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

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Speaker 2: Good morning.

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Speaker 3: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 3: stories we're following today.

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Speaker 4: Karen, Futures are surging on signs the US and China

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Speaker 4: are closing in on a trade deal. Both sides spent

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Speaker 4: the weekend in Malaysia coming to terms on a range

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Speaker 4: of contentious issues, including export controls, fentanel, and shipping fees.

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Speaker 4: Treasury Secretary Scott Besson says President Trump's threat of a

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Speaker 4: one hundred percent terify on Chinese goods is effectively off

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Speaker 4: the table, and he expects China will make substantial purchases

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Speaker 4: of American soybeans.

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Speaker 5: Those soybeans were always going to be on the market.

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Speaker 5: It's a global market. The three leading suppliers are Brazil,

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Speaker 5: Argentina and the US. And I believe that we have

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Speaker 5: brought the market back into equilibrium, and I believe that

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Speaker 5: the Chinese will be making sustained purchases again.

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Speaker 4: Treasury Secretary Scott Besson spoke on CBS's Face the Nation

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Speaker 4: Heard Sundays on Bloomberg Radio after he met with his

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Speaker 4: Chinese counterpart. President Trump says he may drop an investigation

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Speaker 4: into whether China violated his first term trade deal when

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Speaker 4: he meets with Chinese President shi Jinping on Thursday.

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Speaker 3: On Nathan, the President's next stop in his trip to

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Speaker 3: Asia is Japan. He arrived there earlier this morning. He

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Speaker 3: told reporters he was excited for his meeting with new

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Speaker 3: Japanese Prime Minister san Aetakaishi and the prospect of completing

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Speaker 3: a joint deal to promote shipbuilding capacity. The meeting is

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Speaker 3: a high stakes test for Takaichi, who was selected by

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Speaker 3: lawmakers to become Japan's first woman prime minister.

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Speaker 4: Earlier this month, Canadian Prime Minister Mark Carney says his

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Speaker 4: government is prepared to resume trade talks with the US

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Speaker 4: at any time. That's after President Trump announced an additional

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Speaker 4: ten percent in tariffs on goods imported from Canada after

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Speaker 4: the Province of Ontario aired an anti tariff advertisement featuring

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Speaker 4: Ronald Reagan. Carney says the world will start shifting away

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Speaker 4: from trade with the US, so natural which.

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Speaker 6: Trade is going to shift away.

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Speaker 2: By definition?

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Speaker 7: The other reason is fit from the US for a

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Speaker 7: period of time.

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Speaker 5: On that it's also shifting because it's more expensive to

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Speaker 5: trade with the United States.

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Speaker 4: Canadian Prime Minister Mark Karney made those comments about trade

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Speaker 4: with the US at a business and investment forum in Malaysia.

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Speaker 8: Nathan.

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Speaker 3: President Trump is ruling out the idea of running as

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Speaker 3: a vice presidential candidate in the twenty twenty eight election.

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Speaker 3: He made the comments this morning on Air Force one,

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Speaker 3: as some of his supporters urge him to find ways

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Speaker 3: to circumvent the Constitution's prohibition on a president being elected

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Speaker 3: to three terms. The President has declined to rule out

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Speaker 3: seeking another term despite the constitutional term limit.

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Speaker 4: Well, there's no end of the government shutdown, Karen. It

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Speaker 4: is now up today twenty seven and the impact is

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Speaker 4: starting to spread beyond the Beltway. More flights are seeing

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Speaker 4: departure and arrival delays as air traffic controllers call in

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Speaker 4: sick rather than work through the shutdown without pay. Transportation

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Speaker 4: Secretary Sean Duffy says that's only going to get worse.

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Speaker 3: As we get to Monday, Tomorrow, Tuesday and Wednesday, that

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Speaker 3: you're going to see more staffing shortages and towers, which.

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Speaker 2: Means you're all going to see.

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Speaker 8: More delays, more cancelations.

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Speaker 4: Transportation Secretary Sean Duffy made those comments on Fox News'

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Speaker 4: Sunday Morning Futures. The Agriculture Department says as of this Saturday,

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Speaker 4: it will no longer have the funds to send out

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Speaker 4: supplemental nutrition assistance also known as food stamps. House Minardi

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Speaker 4: leader Hakim Jeffrey says Republicans need to negotiate on democrats

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Speaker 4: demands for extended health insurance subsidies.

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Speaker 9: They have had the opportunity both House Republicans and Senate

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Speaker 9: Republicans repeatedly throughout the year so extend the Affordable CARECT

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Speaker 9: tax creators, and they've consistently voted against it.

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Speaker 4: House Minardi leader Hakim Jeffries was a guest on CBS's

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Speaker 4: Face the Nation Heard Sundays on Bloomberg Radio Nathan.

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Speaker 3: Early voting began over the weekend, and the race to

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Speaker 3: run the nation's largest city on Bloomberg's John Tucker joins

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Speaker 3: us with more John, Good Morning, Good Morning Karen.

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Speaker 10: Thousands of voters showed up both Saturday and Sunday to

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Speaker 10: pick the next mayor of the Big Apple, and the

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Speaker 10: turnout for early voting was reported heavy.

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Speaker 1: From Mamdani, I think that he has a lot of

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Speaker 1: really good ideas for the future of New York.

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Speaker 2: Because I wanted to go for the experience. I don't

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Speaker 2: want to burning one to job.

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Speaker 10: The front runner, Democratic Socialist Zora Mumdani, has been working

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Speaker 10: to build a governing coalition by meeting with all comers,

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Speaker 10: including the business community that's been bashing his plans, and

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Speaker 10: with only eight days until lunch day, supporters of Andrew

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Speaker 10: Cuomo are pouring money into a ground game. They include

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Speaker 10: political action committees fueled by Bill Ackman and Ronald Lauder.

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Speaker 10: The tone of the race it has turned ugly in

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Speaker 10: the final days, with a sharp and focus on religion

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Speaker 10: and race. Cuomo has questioned mam Donnie's ability to manage

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Speaker 10: quote another nine to eleven, with mam Donni complaining of

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Speaker 10: Cuomo's racist attacks. Republican Curtis Sleeve on trails in third place.

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Speaker 10: The current mayor Eric Adams dropped out of the race.

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Speaker 10: In New York Time John Tucker Bloomberg.

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Speaker 2: Radio John Thank You, True.

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Speaker 4: Secretary Scott Besson says they are now five finalists to

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Speaker 4: succeed j. Powell as the next chair of the Federal Reserve.

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Speaker 4: Speaking to reporters of Board Air Force One, Besson said

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Speaker 4: the candidate pool is now Christopher Waller Kevin Walsh, Kevin Hassett,

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Speaker 4: Michelle Bowman, and Rick Reader. President Trump says he expects

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Speaker 4: to make a decision on the nominee before the end

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Speaker 4: of the year.

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Speaker 3: Meanwhile, it's a big week for policy decisions around the world, Nathan.

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Speaker 3: The Federal Reserve and Bank of Canada are widely anticipated

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Speaker 3: to cut rates by a quarter point on Wednesday, while

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Speaker 3: the Bank of Japan is predicted to hold off on

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Speaker 3: a rate hike the following day. The European Central Bank

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Speaker 3: is also expected to keep raids steady after its meeting

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Speaker 3: in Florence on Thursday.

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Speaker 4: We got some deal news on this Monday morning. Karen

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Speaker 4: Nevardes has agreed to buy US based Avidity Biosciences for

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Speaker 4: twelve billion dollars. Avidity is developing experimental drugs to treat

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Speaker 4: rare diseases, and the shares this morning are up more

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Speaker 4: than forty two percent.

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Speaker 3: And Toyota maintained record global sales during the first half

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Speaker 3: of the fiscal year, as growth in the US helped

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Speaker 3: counter aid lukewarm showing in Japan and China. Global sales

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Speaker 3: rose almost three percent in September from a year earlier.

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Speaker 2: The world's biggest car.

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Speaker 3: Maker has managed to achieve overall growth despite volatility in

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Speaker 3: China and trade tensions brought about by President Trump's tariffs

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Speaker 3: on cars and parts imported to the US. I'm now

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Speaker 3: for look at some of the other stories making news

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Speaker 3: in New York and around the world, and for that

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

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Speaker 6: Michael, good morning, Good morning, Karen. Hurricane Melissa is roaring

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Speaker 6: toward Jamaica and has grown to a destructive Category five storm.

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Speaker 6: It is expected to strengthen further before making landfall on

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Speaker 6: the Caribbean nation with up to thirty inches of rain

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Speaker 6: and a life threatening storm surge. Melissa's center was forecast

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Speaker 6: to move over Jamaica on Tuesday, across southeast Cuba on

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Speaker 6: Tuesday night, and across the southeast Bahamas on Wednesday. This

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Speaker 6: man is a resident of Saint James Parish, so we.

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Speaker 11: Used plywoods to barkt areas and sunbark to for that

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Speaker 11: during the starman don't have any issues off any debris

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Speaker 11: going inside for anybody pasts by to probar one to

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Speaker 11: the go inside.

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Speaker 6: With more on the storm, here's Bloomberg meterologist Craig allen.

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Speaker 8: Haiti and the Dominican Republican parts of Jamaica being pummeled

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Speaker 8: by major Hurricane Melissa. The very slow westward movement is

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Speaker 8: going to turn more to the north and northeast and

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Speaker 8: head right forward Jamaica. This is going to be an

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Speaker 8: absolutely catastrophic storm for Jamaica, with Cat five wins over

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Speaker 8: one hundred and fifty miles per hour gusting to one

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Speaker 8: hundred seventy.

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Speaker 6: Bloomberg meteaurologist Craig Allen. The storm has caused four deaths

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Speaker 6: in Haiti and the Dominican Republic. Argentina's libertarian President Javier Malay,

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Speaker 6: has one decisive victories and key districts across the country

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Speaker 6: in midterm elections. He clinched a crucial vote of confidence

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Speaker 6: that strengthens his ability to carry out his free market

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Speaker 6: agenda with billions of dollars in backing from the Trump administration.

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Speaker 6: A US military helicopter and a fighter jet crashed in

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Speaker 6: the South China Sea, with the incidents occurring about thirty

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Speaker 6: minutes apart. The US Navy said all five people involved

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Speaker 6: in the accidents were safe and investigations were underway. Authorities

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Speaker 6: have arrested two suspects in connection with the theft of

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Speaker 6: crown jewels from Paris's Louver Museum. One suspect was caught

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Speaker 6: at Charles de Gaulle Airport while attempting to leave the country.

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Speaker 6: The theft, which took less than eight minutes, involved jewels

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Speaker 6: valued it more than one hundred and two million dollars.

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Speaker 6: Global News twenty four hours a day and whenever you

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Speaker 6: want it with Bloomberg News Now Michael Barr and this

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Speaker 6: is Bloomberg.

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Speaker 3: Hearen, Thanks Michael a time now for our Bloomberg Sports update,

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Speaker 3: and for them we bring in John stash Hour.

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Speaker 6: That's hearing.

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Speaker 12: The NFL Sunday ended with Aaron Rodgers facing the TeV

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Speaker 12: he played for for eighteen years, but Stitzburg lost to

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Speaker 12: Green Bay thirty five to twenty five. As Rogers replacement

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Speaker 12: with the Packers, Jordan Love through three touchdown passes, Rogers

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Speaker 12: through for two. They'll play Game three the World Series

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Speaker 12: tonight in La. The Blue Jays and Dodgers are tied

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Speaker 12: to one. Toronto starting forty one year old Max Scherzer.

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Speaker 12: Forty two year old Craig Albany's named the new manager

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Speaker 12: the Baltimore Orioles. He had been the bench coach in Cleveland.

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Speaker 12: That's your Bloomberg Sports Update.

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Speaker 2: Stay with us.

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Speaker 3: More from Bloomberg day Break coming up after this.

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Speaker 1: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 1: and around the world on Bloomberg dot Com and the

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Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak.

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Speaker 2: Good morning on Nathan Haygar.

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Speaker 4: On a morning where the markets are getting a lift

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Speaker 4: on signs the US and China maybe getting close to

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Speaker 4: a trade deal. Treasury Secretary Scott Besson says he and

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Speaker 4: his negotiating team made a lot of progress and talks

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Speaker 4: with their Chinese counterparts in Malaysia over the weekend.

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Speaker 5: We had a very good two days.

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Speaker 2: We discussed a.

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Speaker 5: Wide variety of issues, from the rare earth from the

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Speaker 5: rar earth magnets to trade to substantial purchases of American

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Speaker 5: agricultural product.

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Speaker 4: Treasury Secretary Scott Besson discussed those negotiations on CBS's Face

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Speaker 4: the Nation heard Sundays on Bloomberg Radio and this morning

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Speaker 4: we're joined by Bloomberg News Global Trades are Brendan Murray

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Speaker 4: and Brendan. It's not just the Treasury Secretary saying this,

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Speaker 4: but Chinese officials as well, are saying that they've made

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Speaker 4: a number of agreements on tariffs, shipping fees, even fentanyl.

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Speaker 4: What's your read on what came out of the discussions

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Speaker 4: in Malaysia?

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Speaker 2: Good morning, Yeah, exactly.

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Speaker 7: The rhetoric has really turned one hundred and eighty degrees

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Speaker 7: over the past week. If you recall, they were escalating

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Speaker 7: talks of putting export controls and higher tariffs. One hundred

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Speaker 7: percent US tariffs on Chinese imports was the threat from

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Speaker 7: President Trump. But it seems like they've set all of

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Speaker 7: those aside and said, look, a trade war isn't going

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Speaker 7: to be good for either of the world's two largest economies,

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Speaker 7: and it's probably better if we just get to some

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Speaker 7: agreement on these. We'll have to wait and see what

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Speaker 7: the leaders the details that they sign on Thursday, but

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Speaker 7: it looks like China is going to purchase some US soybeans.

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Speaker 7: They had stopped doing that for several months. Perhaps the

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Speaker 7: US is going to rethink the tariffs on the twenty

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Speaker 7: percent tariffs on Chinese goods related to the fentanyl export

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Speaker 7: that the US accuses China of being part of, and

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Speaker 7: some of these other issues, the shipping fees, these are

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Speaker 7: just kind of concessions that the US could give up.

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Speaker 7: China also, it'd be interesting to see what it does

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Speaker 7: with its rare earth export controls that a lot of

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Speaker 7: countries said would just really seize up the world economy

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Speaker 7: if they were allowed to to go ahead with those.

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Speaker 7: So deadlines ahead. November first is when President Trump threatened

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Speaker 7: to put one hundred percent tariff on China. That's coming up.

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Speaker 7: November tenth is when their current truce expires, so there's

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Speaker 7: not a lot of time to put this all together,

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Speaker 7: but it sounds like the negotiators are making a lot

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Speaker 7: of progress toward.

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Speaker 2: That end and going into those negotiations. Of course.

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Speaker 4: Brennan then there was some concern among observers that the

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Speaker 4: US could be rushing into a trade deal.

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Speaker 2: Does this like a rush at this point?

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Speaker 7: I wouldn't necessarily call it a trade deal per se.

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Speaker 7: This doesn't really have the hallmarks of any kind of

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Speaker 7: trade deal. It's just kind of getting resetting back where

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Speaker 7: they were. You know, getting China to buy soybeans is

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Speaker 7: not exactly a win. It's just, you know, try getting

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Speaker 7: them to resume buying soybeans after they started. So it

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Speaker 7: looks like the tensions are being ratcheted down. The two leaders.

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Speaker 7: Once they get together face to face, what they what

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Speaker 7: they would assume that they could they could get to

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Speaker 7: some arrangement where they're not escalating and they're not hurting

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Speaker 7: each other's economies and they could kind of muddle along.

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Speaker 7: That doesn't take any uncertainty out of the equations. As

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Speaker 7: we've seen with Canada, President Trump can raise tariffs, you

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Speaker 7: know when if he's in the mood to do so,

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Speaker 7: and so that doesn't change the outlook for any certainty

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Speaker 7: that we would get from some sort of agreement that's

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Speaker 7: announced on Thursday. But it's certainly the markets certainly see

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Speaker 7: this as a sign that the two largest econ are

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Speaker 7: not going to get into a protracted, heated trade war

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Speaker 7: in the near future.

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Speaker 2: I think we have about a minute left here.

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Speaker 4: In the lead up to this encounter on Thursday, there's

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Speaker 4: been deals discussed as well with Malaysia some other Southeast

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Speaker 4: Asian nations as well. How could that tee up what

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Speaker 4: we see on Thursday.

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Speaker 7: Yeah, so we've got two deals, one with Cambodia, one

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Speaker 7: with Malaysia, that's what the US White House has announced,

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Speaker 7: and then two frameworks which are basically outlines of deals,

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Speaker 7: one with Thailand and another with Vietnam. So these countries

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Speaker 7: are trying to prevent the higher tariff threat that President

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Speaker 7: Trump has pointed to their direction from going into effect.

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Speaker 7: And so the main thing for them is to get

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Speaker 7: as low a US tarif as they possibly can, and

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Speaker 7: it looks like Cambodia and Malaysia have done that. Thailand

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Speaker 7: and Vietnam, with these framework deals, are going to keep

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Speaker 7: engaging with US negotiators over the coming weeks and months

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Speaker 7: to try to get their own deals. Of course, Southeast

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Speaker 7: Asian nations are they're all kind of in competition with

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Speaker 7: each other to export to the US, so it's important

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Speaker 7: for them to get to some agreement with the US,

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Speaker 7: whether or not in the firing line of any sort

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Speaker 7: of excessive traff.

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