid

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Speaker 3: can finally move through, but they said it's going to

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Speaker 3: take time. Their main concern is that this aid gets

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Speaker 3: taken in commandeer by Hamas.

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Speaker 4: And this, of course with a backdrop of the pending

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Speaker 4: Israeli ground invasion. Bloomberg's Neck Watams reports Israeli forces continue

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Speaker 4: to pound targets there an exception of the invasion. Bloomberg

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Speaker 4: National Security correspondent Nick Watams reports, no word from Israel.

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Speaker 5: Something that they're not putting a timetable on. They're not

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Speaker 5: going to give a sense for when it might happen,

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Speaker 5: but that it could happen at any time. I mean,

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Speaker 5: one thing that is important to say that we think

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Speaker 5: is at least a reasonable expectation is that it would

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Speaker 5: not start with President Biden in the region.

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Speaker 4: And next US is putting two thousand troops on high

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Speaker 4: alert and extending the deployment of a carrier group in

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Speaker 4: the Eastern Mediterranean, and President Biden is due to board

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Speaker 4: Air Force One this evening for an arrival in Israel

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Speaker 4: tomorrow morning local time. Bloomberg's Kaylee Lyons says, certainly a

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Speaker 4: show of unity.

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Speaker 6: But there is also the concern of the fate of

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Speaker 6: the hostages, number of which held by Hamas are expected

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Speaker 6: to be Americans, and the President would like to see

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Speaker 6: every effort need to retrieve them and rescue them alive.

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Speaker 4: And the president's schedule to meet with leaders of Egypt

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Speaker 4: and Jordan. But now Jordan is announcing the summit with

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Speaker 4: Arab leaders has been canceled. And then the White House

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Speaker 4: came out saying that President Biden says he canceled that

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Speaker 4: leg of the trip, and I sees John Kirby says,

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Speaker 4: regarding the AID.

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Speaker 7: It's really on the humanitarian front, and he'll be hitting

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Speaker 7: that not only hard while he's in Israel, but when

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Speaker 7: he goes down on Jordan and speaks to President Ceci

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Speaker 7: of Egypt, President of Bassa, the Palestinian authority, and of

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Speaker 7: course King of Dollah, all focused on making sure that

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Speaker 7: humanitarian assistants can flow in.

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Speaker 4: So again the Biden trip to Israel still on to

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Speaker 4: the Arab leader meeting apparently has been canceled. Jim Jordan

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Speaker 4: not the House speaker. He got blatantly rebuffed today in

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Speaker 4: the first round of voting. There'll be no votes tonight.

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Speaker 4: Bloomberg's Jonathan Tamari says it did not go well at all.

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Speaker 8: Leading up to today. The word from Jordan's supporters as well,

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Speaker 8: it would be like eight to ten people who oppose

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Speaker 8: him well, we're looking in double back, and he's in

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Speaker 8: a worse position than Kevin McCarthy was in January, when

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Speaker 8: Kevin McCarthy took fifteen rounds to become the speaker, and

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Speaker 8: he was really the consensus candidate.

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Speaker 4: And Bloomberg's Wendy Benjamin says, the question now is how

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Speaker 4: long can this go on?

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Speaker 9: Will the House be willing to keep doing this? I mean,

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Speaker 9: there is the White House has sent a one hundred

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Speaker 9: billion dollar aid request for Israel over to the House.

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Speaker 9: The Senate says, sure, we're going to take it up

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Speaker 9: because we're a functioning chamber of Congress and the House

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Speaker 9: can't do anything. The Democrats may offer Patrick McHenry, the

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Speaker 9: acting Speaker, more powers, but there's no sense on the

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Speaker 9: Republican side that they're willing to do that.

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Speaker 4: Now. Part of the problem for members of the House

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Speaker 4: is Jordan's loyalty to Donald Trump and in the past

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Speaker 4: not acknowledging that Trump lost the election. Well, ABC's Rachel

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Speaker 4: Scott caught up with Jordan earlier today.

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Speaker 10: Book said it's important for the Republican Speaker of the

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Speaker 10: House to acknowledge that Donald Trump lost the election.

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Speaker 4: Do you knowledge that the sounds of silence, Global news

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Speaker 4: power by more than twenty seven hundred JO list and

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Speaker 4: analysts in over one hundred twenty countries in San Francisco.

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Speaker 4: I'm Ed Baxter. This is Bloomberg, all right, Brian.

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Speaker 1: Yes, c in Hong Kong. I'm Brian Curtis, along with

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Speaker 1: Doug Krisner. Our colleague Vunny Quinn will join a little

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Speaker 1: bit later this hour, and we have more coverage here.

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Speaker 1: The White House is eyeing a sizeable package to help

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Speaker 1: support Israel and others in the wake of the Hamas attacks.

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Speaker 1: Bloomberg's Erica Hrskowitz has more.

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Speaker 11: President Biden is reportedly considering a supplemental request of approximately

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Speaker 11: one hundred billion dollars that would include defense assistants for

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Speaker 11: Israel and Ukraine, alongside border security funding and aid to

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Speaker 11: nations in the Indo Pacific, including Taiwan. The comprehensive package

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Speaker 11: seeks to leverage broad bipartisan support for Israel in the

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Speaker 11: wake of the Hamas attacks to help ease passage of

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Speaker 11: aid for Ukraine, which has struggled to earn the favor

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Speaker 11: of House Republicans. The inclusion of border security funding may

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Speaker 11: also help garner support from Republicans who have long linked

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Speaker 11: additional foreign assistants to addressing an influx of migrants in

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Speaker 11: the US. Erka Herskowitz Bloomberg Radio.

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Speaker 2: Well, the US is restricting the sales of computer chips

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Speaker 2: made by Invidia specifically designed for the Chinese market. This

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Speaker 2: is part of a sweet being new update to export

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Speaker 2: curbs designed to block China's access to highly advanced semiconductor technology.

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Speaker 2: Here's bloomberg zed Ludlow.

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Speaker 12: In the Nvidia context, remember how important China is. In

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Speaker 12: the last earning score, in Vidia stated that in the

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Speaker 12: data center context, China was twenty to twenty five percent

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Speaker 12: of sales, within the historical range. In Nvidia has issued

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Speaker 12: US a statement saying that it complies with any regulation

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Speaker 12: or export requirements. But here's the key point. We don't

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Speaker 12: expect a near term meaningful impact on our financial results.

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Speaker 2: That is bloomberg ed Ludlow. By the way, these tighter

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Speaker 2: controls are targeting in Vidia's A eight hundred and h

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Speaker 2: eight hundred semiconductors. In Nvidia created these chips for export

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Speaker 2: to China after the Biden administration introduced its initial restrictions.

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Speaker 2: That was last October, right, and.

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Speaker 1: In Nvidia took quite a hit in the market today,

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Speaker 1: down four point seven percent. Some of the other ship

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Speaker 1: makers hit pretty hard as well well. Traders at Bank

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Speaker 1: of America had their best third quarter in at least

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Speaker 1: a decade, and net interest income came in better than expected.

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Speaker 1: We heard from Bank of America's CEO, Brian moynihan. He

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Speaker 1: says growth in the bank's consumer checking business has been integral.

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Speaker 13: We do really well with young Americans, and so we

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Speaker 13: keep adding that account growth of nine hundred thousand for

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Speaker 13: the last four quarters a million and the four quarters

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Speaker 13: before that, those numbers are net growing to thirty seven

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Speaker 13: million Americans. Customer satisfaction, high employee satisfaction that area, and

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Speaker 13: it all works, and it produces a nine hundred and

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Speaker 13: eighty billion dollars in deposits and.

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Speaker 1: Consumer Brian moynihan. There, Bank of America's shriffes were up

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Speaker 1: two point three percent.

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Speaker 2: In New York, we go to Goldman Sachs next. The

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Speaker 2: firm reported trading revenue for the third quarter above expectations.

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Speaker 2: Even so, Goldman saw a second straight quarter of losses

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Speaker 2: in its real estate assets, and in the end, these

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Speaker 2: facts dragged Goldman's profit lower. Here's Bloomberg's Alison Williams.

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Speaker 10: I think the pressure from investors is really more on

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Speaker 10: the cost side and how they can meet their overall

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Speaker 10: cost goals. I think the consumer business, as you said,

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Speaker 10: it's a lot of headlines because it's very unlike Goldman,

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Speaker 10: you know, and it was it was sort of a

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Speaker 10: little bit of a head scratcher when they went into

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Speaker 10: the business. It was it was almost like a negative

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Speaker 10: foreshadowing for the rest of their business that they would

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Speaker 10: do that. But I would say that investors never owned

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Speaker 10: Goldman Sachs to own that, and I think investors are

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Speaker 10: probably happy that they're focusing on their you know, they're

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Speaker 10: focusing on their core and their core. I mean, the

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Speaker 10: trading results very good, but investors likely anticipated that, that.

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Speaker 2: Is Bloomberg's Allison Williams. By the way, Goldman's share it's

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Speaker 2: finished down one point six percent in regular trading. We'll

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Speaker 2: hear from Morgan Stanley tomorrow before the opening belt Brian.

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Speaker 1: And crossing to this part of the world, Doug China's

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Speaker 1: latest economic data do out today are expected to show

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Speaker 1: an economy that he is sputtering. Bloomberg's Joan Wong has

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Speaker 1: the story from Hong Kong.

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Speaker 14: The data will likely show GDP expanded four and a

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Speaker 14: half percent year on year in the third quarter. That's

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Speaker 14: below the government's annual target and will likely stoke calls

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Speaker 14: for more stimulus. It's not that past stimulus hasn't worked,

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Speaker 14: as some measures are expected to show progress. September's industrial

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Speaker 14: output may rise four point four percent, almost in line

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Speaker 14: with August. Retail sales likely accelerated to four point nine percent,

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Speaker 14: but will it continue. Some economists have been raising their

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Speaker 14: forecasts in recent weeks. They anticipate China will come close

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Speaker 14: to hitting its overall growth target for twenty twenty three

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Speaker 14: of around five percent. In Hong Kong joined Wang Bloomberg Radio.

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Speaker 1: I'm Brian Curtis So along with Vonnie Quinn. Our guest

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Speaker 1: is Henrietta Trey. He's managing partner and director of Economic

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Speaker 1: Policy at Veta Partners. Henrietta I wanted to start off

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Speaker 1: with kind of a broader question here and looking at

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Speaker 1: the House Speakership.

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Speaker 4: Disaster, I suppose you could call it today.

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Speaker 1: If effective can US diplomacy be when you have the

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Speaker 1: body politic in the United States so fractured that any

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Speaker 1: promises from any US politicians, even the President may seem unenforceable.

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Speaker 15: That's a great question. It's funny Ken Buck, one of

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Speaker 15: the Republicans who voted against the speaker McCarthy originally and

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Speaker 15: voted for his ouster and then voted against Jim Jordan.

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Speaker 15: Here he had an incredible quote right off the floor

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Speaker 15: after the Jordan vote. He said, no one's watching us,

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Speaker 15: this doesn't matter, no one cares. Is effectively what he

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Speaker 15: was implying, And that sounds like a great answer to

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Speaker 15: your question that the members themselves don't think they're important.

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Speaker 15: But what he went on to say is there's no urgency.

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Speaker 15: We don't have a supplemental yet from the White House

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Speaker 15: on Israel aid. The government doesn't shut down until November seventeenth.

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Speaker 15: The Republican Party does not have an agenda or an

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Speaker 15: urgent ask that they need to to accomplish, And so

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Speaker 15: effectively he's saying, we have time. I agree that the

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Speaker 15: ability to have diplomacy while the one wing of the

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Speaker 15: Congress is pure chaos is hard to fathom. But you

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Speaker 15: know the real answer functionally is they just don't need

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Speaker 15: to find a speaker yet. And I think it could

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Speaker 15: be another one to two weeks before they do, and

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Speaker 15: ultimately I think they will probably fail. And so the

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Speaker 15: off ramp is to just give more authority to the

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Speaker 15: Speaker pro Tempore Patrick McHenry, a Republican from North Carolina,

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Speaker 15: on only the absolutely urgent must pass legislation like aid

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Speaker 15: to Israel.

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Speaker 16: And so how long would that last then, Henrietta, and

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Speaker 16: what would the legislation look like.

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Speaker 15: That's a great question as well. So there are thoughts

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Speaker 15: about making any expanded powers of the Speaker pro tempore temporary.

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Speaker 15: November seventeenth is the deadline. It's most frequently discussed because

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Speaker 15: that's when the government shutdown happens, and so by extension,

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Speaker 15: they're effectively saying all will vote on is bills to

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Speaker 15: keep the government open and an emergency aid package to Israel, Ukraine,

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Speaker 15: the US Mexico border, and Asian nations including Taiwan, and

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Speaker 15: what we have in the crisis with Israel is a

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Speaker 15: very helpful dynamic on Capitol Hill and that it can

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Speaker 15: keep the government open because I suspect they will all

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Speaker 15: get lumped into one big bill and that Speaker ProTem

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Speaker 15: for I will be in a position of expanded power

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Speaker 15: for as long as that takes. To cross to pass.

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Speaker 1: So as we see Republicans sputtering to a degree here,

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Speaker 1: what's the smart play by Democrats?

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Speaker 15: You know, this is kind of the example of you

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Speaker 15: give somebody the longest rope they want to hang themselves with.

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Speaker 15: The Democrats are, you know, marching in lobstep behind Jeffreys.

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Speaker 15: There's been no wavering. He gets two hundred and twelve

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Speaker 15: votes every single time. And I think it's very interesting

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Speaker 15: and telling that the narrative Republicans are trying to spend,

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Speaker 15: most specifically Kevin McCarthy today, is that somehow this is

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Speaker 15: Democrats faults. And from the polling we can see and

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Speaker 15: the way that the American public is responding, that's not

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Speaker 15: something that's resonating with the American voter. So I think

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Speaker 15: Democrats are just letting this play out. They are hoping

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Speaker 15: for an alternate solution, that is the Speaker pro tempore

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Speaker 15: being expanded, but they're just sort of holding the line

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Speaker 15: and watching the planes.

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Speaker 16: Henriette, if I could shift gear just a little bit,

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Speaker 16: we saw the cavalcade, the President's cavalcade leave a short

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Speaker 16: time ago. What will President Biden want to achieve in

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Speaker 16: the Middle East, particularly now that the Quartet salm It

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Speaker 16: and that man has been canceled.

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Speaker 1: Yeah.

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Speaker 15: Absolutely, I mean, obviously, I think the escalation things are

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Speaker 15: rapidly moving in Israel. I think he wants to signal

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Speaker 15: plane and unwavering support. I think that is part of

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Speaker 15: who Biden is sort of to his core, let alone

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Speaker 15: is just a represent of America. So to go over

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Speaker 15: there during wartime is I think a pretty powerful message

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Speaker 15: to say we're on your side, but also do not escalate.

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Speaker 15: And I think him physically being there is a powerful

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Speaker 15: way for him to get that message across. Obviously, the

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Speaker 15: cancelation of various meetings is something that will make the

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Speaker 15: optics of this even worse. And I think as time

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Speaker 15: goes on, opposition to Israel and to Hamas and potentially

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Speaker 15: Iran and Lebanon is only going to grow as sort

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Speaker 15: of the dust settles that people feel more comfortable getting

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Speaker 15: angry about what they're seeing. And that's the phase that

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Speaker 15: we're going to enter into next.

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Speaker 1: So one key question is can President Biden be kept

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Speaker 1: safe there? And of course the intelligence community would say yes,

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Speaker 1: he can be, and this is what we do. But

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Speaker 1: then if you look at the failures so far from

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Speaker 1: the original attacks, that hamas made to even an incident

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Speaker 1: like we saw at the hospital, where we still don't

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Speaker 1: know whether this was an incoming missile or the failure

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Speaker 1: of a missile trying to be launched from there by

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Speaker 1: the Palestinian side, how confident can we be that President

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Speaker 1: Biden will be safe.

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Speaker 15: That's so fascinating to watch the optics of this play out.

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Speaker 15: You know, ordinarily you would have a president just show

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Speaker 15: up in the dark of night, you know, the way

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Speaker 15: we saw. You know, my thinking is Bush in Iraq

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Speaker 15: in the past, you'd have a president just magically appear

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Speaker 15: in the middle of the now announcement beforehand, right right, Absolutely,

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Speaker 15: I think it's, you know, an obviously dangerous situation. And

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Speaker 15: again especially with the layer of the two aircraft carriers

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Speaker 15: being over there, more support going and they're trying to

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Speaker 15: neutralize any impending escalation. The fact that the ground defensive

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Speaker 15: has not formally been launched, I mean, obviously it's not great,

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Speaker 15: to say the very least, But the fact that there

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Speaker 15: is some hold up from the original twenty four hour

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Speaker 15: expectation in a few days back, I think is indicative

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Speaker 15: of Secretary of State Lincoln's efforts to sort of contain

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Speaker 15: the situation and Biden physically going over there makes it

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Speaker 15: a high alert situation. You knows everybody will potentially and

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Speaker 15: hopefully be on their best behavior.

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Speaker 16: It would seem, in fact, Brian, that you know, some

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Speaker 16: of the optics would be you know, for everybody knowing

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Speaker 16: that the president is going that's that was undone on

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Speaker 16: purpose this time around.

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Speaker 1: Well, we hope he will be safe. And we have

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Speaker 1: to say to Henrietta Trees, thanks so much for joining us.

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Speaker 1: We always love having you on the on the show.

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Speaker 1: Thank you. Henrietta Trey is Managing Partner director of Economic

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Speaker 1: Policy at Veda Partners. This is Bloomberg Daybreak Asia, your

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