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Speaker 1: Good morning.

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

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Speaker 2: stories we're following today.

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Speaker 1: Donald Trump's former chief of staff, Mark Meadows, has been

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Speaker 1: granted immunity in the Special Council investigation the January sixth probe,

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Speaker 1: and Baxter has that story and the rest of the

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Speaker 1: global news from the nine to sixty news women in

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Speaker 1: San Francisco.

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Speaker 3: Ed, all right, thank you. Brian Meadows was Trump's final

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Speaker 3: chief of staff and this means he will not be prosecuted,

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Speaker 3: so to say. Before the grand jury, he repeatedly told

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Speaker 3: Trump that the claims of election fraud were baseless. Meadows

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Speaker 3: is a central player in the investigation by Smith investigating

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Speaker 3: the claims that Trump and his allies sought to overturn

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Speaker 3: the election. Now there is more Trump trial news. We'll

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Speaker 3: get there in just a couple of minutes. The House

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Speaker 3: Speakership has been thrown into more disarray. That was quick

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Speaker 3: number three down and out. Tom Emmer has dropped his

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Speaker 3: bid for speaker. Earlier in the day, he reportedly was

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Speaker 3: twenty six votes short as well. Donald Trump came in

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Speaker 3: in opposition former House Speaker. The former House Speaker says

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Speaker 3: a core problem is not being addressed.

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Speaker 2: If you don't deal with the consequences of the eight

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Speaker 2: who worked with all the Democrats to put it in here,

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Speaker 2: putting a new person up each time, we're going to

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Speaker 2: be in the same place we were before.

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Speaker 3: Yeah, that of course is Kevin McCarthy. So what you

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Speaker 3: have within the party is the Trump supporters who will

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Speaker 3: not vote for anybody who voted to certify the twenty

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Speaker 3: twenty Electoral College and those who didn't. And Bloomberg's Wendy

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Speaker 3: Benjaminson says, the effort to get the Democrats to get

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Speaker 3: a speaker elected does not seem that will happen.

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Speaker 4: What's in it for Democrats at this point to join

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Speaker 4: the fight or to try to solve the fight for

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Speaker 4: the Republicans, there's an old political ada as you know

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Speaker 4: that when your enemy is drowning, throw them an anchor

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Speaker 4: or just watch. And I think at this point, I mean,

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Speaker 4: the scroll of concessions that Republicans would have to make

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Speaker 4: to Democrats to get them on board right now is

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Speaker 4: impossibly long.

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Speaker 3: So the mess is still a mess you and Secretary

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Speaker 3: General Antonio Geta says Israel needs to pull back from

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Speaker 3: its bombing campaign. Says while Hamas attacks are unwarranted.

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Speaker 5: It is important to also recognize the attacks by Amas

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Speaker 5: did not happen in a vacuum. The Palestinian people have

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Speaker 5: been subjected to fifty six years of suffocating occupation.

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Speaker 3: Meanwhile, Israeli Ambassador to the UN, Gelard Ardon, says Gutaris needs

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Speaker 3: to step.

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Speaker 6: Down, mister Secretary General. The UN was established to prevent atrocities,

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Speaker 6: to prevent such atrocities like the barbaric atrocities that Hamas committed,

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Speaker 6: but the UN is failing.

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Speaker 3: Israel's Foreign Minister Eli Cohen has counseled today's meetings with Guteras.

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Speaker 3: While the air attacks persist, their efforts by the US

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Speaker 3: and other Israeli allies to try everything before going in

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Speaker 3: Bloomberg's Oliver Crook and Tel Aviv says today.

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Speaker 7: Even dropping flyers on Gaza saying basically that if you

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Speaker 7: have any information with phone numbers and the sort of

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Speaker 7: thing about where hostages may be being held, offering money,

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Speaker 7: saying that there will be safe passage and trying to

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Speaker 7: ensure the safety of those who basically have any information

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Speaker 7: on where these hostages are being held within Gaza.

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Speaker 3: And the Pentagon is sending Israel the US Armies two

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Speaker 3: batteries of iron dome radar command posts and interceptors to

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Speaker 3: boost the nation's defense of Bloomberg. Source says it isn't

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Speaker 3: known how soon or when at this point. Former Trump

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Speaker 3: fixer Michael Cohen on the stand today and the New

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Speaker 3: York civil suit against Trump valuations Cone, testifying that he

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Speaker 3: followed Trump's orders and as did the rest of the

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Speaker 3: team Trump now going into court the Rumen Wire.

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Speaker 8: You know, fella serves a lot of time, Ali and

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Speaker 8: where there still received did you see.

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Speaker 3: It as you s and Cohen.

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Speaker 9: This is not about Donald Trump versus Michael Cohen or

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Speaker 9: Michael Cohen versus Donald Trump. This is about accountability.

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Speaker 3: The judge will make the determination in the suit. Global

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Speaker 3: News twenty four hours a day to and whenever you

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Speaker 3: want it with Bloomberg News now in San Francisco. I'm

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Speaker 3: Ed Baxter, and this is Bloomberg Brian.

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Speaker 1: Ed, thank you. I'm Brian Curtis along with Doug Krisner,

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Speaker 1: and we look now at some of the top business

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Speaker 1: stories of the hour. Alphabet reported third quarter revenue and

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Speaker 1: profit from its cloud business that missed analyst estimates, and

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Speaker 1: this raises some concerns as investors were looking to the

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Speaker 1: cloud to take the lead on company growth. Alphabet is

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Speaker 1: the third largest player in the cloud market after Amazon

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Speaker 1: and Microsoft. We hear now from Bloomberg's Man Deep sing.

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Speaker 8: Cloud a little bit off a leaddown, but not surprise

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Speaker 8: given you know everyone right now is talking about generative

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Speaker 8: AI and they are kind of making their twenty twenty

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Speaker 8: four plans. It hasn't really translated into cloud revenue.

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Speaker 1: Man Deep Sing the cloud results marred and otherwise healthy

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Speaker 1: report third quarter sales and profit beat analyst expectations. Alphabet

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Speaker 1: shares it down around about six and a half percent

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Speaker 1: in late trading.

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Speaker 2: We also heard from Microsoft after the bell. The The

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Speaker 2: company reported first quarter revenue rows thirteen percent, So we're

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Speaker 2: talking top line now of fifty six point five billion dollars.

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Speaker 2: That was above estimates and it represents Microsoft's strongest sales

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Speaker 2: gain in six quarters. The company's new artificial intelligence products

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Speaker 2: seem to be prompting corporate customers to spend Here is

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Speaker 2: James Kakmak is tech analyst at Clockwise Capital.

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Speaker 10: Yeah, I mean the big thing there is that you

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Speaker 10: continue to see resilience on the cloud side while the

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Speaker 10: legacy parts of their business anniversary, the tougher comps and

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Speaker 10: come out stronger so and at the same time while

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Speaker 10: being able to manage the bottom line. And obviously it's

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Speaker 10: a Juggernaud it's ten percent of the queues and so

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Speaker 10: it's a big way of important stock for the market.

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Speaker 10: But the main thing is that growth, the growth sector

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Speaker 10: factor continues to be where the money will likely continue

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Speaker 10: to flow and coming out of the value area.

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Speaker 2: The James kakmak there from Clockwise Capital Brian and right

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Speaker 2: now I've got shares in Microsoft up three and a

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Speaker 2: half percent in late trading.

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Speaker 1: Yeah, actually did quite well in alfour hours and Goo

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Speaker 1: in the other direction from Google.

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Speaker 11: Well.

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Speaker 1: Texas Instruments was also out with its report. It had

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Speaker 1: a disappointing revenue forecast for the third quarter. The story

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Speaker 1: from Bloomberg's Charlie Pellett.

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Speaker 9: It indicates that demand remains sluggish for a broad range

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Speaker 9: of electronic components, including industrial equipment. TI said revenue in

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Speaker 9: the fourth quarter will be three point nine three to

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Speaker 9: four point two seven billion dollars. Now that compares with

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Speaker 9: an average analyst estimate of four point four to nine billion.

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Speaker 9: The outlook boats poorly for a chip industry that is

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Speaker 9: trying to recover from a punishing slowdown. Texas Instruments has

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Speaker 9: the broadest list of customers in the semiconductor industry, making

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Speaker 9: its forecasts a bell weather for demand across the economy.

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Speaker 9: In New York, Charlie Pellett Bloomberg Radio, we go to Snap.

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Speaker 1: We're seeing shares down four point eight percent in late trading.

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Speaker 2: Pardon me, we go to Snap next. The company returned

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Speaker 2: to revenue growth through the third quarter after two periods

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Speaker 2: of declines. The company has spent much of the year

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Speaker 2: working to revamp its ad business for its Snap Chap app.

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Speaker 2: Already that app has more than five million subscribers. Separately,

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Speaker 2: Snap said it's seen a large number of brand focused

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Speaker 2: ad campaigns pause during the third quarter after the start

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Speaker 2: of the Israel Hamas War, and it's now expecting this

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Speaker 2: delay to continue into the fourth quarter. Right now, shares

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Speaker 2: in Snap little changed in late US trading.

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Speaker 11: Well.

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Speaker 1: China is stepping up support for the economy with massive

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Speaker 1: debt issuance. Bloomberg. Chuan Wong has the story from Hong Kong.

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Speaker 12: China's legislature approved a plan to raise the fiscal deficit

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Speaker 12: ratio for twenty twenty three to about three point eight

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Speaker 12: percent of GDP. Shinhua said the plan would include issuing

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Speaker 12: additional softeign debt worth one hundred and thirty seven billion

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Speaker 12: dollars in the fourth quarter. The additional debt would be

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Speaker 12: used to support disaster relief and construction. China has rarely

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Speaker 12: adjust at his budget midyear. The last time was in

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Speaker 12: two thousand and eight in the aftermath of a Sichuan earthquake.

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Speaker 12: The latest budget revision shows that top leaders are concerned

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Speaker 12: about China's economic outlook. Just yesterday, President Chi Ching Pain

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Speaker 12: made what sought to be his first ever visit to

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Speaker 12: the Central Bank since he became president. In Hong Kong,

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Speaker 12: joined Wong Bloomberg Radio.

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Speaker 1: Again Brian Curtis and Doug Krisner. And this is Bloomberg.

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Speaker 1: Our guest is Eric Wasason Bloomberg, congressional reporter, who's right

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Speaker 1: outside the room where they are strategizing on what comes next. Eric, Eric,

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Speaker 1: thanks very much.

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Speaker 8: So.

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Speaker 1: This is really difficult for Republicans, but the host majority

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Speaker 1: whip Tom Emmer down out of the race. It's the

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Speaker 1: third speaker designy that has sort of tumbled out of this,

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Speaker 1: I want to know procedurally, setting aside the embarrassment of

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Speaker 1: all of this for the moment, procedurally, what comes next.

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Speaker 11: Well, right now, they're meeting in what's called a candidates forum.

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Speaker 11: According to the House Republican rules, every time they run

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Speaker 11: for a speaker race, they've got to meet in the

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Speaker 11: Candy It's former forum where they have a chance to

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Speaker 11: give speeches and then also answer questions from the members.

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Speaker 11: This happened last night where Emmer and others answered questions

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Speaker 11: and then we're the votes to say and we're one.

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Speaker 11: And then you know, after twenty six Republicans came out

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Speaker 11: against Emma and Trump went on truth Social to really

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Speaker 11: bash him. He dropped out. So now we're back to

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Speaker 11: the candidate's forum. There's a bunch of candidates who have

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Speaker 11: jumped in again, all from the South. I had noted,

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Speaker 11: note all all men. And they are now, you know,

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Speaker 11: presenting their case to the to the conference.

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Speaker 2: The peers is though, according to their aides, Representative Kevin

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Speaker 2: Hearn of Oklahoma and Mike Johnson of Louisiana are two

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Speaker 2: of the prime candidates now seeking speakership. Is this likely

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Speaker 2: what it's going to come down? To one of these

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Speaker 2: two gentlemen.

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Speaker 11: You know, they would say Johnson's probably the front runner.

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Speaker 11: He got the most votes ninety seven votes when he

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Speaker 11: was up up against Emmer. But you know, Herne is

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Speaker 11: a strong candidate. He's the Republican Study Committee chairman. That's

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Speaker 11: the largest caucus in their Publican party, you know, the

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Speaker 11: conservative but not as conservative as the House Freedom caucuss

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Speaker 11: which are really the ultra conservative. That group is running

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Speaker 11: two people, Mark Green of Tennessee and also Byron Donalds

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Speaker 11: of Florida who ran before to kind of split their

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Speaker 11: vote a little bit. A couple of surprise entrances into

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Speaker 11: the race. Chuck Fleischman of Tennessee. He's an appropriator Energy

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Speaker 11: Spending Panel chairman. You know, he would sort of probably

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Speaker 11: be representing the appropriations, more traditional establishment view, you know,

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Speaker 11: he's jumped in. And then Roger Williams of Texas, also

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Speaker 11: a very minor figure in the House, but someone that

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Speaker 11: could be a small business committee person, you know, who

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Speaker 11: could potentially again emerge as a consensus candidate. Everyone else deadlocks.

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Speaker 1: How facetious is it to just say, why don't they

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Speaker 1: just ask Donald Trump who he wants in there?

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Speaker 11: You know, I think Trump will probably stay out of this.

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Speaker 11: He had a personal animosity towards Ember because Emmer wouldn't

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Speaker 11: vote to overturn the election. There were other, you know,

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Speaker 11: spats over the years. Emmer also had voted to basically

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Speaker 11: preserve a gay marriage right, something that conservatives didn't forgive

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Speaker 11: him for. You know, I don't all the candidates that

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Speaker 11: are in there now all voted with Trump to overturn

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Speaker 11: the election, So I don't think he's really going to

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Speaker 11: care too much between them or to weigh in. I mean,

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Speaker 11: it could be wrong, but I don't see him generating

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Speaker 11: at any of these cannies generate the same opposition that

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Speaker 11: Emmer did in Trump world.

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Speaker 2: One of the things that we're trying to understand visa

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Speaker 2: VI the market is whether Treasury market in particular is

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Speaker 2: concerned about moving up against a deadline for funding that

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Speaker 2: would necessitate a government shutdown. Is that being talked about.

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Speaker 2: Is is the GOP feeling any pressure to find a

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Speaker 2: speaker quickly?

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Speaker 11: Definitely the moderates, you know, we hear that them saying,

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Speaker 11: you know, Kelly Armstrong and moderates from North Dakota that

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Speaker 11: it's all about voting a shutdown. That's the real deadline here,

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Speaker 11: you know, getting up against that November eighteenth deadline. When

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Speaker 11: Congress has to act. It will act, but it will dither, procrastinate,

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Speaker 11: infight ontil that very much. But you know this is

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Speaker 11: this is a decision by committee. In some ways, that's

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Speaker 11: how democraphy works. But this is particularly egregious and disorganized

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Speaker 11: compared to my fifteen years old here watching this. You know,

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Speaker 11: they really need to get this back together as a

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Speaker 11: prelude to figuring out how to meet that deadline.

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Speaker 1: How much power does the speaker ProTem Patrick McHenry have

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Speaker 1: at the moment, You.

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Speaker 11: Know, it's a matter of controversy. Kevin McCarthy, the former speaker,

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Speaker 11: which is out here saying he already has the power,

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Speaker 11: he should just start acting. The Kenry has interpreted that

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Speaker 11: he doesn't. And interestingly, you know his actions so far,

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Speaker 11: you know, the way he's acted has sort of set

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Speaker 11: a precedent and if they try to force it, how

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Speaker 11: he decides to set a precedent and the rules us

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Speaker 11: to exactly have how much power he has, and they

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Speaker 11: could simply elect him speaker ProTem. There has been that

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Speaker 11: long history of temporary speakers, you know, for example, when

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Speaker 11: Ingrish went out of town in nineteen ninety six to

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Speaker 11: stave Murphy Brown and Hollywood, they had one you know,

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Speaker 11: she signed a big telecom law. This has happened before,

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Speaker 11: but he's been reluctant to embrace this idea and others

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Speaker 11: felt like they need the you know, the lack of

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Speaker 11: an empowered speaker ProTem to get this real speaker vote going.

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Speaker 11: The longer this drags out, the more that becomes a possibility.

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Speaker 2: Eric, what are we hearing from the Democrats this time?

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Speaker 11: You know, Democrats have indicated, including Dean Phillips of Minnesota,

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Speaker 11: that he might be willing to support or help out

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Speaker 11: Tom Emmer. You know, if it exchange for some concessions

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Speaker 11: like funding the government at at sort of negotiated levels.

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Speaker 11: You know, that was met with some resistance from others

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Speaker 11: and the Democrats they would be willing to do some deal.

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Speaker 11: It's not quite power sharing, they realized that's probably unrealistic

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Speaker 11: given the US system, but you know, more ability to

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Speaker 11: bring their priorities to floor for up or down vote.

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Speaker 11: But they have not been given any sort of deal

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Speaker 11: on that, so they're sort of waiting saying, you know,

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Speaker 11: we'll help out, but we need to get something for this,

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Speaker 11: and it could come to that, but I think that's

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Speaker 11: probably the third most likely option after the House Republicans

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Speaker 11: finding it at this person or mckenry getting some kind

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Speaker 11: of temporary power to move a spending bill.

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Speaker 1: And and what are the sorts of deals that are

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Speaker 1: happening on the Republican side, You know, I.

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Speaker 11: Think it's really there's no deals right now. I mean

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Speaker 11: there could be deals. If we see a nominee come

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Speaker 11: out in voting as soon as tonight that doesn't have

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Speaker 11: the full two seventeen. He could go the same route

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Speaker 11: of trying to get sort of backroom deals that Jordan did.

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Speaker 11: You know, Jim Jordan had more of a personal problem

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Speaker 11: or legacy with some of the more mainstream Republicans, having

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Speaker 11: spent years calling them Republicans and name only and pointing

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Speaker 11: out in their flaws. Some of these other men in there,

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Speaker 11: like Mike Johnson and Kevin Hurt don't really have that history.

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Speaker 11: Someone describes them as, you know, the same menu but

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Speaker 11: different later. They're not that antagonistic history, So they might

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Speaker 11: be able to pull it off where Jordan didn't. But

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Speaker 11: I see it's sort of potentially going down that road.

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Speaker 11: Of the next couple of.

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Speaker 2: Days very quickly, Eric, do you have a timeline for

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Speaker 2: what the procedure will be going forward.

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Speaker 11: Well, they're having this candidate for him now, and then

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Speaker 11: after that. Some members are saying they're going to vote tonight.

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Speaker 11: Maybe they're just too exhausted to do that. But we

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Speaker 11: have seen before, especially it's very common on the Senate

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Speaker 11: side that Congress will go into the midnight hours to

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Speaker 11: resolve things, hoping that exhaustion weirds down people. So I'm

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Speaker 11: not ruling that out. It could be a late night

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Speaker 11: here on Capitol Hill.

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