1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:09,960 --> 00:00:13,160 Speaker 2: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here 3 00:00:13,160 --> 00:00:14,920 Speaker 2: are the stories we're following today. 4 00:00:15,320 --> 00:00:17,840 Speaker 3: Karen, we begin with the latest son President Trump's trip 5 00:00:17,920 --> 00:00:20,520 Speaker 3: to Asia. He is now in South Korea, the head 6 00:00:20,560 --> 00:00:24,079 Speaker 3: of tomorrow's crucial meeting with Chinese President She Jenping and 7 00:00:24,120 --> 00:00:27,960 Speaker 3: an APEX CEO summit. The President outed the close relationship 8 00:00:28,000 --> 00:00:29,760 Speaker 3: between the US and South Korea. 9 00:00:30,480 --> 00:00:34,040 Speaker 4: So we're partners, We're serious partners. We're really we're wedded, 10 00:00:34,840 --> 00:00:37,800 Speaker 4: and we have a very special relationship, a special bond. 11 00:00:37,800 --> 00:00:40,680 Speaker 4: In fact, we're working with you on shipbuilding where you're 12 00:00:40,680 --> 00:00:42,120 Speaker 4: going to come in. We were the number one in 13 00:00:42,159 --> 00:00:44,400 Speaker 4: the world during World War Two. We've produced a ship 14 00:00:44,400 --> 00:00:45,479 Speaker 4: a day, can you believe it. 15 00:00:45,640 --> 00:00:47,960 Speaker 3: And on his way to Korea, the President predicted he 16 00:00:47,960 --> 00:00:51,000 Speaker 3: would lower tariffs on Chinese goods over fentanyl, and he 17 00:00:51,080 --> 00:00:53,840 Speaker 3: also said he'll speak with President she about access to 18 00:00:53,920 --> 00:00:57,600 Speaker 3: Nvidia's Blackwell AI chip. That would be a major concession 19 00:00:57,600 --> 00:00:59,840 Speaker 3: if it is included in a trade deal. Ahead of 20 00:00:59,840 --> 00:01:02,840 Speaker 3: time tomorrow's meeting, China booked its first purchases of US 21 00:01:02,880 --> 00:01:05,440 Speaker 3: soybeans this season. Source is tell Bloomberg at least two 22 00:01:05,480 --> 00:01:08,480 Speaker 3: shipments are booked for delivery later this year. In exchange, 23 00:01:08,520 --> 00:01:11,880 Speaker 3: the US is holding off on threatened software export controls 24 00:01:11,920 --> 00:01:15,160 Speaker 3: against China. The White House official says President's Trump and 25 00:01:15,160 --> 00:01:18,160 Speaker 3: she will meet mid morning tomorrow, though the exact timing 26 00:01:18,240 --> 00:01:19,520 Speaker 3: has yet to be determined. 27 00:01:19,959 --> 00:01:23,120 Speaker 2: Well, Nathan and Washington. It is now day twenty nine 28 00:01:23,120 --> 00:01:26,160 Speaker 2: and the government shutdown. If it extends today thirty one 29 00:01:26,240 --> 00:01:29,559 Speaker 2: this Friday, members of the military, we'll start to miss paychecks. 30 00:01:29,840 --> 00:01:32,920 Speaker 2: Vice President JD. Van says he thinks the Trump administration 31 00:01:33,040 --> 00:01:33,880 Speaker 2: can work around that. 32 00:01:34,319 --> 00:01:36,399 Speaker 5: We do think that we can continue paying the troops 33 00:01:36,560 --> 00:01:39,360 Speaker 5: at least for now. Or we've got foodstamp benefits that 34 00:01:39,400 --> 00:01:40,279 Speaker 5: are set to run out. 35 00:01:40,120 --> 00:01:40,480 Speaker 6: In a week. 36 00:01:40,520 --> 00:01:43,360 Speaker 5: We're trying to keep as much open as possible. Would 37 00:01:43,400 --> 00:01:45,040 Speaker 5: you see the Democrats actually help us out? 38 00:01:45,520 --> 00:01:48,440 Speaker 2: And Vice President Vance spoke after a meeting with Republican 39 00:01:48,520 --> 00:01:51,960 Speaker 2: senators on Capitol Hill. He's not saying how the troops 40 00:01:51,960 --> 00:01:55,240 Speaker 2: would be paid. Meantime, twenty five states, including New York 41 00:01:55,280 --> 00:01:58,160 Speaker 2: and the District of Columbia, are suing the Trump administration 42 00:01:58,280 --> 00:02:01,760 Speaker 2: over expiring food stamp. Then they're arguing the White House 43 00:02:01,840 --> 00:02:05,440 Speaker 2: must use nearly six billion dollars in contingency funds to 44 00:02:05,520 --> 00:02:07,640 Speaker 2: keep the program running as long as possible. 45 00:02:07,920 --> 00:02:10,640 Speaker 3: Certain of the FED now Karen J. Powell and company 46 00:02:10,680 --> 00:02:13,560 Speaker 3: are widely expected to cut rates for a second straight 47 00:02:13,639 --> 00:02:17,080 Speaker 3: meeting later today. But will there be more cuts ahead? 48 00:02:17,480 --> 00:02:21,120 Speaker 3: Bloomberg's Michael McKee is in Washington with a preview for 49 00:02:21,240 --> 00:02:21,720 Speaker 3: Wall Street. 50 00:02:21,720 --> 00:02:24,320 Speaker 7: Today's meeting is less about what's now than it is 51 00:02:24,360 --> 00:02:27,919 Speaker 7: about what's next. A quarter percentage point ridcut is baked 52 00:02:27,919 --> 00:02:30,919 Speaker 7: into markets. What investors want to know is are further 53 00:02:31,000 --> 00:02:33,919 Speaker 7: cuts coming, perhaps as soon as December. That's going to 54 00:02:33,919 --> 00:02:36,399 Speaker 7: be a tricky question for the FED and Chair Jaypowell. 55 00:02:36,639 --> 00:02:40,080 Speaker 7: They're not providing new economic forecasts at this meeting, and 56 00:02:40,160 --> 00:02:42,679 Speaker 7: there's not much data these days on how the economy 57 00:02:42,720 --> 00:02:45,639 Speaker 7: is performing. We may get some indication of which way 58 00:02:45,680 --> 00:02:49,280 Speaker 7: policymakers are leaning if there are significant descents, either to 59 00:02:49,360 --> 00:02:52,960 Speaker 7: cut more or stand still. Traders will also be watching 60 00:02:53,040 --> 00:02:57,080 Speaker 7: for an announced end to qt the Fed's balance sheet runoff. 61 00:02:57,520 --> 00:02:59,600 Speaker 7: Michael McKee, Bloomberg Radio, All right. 62 00:02:59,520 --> 00:03:02,359 Speaker 2: Michael, thank you. In addition to that Fed decision, investors 63 00:03:02,400 --> 00:03:04,960 Speaker 2: will also be looking forward to earnings from a trio 64 00:03:05,120 --> 00:03:08,760 Speaker 2: of big tank powerhouses in Bloomberg. John Tucker joins us 65 00:03:08,800 --> 00:03:10,760 Speaker 2: with the preview. John, Good morning, Yeah. 66 00:03:10,600 --> 00:03:11,280 Speaker 8: Good morning caring. 67 00:03:11,360 --> 00:03:11,520 Speaker 6: Yeah. 68 00:03:11,560 --> 00:03:14,360 Speaker 8: Today we're going to hear from Microsoft Meta Platforms and 69 00:03:14,480 --> 00:03:18,480 Speaker 8: Google Parents Alphabet and that's where Aaron Castler of Seaports 70 00:03:18,560 --> 00:03:19,920 Speaker 8: Securities is focused. 71 00:03:20,440 --> 00:03:23,079 Speaker 9: I think Google's probably benefiting the most right now from AI, 72 00:03:23,320 --> 00:03:26,919 Speaker 9: both on its Google Cloud platform as well as leveraging 73 00:03:26,960 --> 00:03:29,240 Speaker 9: AI for advertising as well. 74 00:03:29,800 --> 00:03:32,360 Speaker 8: And investors trying to figure out whether the billions that 75 00:03:32,400 --> 00:03:35,800 Speaker 8: have been poured into computing infrastructure will keep flowing and 76 00:03:35,880 --> 00:03:40,040 Speaker 8: ultimately deliver returns well. The Magnificent seven Group is projected 77 00:03:40,080 --> 00:03:43,600 Speaker 8: to deliver profit growth of fourteen percent in the third quarter. 78 00:03:43,960 --> 00:03:47,360 Speaker 8: That's nearly twice the eight percent expended profit growth for 79 00:03:47,440 --> 00:03:50,520 Speaker 8: the broader S and P five hundred, but also would 80 00:03:50,520 --> 00:03:53,280 Speaker 8: be the slowest pace since the first quarter of twenty 81 00:03:53,320 --> 00:03:56,760 Speaker 8: twenty three. Apple and Amazon. They open their books to 82 00:03:56,800 --> 00:03:59,680 Speaker 8: investors tomorrow in New York. I'm John Tucker, Bloomberg. 83 00:03:59,680 --> 00:04:01,720 Speaker 3: Crady, all right, John, thank you, and staying within the 84 00:04:01,760 --> 00:04:04,520 Speaker 3: big tech. Shares of Nvidia are rallying this morning on 85 00:04:04,680 --> 00:04:06,960 Speaker 3: more than three percent, and for more and what's behind 86 00:04:06,960 --> 00:04:09,880 Speaker 3: the move? We're joined by Bloomberg's Lisa Matteo, Lisa. 87 00:04:09,760 --> 00:04:11,640 Speaker 10: Good morning, Nathan. Yet it has to do with Nvidia's 88 00:04:11,680 --> 00:04:15,920 Speaker 10: Blackwell chips. Months ago, President Trump said he'd consider allowing 89 00:04:15,960 --> 00:04:19,920 Speaker 10: the company to export a downgraded version of them to China. Well, now, 90 00:04:20,040 --> 00:04:23,479 Speaker 10: just ahead of his highly anticipated meeting with Chinese leader Jijinping, 91 00:04:23,920 --> 00:04:27,800 Speaker 10: those flagship AI accelerators there now on the agenda, with 92 00:04:27,880 --> 00:04:31,719 Speaker 10: President Trump saying, quote, we'll be speaking about Blackwell's now. 93 00:04:31,760 --> 00:04:34,800 Speaker 10: This is a big turnaround from Washington's year's long campaign 94 00:04:34,880 --> 00:04:39,160 Speaker 10: to curtailed China's progress and artificial intelligence. Yesterday, CEO Jensen 95 00:04:39,160 --> 00:04:43,120 Speaker 10: Wong spoke about the company's future partnerships. Also downplayed fears 96 00:04:43,120 --> 00:04:44,680 Speaker 10: of an AI investment bubble. 97 00:04:45,240 --> 00:04:48,400 Speaker 11: AI has now become good enough because of reasoning capability, 98 00:04:48,480 --> 00:04:52,760 Speaker 11: research capabilities, its ability to think. It's now generating tokens 99 00:04:52,800 --> 00:04:55,800 Speaker 11: and now generating intelligence that's worth paying for. 100 00:04:56,120 --> 00:04:58,839 Speaker 10: And that's CEO Jensen Wang at a Video's GtC event 101 00:04:58,880 --> 00:05:01,960 Speaker 10: in Washington, d C in Nvidia on track to become 102 00:05:02,000 --> 00:05:05,880 Speaker 10: the world's first five trillion dollar public company. Lisa Matteo, 103 00:05:06,040 --> 00:05:07,240 Speaker 10: Bloomberg Radio. 104 00:05:07,160 --> 00:05:09,240 Speaker 2: All right, Lisa, thank you. Well. We're also tracking the 105 00:05:09,279 --> 00:05:12,680 Speaker 2: path of Hurricane Melissa this morning. It's made landfall in 106 00:05:12,760 --> 00:05:16,160 Speaker 2: Cuba after pummeling Jamaica as one of the strongest Atlantic 107 00:05:16,240 --> 00:05:20,440 Speaker 2: hurricanes on record, and Bloomberg meteorologist Craig Allen joins us 108 00:05:20,440 --> 00:05:23,280 Speaker 2: with the latest. Craig, good morning, Good morning. 109 00:05:23,320 --> 00:05:26,520 Speaker 12: It was a very interesting night bag with the hurricane 110 00:05:26,839 --> 00:05:29,880 Speaker 12: going back up to a category four at one point 111 00:05:29,920 --> 00:05:32,160 Speaker 12: while it was over the water. Now that it has 112 00:05:32,240 --> 00:05:35,480 Speaker 12: made landfall, this second landfall over eastern sections of Cuba, 113 00:05:35,520 --> 00:05:38,520 Speaker 12: about sixty miles to the west of Guantanamo, it is 114 00:05:38,560 --> 00:05:41,280 Speaker 12: beginning to weaken just a little bit once again over land. 115 00:05:41,320 --> 00:05:44,000 Speaker 12: The category three with one hundred and fifteen mile per 116 00:05:44,040 --> 00:05:47,280 Speaker 12: hour winds, still a major hurricane. There's still going to 117 00:05:47,320 --> 00:05:50,560 Speaker 12: be major damage across eastern sections of Cuba, and then 118 00:05:50,600 --> 00:05:52,680 Speaker 12: after that we have the storm moving off to the 119 00:05:52,720 --> 00:05:55,560 Speaker 12: north and east at about ten to fifteen miles per hour. 120 00:05:55,640 --> 00:05:58,440 Speaker 12: So unfortunately the Turks and Caicos as well as most 121 00:05:58,480 --> 00:06:01,280 Speaker 12: of the Bahamas are under a hurricane warning as well. 122 00:06:01,440 --> 00:06:04,680 Speaker 2: Yes, we will all right, Bloomberg Meteorologists Craig Allen, thank you. 123 00:06:05,000 --> 00:06:07,240 Speaker 3: All right, Carol, Well it's for the markets. We'll turn 124 00:06:07,320 --> 00:06:10,680 Speaker 3: back there. With futures mixed this morning. SMP futures or 125 00:06:10,720 --> 00:06:13,760 Speaker 3: a touch higher. After another record close on Wall Street, 126 00:06:14,160 --> 00:06:17,000 Speaker 3: at Yard Denny of yar Denny Research thinks stocks are 127 00:06:17,000 --> 00:06:18,239 Speaker 3: headed even higher. 128 00:06:18,800 --> 00:06:22,720 Speaker 13: I think the bull market continues here. We've still got 129 00:06:23,520 --> 00:06:26,120 Speaker 13: some good news ahead, and some of it's been discounted, 130 00:06:26,160 --> 00:06:29,000 Speaker 13: of course, but the Fed is expected to lower the 131 00:06:29,000 --> 00:06:32,640 Speaker 13: Fed funds rate two more times this year, so that 132 00:06:32,680 --> 00:06:36,080 Speaker 13: would get us down to three point five percent. By 133 00:06:36,160 --> 00:06:39,040 Speaker 13: the way, I don't think the economy really needs it, 134 00:06:39,120 --> 00:06:42,239 Speaker 13: so a lot of this stimulus is probably going to 135 00:06:42,279 --> 00:06:43,559 Speaker 13: feed the bull market. 136 00:06:44,600 --> 00:06:46,800 Speaker 3: At Yard Anny of yard Denny Research predicts the S 137 00:06:46,839 --> 00:06:49,200 Speaker 3: and P five hundred will reach seven thousand by the 138 00:06:49,279 --> 00:06:49,839 Speaker 3: end of the year. 139 00:06:50,640 --> 00:06:54,240 Speaker 2: In Europe, bank earnings in focus once again as a 140 00:06:54,240 --> 00:06:57,080 Speaker 2: trio of big banks report. Let's go to London and 141 00:06:57,080 --> 00:06:59,560 Speaker 2: get the very latest at Bloomberg's U and pass you 142 00:06:59,600 --> 00:07:00,000 Speaker 2: and good more. 143 00:07:00,839 --> 00:07:01,560 Speaker 14: Karen and Nathan. 144 00:07:01,640 --> 00:07:04,599 Speaker 15: A beat from UBS, a beat from Santander, and a 145 00:07:04,640 --> 00:07:08,560 Speaker 15: beat from Deutsche Bank, Germany's biggest lender, reporting a nineteen 146 00:07:08,600 --> 00:07:11,480 Speaker 15: percent rise in revenue at its fixed income trading unit, 147 00:07:11,640 --> 00:07:15,720 Speaker 15: outpacing estimates over in Switzerland, the UBS posting net income 148 00:07:15,760 --> 00:07:17,880 Speaker 15: of two and a half billion dollars for the latest 149 00:07:17,920 --> 00:07:21,520 Speaker 15: three months, smashing estimates for one point four billion dollars. 150 00:07:21,760 --> 00:07:24,360 Speaker 15: The results supported by a release of provisions related to 151 00:07:24,400 --> 00:07:27,560 Speaker 15: the settlement of a tax evasion case. And to finish off, 152 00:07:27,560 --> 00:07:31,720 Speaker 15: the Trio, Spain's biggest bank, posting its sixth consecutive quarterly 153 00:07:31,720 --> 00:07:35,800 Speaker 15: profits record, Santadere, boosted by better results from the US 154 00:07:35,840 --> 00:07:38,880 Speaker 15: and lower provisions for souring debts. In London, I'm ewing 155 00:07:38,920 --> 00:07:40,160 Speaker 15: pots Bloomberg. 156 00:07:39,760 --> 00:07:44,480 Speaker 2: Radio Time now for a look at some of the 157 00:07:44,520 --> 00:07:46,880 Speaker 2: other stories making news in New York and around the world. 158 00:07:46,920 --> 00:07:49,520 Speaker 2: Then for that, we're joined by Bloomberg's Michael Barr. 159 00:07:49,600 --> 00:07:52,760 Speaker 6: Michael, good Morning, Good morning, Karen. Israel's army says it 160 00:07:52,800 --> 00:07:57,520 Speaker 6: began reinforcing the Gaza ceasefire agreement. It comes after Prime 161 00:07:57,520 --> 00:08:02,600 Speaker 6: Minister Benjamin Netanyaho ordered forest strikes against Amas in response 162 00:08:02,640 --> 00:08:06,600 Speaker 6: to attacks on Israeli soldiers and Gazim. Meanwhile, President Trump 163 00:08:06,680 --> 00:08:10,400 Speaker 6: was asked about Israel accusing of Mos violating a ceasefire 164 00:08:10,560 --> 00:08:13,760 Speaker 6: order by not returning all the bodies of hostages and 165 00:08:13,920 --> 00:08:16,200 Speaker 6: allegedly firing at an idea of soldier. 166 00:08:16,720 --> 00:08:20,560 Speaker 4: Nobody knows what happened to the Israeli soldier, but they 167 00:08:20,560 --> 00:08:25,280 Speaker 4: say it with sniper fire, and it was retribution. 168 00:08:24,920 --> 00:08:26,560 Speaker 14: For that, and I think they have a right to do. 169 00:08:27,320 --> 00:08:30,680 Speaker 6: The President spoke with reporters on Air Force One. The 170 00:08:30,720 --> 00:08:34,520 Speaker 6: Border patrol commander in charge of President Trump's immigration crackdown 171 00:08:34,559 --> 00:08:37,920 Speaker 6: in Chicago is being reined in by a federal judge. 172 00:08:38,280 --> 00:08:42,559 Speaker 6: US District Judge Sarah Ellis gave Greg Bovino an earfull 173 00:08:42,640 --> 00:08:45,640 Speaker 6: about the tactics he and his agents are using and 174 00:08:45,880 --> 00:08:49,000 Speaker 6: ordered him to start providing her with briefings every day. 175 00:08:49,559 --> 00:08:53,480 Speaker 6: The US military struck four alleged drug vessels in the Pacific. 176 00:08:53,840 --> 00:08:57,960 Speaker 6: Authority say fourteen people were killed and one survived. President 177 00:08:58,000 --> 00:09:01,839 Speaker 6: Trump claims the alleged drug trap is being orchestrated by 178 00:09:01,960 --> 00:09:07,280 Speaker 6: Venezuela's authoritarian leader, Nicholas Maduro. Former Defense Department official Mick. 179 00:09:07,240 --> 00:09:10,560 Speaker 9: Mulroy, Essentially, there's about twenty percent of our naval forces 180 00:09:10,559 --> 00:09:13,640 Speaker 9: are now in the Caribbean, which is very unusual. It's 181 00:09:13,640 --> 00:09:18,679 Speaker 9: simply not needed to do narcotics operations to hit these 182 00:09:18,679 --> 00:09:19,640 Speaker 9: small boats. 183 00:09:20,080 --> 00:09:24,679 Speaker 6: Maduro's government says President Trump's real goal is not fighting 184 00:09:24,760 --> 00:09:28,880 Speaker 6: drug trafficking, but a forced regime change in Venezuela. It 185 00:09:29,000 --> 00:09:31,120 Speaker 6: is the eleventh time in less than two months, the 186 00:09:31,240 --> 00:09:34,800 Speaker 6: US has carried out strikes on alleged drug carrying vessels. 187 00:09:35,280 --> 00:09:38,280 Speaker 6: Global News twenty four hours a day and whenever you 188 00:09:38,400 --> 00:09:41,200 Speaker 6: want it with the Bloomberg News. Now, I'm Michael Barr, 189 00:09:41,240 --> 00:09:42,679 Speaker 6: and this is Bloomberg Karen. 190 00:09:42,880 --> 00:09:49,520 Speaker 2: All right, Michael Barr, thank you time now for the 191 00:09:49,520 --> 00:09:52,160 Speaker 2: Bloomberg Sports Update. Here's John stash Hour. 192 00:09:52,280 --> 00:09:54,400 Speaker 16: John, good morning, Good morning. Care On the Toronto Blue 193 00:09:54,480 --> 00:09:56,840 Speaker 16: Jays were coming off losing in eighteen and inns. They 194 00:09:56,840 --> 00:09:59,880 Speaker 16: had to play World Series Game four without George Springer. 195 00:10:00,040 --> 00:10:03,040 Speaker 16: He had to face Joey o'tani at the plate and 196 00:10:03,200 --> 00:10:05,559 Speaker 16: on the mound the Jay's trail the Dodgers one nothing, 197 00:10:05,679 --> 00:10:08,280 Speaker 16: third in there's a flat on a. 198 00:10:08,320 --> 00:10:13,160 Speaker 14: Deep left center field heading back to is gone. Senior 199 00:10:13,400 --> 00:10:20,480 Speaker 14: gives the Joys tame but franchise face, putting the team 200 00:10:20,520 --> 00:10:23,480 Speaker 14: on his bet. I'll tell you, this guy's amazing and 201 00:10:23,520 --> 00:10:25,679 Speaker 14: he's ready for everything. I mean, this is the first 202 00:10:25,720 --> 00:10:28,479 Speaker 14: mistake that o'tonni has made. 203 00:10:28,720 --> 00:10:31,400 Speaker 16: On Fox Sports at stay two one until Toronto scored 204 00:10:31,520 --> 00:10:34,120 Speaker 16: four times in the seventh and the Jays won six 205 00:10:34,240 --> 00:10:37,240 Speaker 16: to two to tie the series at two. O'twni, after 206 00:10:37,280 --> 00:10:39,800 Speaker 16: his Game three heroics zero for three at the plate 207 00:10:39,880 --> 00:10:42,600 Speaker 16: and was the losing picture. Toronto manager John Schneider asked 208 00:10:42,640 --> 00:10:45,720 Speaker 16: about the Guerrero homer and the seventh in a rally. 209 00:10:46,200 --> 00:10:49,080 Speaker 17: It's a huge swing to get us going, and I 210 00:10:49,120 --> 00:10:53,120 Speaker 17: think that gives you some momentum, and you know, show 211 00:10:53,160 --> 00:10:54,839 Speaker 17: he settled in, struck out quite a few in a 212 00:10:54,920 --> 00:10:59,440 Speaker 17: row after that, but you know, our bats there kind 213 00:10:59,440 --> 00:11:01,559 Speaker 17: of just it was a Blue Jay inning, you know 214 00:11:01,600 --> 00:11:04,200 Speaker 17: what I mean, varsh Ernie and then he kind of 215 00:11:04,200 --> 00:11:06,960 Speaker 17: went to work. But the swing from Vlad was game changer. 216 00:11:07,240 --> 00:11:09,920 Speaker 16: Game five tonight Saint Pitchers was Game one the Dodgers 217 00:11:10,000 --> 00:11:12,400 Speaker 16: Blakes now the Blue Jays go with Rookie Tree, Yes 218 00:11:12,520 --> 00:11:15,160 Speaker 16: Savage Nickson. Milwaukee had a twelve point lead at halftime, 219 00:11:15,240 --> 00:11:17,360 Speaker 16: back came the Bucks to win one twenty one, one 220 00:11:17,400 --> 00:11:21,080 Speaker 16: to eleven. Giannis to the cupbo thirty three minutes, thirty 221 00:11:21,160 --> 00:11:24,240 Speaker 16: seven points. Jalen Brunson led the Knicks with thirty six 222 00:11:24,320 --> 00:11:27,040 Speaker 16: Rangers a two to nothing winning Vancouver sixty fourth career 223 00:11:27,120 --> 00:11:30,559 Speaker 16: shutout for Jonathan Quick. Islanders lost in Boston five to two. 224 00:11:30,559 --> 00:11:31,079 Speaker 6: The Devils. 225 00:11:31,120 --> 00:11:33,520 Speaker 16: Eight game winnings Dray came to an end and eight 226 00:11:33,559 --> 00:11:36,240 Speaker 16: to four loss of Colorado Dallas over the Capitols won 227 00:11:36,320 --> 00:11:39,480 Speaker 16: nothing New Orleans Saints one and seven, beating only the Giants. 228 00:11:39,520 --> 00:11:42,559 Speaker 16: They're making a quarterback change. Twenty six year old rookie 229 00:11:42,760 --> 00:11:45,880 Speaker 16: Tyler Schoff willing to play Spencer Rattler. The Baltimore Ravens 230 00:11:45,880 --> 00:11:49,880 Speaker 16: played tomorrow night in Miami. Lamar Jackson will return after 231 00:11:49,920 --> 00:11:52,679 Speaker 16: missing three games with injured hamstring. John Stashan, We're in 232 00:11:52,679 --> 00:11:54,240 Speaker 16: Bloomberg Sports Karen Ncoln. 233 00:11:55,880 --> 00:11:58,760 Speaker 2: Stay with us. More from Bloomberg day Break coming up 234 00:11:58,960 --> 00:11:59,680 Speaker 2: after this. 235 00:12:03,840 --> 00:12:07,880 Speaker 1: Coast to coast on Bloomberg Radio nationwide on Serious Exam 236 00:12:08,120 --> 00:12:10,960 Speaker 1: and around the world on Bloomberg dot Com and the 237 00:12:11,000 --> 00:12:14,040 Speaker 1: Bloomberg Business app. This is Bloomberg Daybreak. 238 00:12:14,080 --> 00:12:14,559 Speaker 14: Good morning. 239 00:12:14,559 --> 00:12:17,200 Speaker 3: I'm Nathan Hager, and the key event of President Donald 240 00:12:17,200 --> 00:12:19,880 Speaker 3: Trump's to a trip to Asia is now just a 241 00:12:20,000 --> 00:12:23,120 Speaker 3: day away before his face to face encounter tomorrow with 242 00:12:23,320 --> 00:12:26,920 Speaker 3: Chinese President she Jinpaning. The President is telling business leaders 243 00:12:27,000 --> 00:12:30,080 Speaker 3: in South Korea today he expects a good outcome. 244 00:12:30,400 --> 00:12:33,800 Speaker 4: President Chief China is coming tomorrow here and we're going 245 00:12:33,840 --> 00:12:34,520 Speaker 4: to be uh. 246 00:12:34,559 --> 00:12:35,520 Speaker 18: I hope making a deal. 247 00:12:35,559 --> 00:12:36,719 Speaker 14: I think we're going to have a deal. I think 248 00:12:36,720 --> 00:12:37,480 Speaker 14: it'll be a good deal. 249 00:12:37,520 --> 00:12:38,480 Speaker 6: For both. 250 00:12:38,800 --> 00:12:41,560 Speaker 3: That was President Trump speaking at an APEX CEO summit 251 00:12:41,640 --> 00:12:43,760 Speaker 3: in South Korea. Joining us for more this morning from 252 00:12:43,760 --> 00:12:47,200 Speaker 3: Hong Kong is Bloomberg's Jill Desis and Jill. Some of 253 00:12:47,200 --> 00:12:49,640 Speaker 3: the commentary that we're hearing from the President ahead of 254 00:12:49,640 --> 00:12:53,640 Speaker 3: this encounter is pretty interesting. This idea of lowering tariffs 255 00:12:53,679 --> 00:12:56,920 Speaker 3: on Chinese goods related to the fentanyl crisis, as well 256 00:12:56,920 --> 00:13:01,840 Speaker 3: as talking about Nvidia's black welch with President she that 257 00:13:01,880 --> 00:13:02,920 Speaker 3: would be pretty major. 258 00:13:03,160 --> 00:13:06,080 Speaker 18: Good morning, Good morning, Nathan. Yes, I mean, you know, 259 00:13:06,160 --> 00:13:08,240 Speaker 18: first of all, I want to make clear, you know, 260 00:13:08,320 --> 00:13:10,720 Speaker 18: a lot of what's been building up to this particular 261 00:13:10,760 --> 00:13:15,200 Speaker 18: meeting between President Donald Trump and Shei Jinping has already 262 00:13:15,200 --> 00:13:17,440 Speaker 18: been really widely telegraphed. You kind of get the feeling 263 00:13:17,600 --> 00:13:20,560 Speaker 18: like from you know, the broader Trump administration that you know, 264 00:13:20,600 --> 00:13:22,800 Speaker 18: they've been working behind the scenes for at this point 265 00:13:22,840 --> 00:13:26,120 Speaker 18: weeks to try to smooth over a deal. We did 266 00:13:26,200 --> 00:13:29,240 Speaker 18: actually get a sense of that broad framework agreement actually 267 00:13:29,280 --> 00:13:31,480 Speaker 18: over the weekend, So this does kind of feel like 268 00:13:31,520 --> 00:13:33,880 Speaker 18: in some ways, you know, maybe there's some attempts to 269 00:13:34,200 --> 00:13:36,400 Speaker 18: to you know, not have too many surprises here. Although 270 00:13:36,440 --> 00:13:39,840 Speaker 18: obviously we've heard from Trump himself today, who did put 271 00:13:39,840 --> 00:13:42,800 Speaker 18: out some of those really really interesting comments. So first 272 00:13:42,840 --> 00:13:45,800 Speaker 18: of all, him saying that, you know, he's he thinks 273 00:13:45,840 --> 00:13:48,840 Speaker 18: that China is going to make, you know, making some 274 00:13:48,880 --> 00:13:51,560 Speaker 18: sort of favorable moves on the what he called the 275 00:13:51,559 --> 00:13:55,920 Speaker 18: Fentanel situations. That idea potentially lowering tariffs there I think 276 00:13:55,920 --> 00:13:59,200 Speaker 18: would be fairly significant. You know, there's other media reporting 277 00:13:59,720 --> 00:14:03,000 Speaker 18: that Trump is considering cutting what's a twenty percent tariff 278 00:14:03,040 --> 00:14:05,880 Speaker 18: to as low as ten percent on Chinese goods over 279 00:14:05,960 --> 00:14:09,840 Speaker 18: fentanyl in particular, So that's something that we're certainly keeping 280 00:14:09,880 --> 00:14:12,720 Speaker 18: an eye on. But it really is those Nvidia comments 281 00:14:12,760 --> 00:14:14,920 Speaker 18: as well that I think are really really interesting. So 282 00:14:14,960 --> 00:14:18,000 Speaker 18: what Trump was suggesting here is that he was open 283 00:14:18,080 --> 00:14:22,440 Speaker 18: to providing China with access to this Blackwell AI processor 284 00:14:22,480 --> 00:14:24,960 Speaker 18: from Nvidia as part of any trade deal. I mean, 285 00:14:24,960 --> 00:14:28,680 Speaker 18: that would be a major concession. I imagine that national security 286 00:14:28,680 --> 00:14:32,040 Speaker 18: hawks in Washington maybe not too particularly happy about that idea, 287 00:14:32,120 --> 00:14:34,080 Speaker 18: but it does seem like that's something that could come 288 00:14:34,120 --> 00:14:35,280 Speaker 18: up in these talks, and. 289 00:14:35,200 --> 00:14:38,040 Speaker 3: It's something that's certainly getting the market's attention this morning. 290 00:14:38,080 --> 00:14:40,880 Speaker 3: I mean, how significant would that be? How difficult would 291 00:14:40,920 --> 00:14:43,560 Speaker 3: it be to make that part of a trade deal 292 00:14:43,640 --> 00:14:47,480 Speaker 3: given the significant restrictions that are already on in video 293 00:14:47,600 --> 00:14:49,680 Speaker 3: right now, not just from the US, but from China 294 00:14:49,720 --> 00:14:50,120 Speaker 3: as well. 295 00:14:50,640 --> 00:14:53,640 Speaker 18: Yes, that's right, and that's actually something that chief of Nvidia, 296 00:14:53,720 --> 00:14:57,760 Speaker 18: Jensen Huang, has actually said. I mean, he noted that 297 00:14:58,120 --> 00:15:00,720 Speaker 18: Trump is actually licensed in Vidia to to China, but 298 00:15:00,760 --> 00:15:03,400 Speaker 18: it's China that's blocked them from being able to ship 299 00:15:03,440 --> 00:15:06,480 Speaker 18: to China. That's from Johnsonhang himself. He was speaking at 300 00:15:06,480 --> 00:15:09,560 Speaker 18: a company in Washington. I think, you know, look this 301 00:15:09,600 --> 00:15:11,400 Speaker 18: there has been a lot of back and forth this year. 302 00:15:11,440 --> 00:15:13,080 Speaker 18: A lot of this really does come down to not 303 00:15:13,200 --> 00:15:15,840 Speaker 18: just sort of the overall trade agreement, but also basically 304 00:15:16,040 --> 00:15:20,320 Speaker 18: some pretty significant national security concerns about what it would 305 00:15:20,320 --> 00:15:23,760 Speaker 18: mean to supply China with any kind of advanced chips 306 00:15:23,760 --> 00:15:26,360 Speaker 18: that's being made by an American company. You know, we 307 00:15:26,440 --> 00:15:28,800 Speaker 18: did see earlier this year there were some concessions in 308 00:15:28,800 --> 00:15:30,440 Speaker 18: the form of the US government saying that it would 309 00:15:30,440 --> 00:15:35,160 Speaker 18: approve licenses for a particular type of Nvidia chip that 310 00:15:35,200 --> 00:15:37,840 Speaker 18: was designed to comply with export controls, not to ship 311 00:15:37,840 --> 00:15:42,320 Speaker 18: over like extremely invansed technology. You know, obviously that hasn't occurred, 312 00:15:42,720 --> 00:15:44,680 Speaker 18: So it does seem like there would be some significant 313 00:15:44,720 --> 00:15:47,000 Speaker 18: hurdles to actually getting something like this over the line, 314 00:15:47,240 --> 00:15:48,880 Speaker 18: you know. I mean, look, Trump goes into a lot 315 00:15:48,920 --> 00:15:50,960 Speaker 18: of these types of meetings, you know, saying a lot 316 00:15:50,960 --> 00:15:53,200 Speaker 18: of things. I think there's still some consideration over what 317 00:15:53,240 --> 00:15:55,520 Speaker 18: that back and forth actually looks like. So it's not 318 00:15:55,560 --> 00:15:57,680 Speaker 18: really just about even what the President says tomorrow, but 319 00:15:57,720 --> 00:16:00,520 Speaker 18: also what some of these deals look like. We actually 320 00:16:00,600 --> 00:16:02,560 Speaker 18: get some really really hard specifics. 321 00:16:02,840 --> 00:16:06,040 Speaker 3: Oh, we should get some idea in the hours to come. 322 00:16:06,120 --> 00:16:08,320 Speaker 3: The White House is saying that this encounter is going 323 00:16:08,360 --> 00:16:12,360 Speaker 3: to happen mid morning tomorrow in South Korea. So it's 324 00:16:12,440 --> 00:16:14,760 Speaker 3: just as we say, hours away, thank you for this. 325 00:16:14,840 --> 00:16:17,840 Speaker 3: Jill really appreciate it. That is Bloomberg's Jill desis ahead 326 00:16:17,880 --> 00:16:20,640 Speaker 3: of the Trump. She meeting with us this morning from 327 00:16:20,680 --> 00:16:21,160 Speaker 3: Hong Kong. 328 00:16:21,320 --> 00:16:24,800 Speaker 2: Karen Nathan, we want to get the latest on Hurricane Melissa, 329 00:16:25,000 --> 00:16:28,120 Speaker 2: and we're joined once again by Bloomberg meteorologist Craig Allen. 330 00:16:28,360 --> 00:16:31,640 Speaker 2: Craig the storm making landfall in Cuba. It's a little 331 00:16:31,680 --> 00:16:34,080 Speaker 2: weaker than it was when it hit Jamaica, but still 332 00:16:34,440 --> 00:16:35,600 Speaker 2: a major system. 333 00:16:35,600 --> 00:16:39,400 Speaker 12: What's the latest, Absolutely one hundred and fifteen mile per 334 00:16:39,440 --> 00:16:42,479 Speaker 12: hour winds. It did go back up to a category 335 00:16:42,560 --> 00:16:45,400 Speaker 12: four last night while over the water and heading towards 336 00:16:45,400 --> 00:16:50,920 Speaker 12: the eastern coast of Cuba, made landfall around Santiago de Cuba, 337 00:16:51,000 --> 00:16:55,720 Speaker 12: and it is that's the second most populated city over 338 00:16:55,760 --> 00:16:58,600 Speaker 12: eastern sections of Cuba there and right now is about 339 00:16:58,600 --> 00:17:01,320 Speaker 12: sixty miles to the west of on Toonamo. So we 340 00:17:01,400 --> 00:17:03,760 Speaker 12: have one hundred and fifteen mile per hour winds. The 341 00:17:03,800 --> 00:17:05,800 Speaker 12: winds are down a little bit, just like you said. 342 00:17:06,240 --> 00:17:09,240 Speaker 12: At the same time, though the rain is continuing. The 343 00:17:10,480 --> 00:17:13,040 Speaker 12: storm surge is going to continue right through the day 344 00:17:13,040 --> 00:17:16,399 Speaker 12: today and then we'll take off to the northeast at 345 00:17:16,400 --> 00:17:19,120 Speaker 12: about ten to fifteen miles per hour, a little bit 346 00:17:19,160 --> 00:17:22,160 Speaker 12: faster than it was yesterday. That is a good thing 347 00:17:22,280 --> 00:17:24,520 Speaker 12: to try to get it out of any particular region. 348 00:17:24,600 --> 00:17:28,240 Speaker 12: But the southeast Bahamas are now under a hurricane warning, 349 00:17:28,320 --> 00:17:31,440 Speaker 12: so the Turks and Caicos probably won't be a direct 350 00:17:31,520 --> 00:17:35,040 Speaker 12: hit on some of the areas like Nassau or Freeport 351 00:17:35,320 --> 00:17:39,840 Speaker 12: or the other portions of the Bahamas where there's major 352 00:17:40,000 --> 00:17:43,120 Speaker 12: vacation or tourism, but the Turks and Caicos too will 353 00:17:43,160 --> 00:17:45,159 Speaker 12: also feel the effects of the storm today. 354 00:17:45,560 --> 00:17:47,800 Speaker 2: And does that mean the US is in the clear, then. 355 00:17:48,920 --> 00:17:51,399 Speaker 12: Well, the US is in the clear in terms of 356 00:17:51,440 --> 00:17:54,760 Speaker 12: any kind of direct hit. You're absolutely right, and there 357 00:17:54,840 --> 00:17:58,520 Speaker 12: will be some rough surf and I would think rip 358 00:17:58,560 --> 00:18:01,760 Speaker 12: currents along the southeast coast as the storm tries to 359 00:18:01,760 --> 00:18:04,520 Speaker 12: pull away, But a direct effect with any kind of 360 00:18:04,600 --> 00:18:08,040 Speaker 12: rain and wind is highly unlikely. The storm is going 361 00:18:08,080 --> 00:18:10,640 Speaker 12: to take a track to the north and east, and 362 00:18:11,240 --> 00:18:13,720 Speaker 12: by the time we get to the end of this week, 363 00:18:13,760 --> 00:18:17,520 Speaker 12: you know who's next. Once again, Bermuda likely to see 364 00:18:17,640 --> 00:18:20,280 Speaker 12: winds that will gust up to about one hundred, one 365 00:18:20,359 --> 00:18:23,119 Speaker 12: hundred and fifteen miles per hour there too, as the 366 00:18:23,119 --> 00:18:24,920 Speaker 12: storm takes off to the north and east. So it's 367 00:18:24,920 --> 00:18:27,720 Speaker 12: still a Category one at least by the time it 368 00:18:27,760 --> 00:18:31,480 Speaker 12: gets to Bermuda and then takes off into the North Atlantic. Fortunately, 369 00:18:31,520 --> 00:18:33,720 Speaker 12: as I said, the East coast of the United States 370 00:18:33,720 --> 00:18:35,520 Speaker 12: will not feel any direct effects. 371 00:18:35,720 --> 00:18:38,479 Speaker 2: Okay, but it sounds like this storm has some staying power. 372 00:18:38,600 --> 00:18:40,600 Speaker 2: Then how long is it going to be to us? 373 00:18:42,240 --> 00:18:44,119 Speaker 12: Yes, hey, you know that's right. It goes into the 374 00:18:44,119 --> 00:18:46,600 Speaker 12: North Atlantic, it takes the entire week, But talk about 375 00:18:46,640 --> 00:18:49,440 Speaker 12: staying power. As soon as it moves off Jamaica, it 376 00:18:49,560 --> 00:18:54,080 Speaker 12: reintensified once again, could briefly reintensify when it moves off 377 00:18:54,119 --> 00:18:57,479 Speaker 12: Cuba a little bit later on this morning, but then 378 00:18:57,520 --> 00:18:59,560 Speaker 12: it will go down. There are other factors there. The 379 00:18:59,600 --> 00:19:02,520 Speaker 12: water is not quite as warm, there's more wind sheer, 380 00:19:02,720 --> 00:19:05,159 Speaker 12: and therefore I don't think it'll be able to get 381 00:19:05,200 --> 00:19:08,080 Speaker 12: as strong as it ever as it was once again 382 00:19:08,160 --> 00:19:10,720 Speaker 12: in the rest of Melissa's life. 383 00:19:11,000 --> 00:19:12,920 Speaker 2: All right, well, what's behind Melissa? 384 00:19:13,119 --> 00:19:13,960 Speaker 15: Is this the end of it? 385 00:19:14,080 --> 00:19:15,520 Speaker 2: Or do we have to watch anything else? 386 00:19:16,359 --> 00:19:20,240 Speaker 12: Well, the hurricane season officially runs until November thirtieth, so 387 00:19:20,440 --> 00:19:23,120 Speaker 12: there could always be another system. But right now, I'm 388 00:19:23,160 --> 00:19:26,440 Speaker 12: happy to say that the rest of the Gulf, as 389 00:19:26,480 --> 00:19:30,080 Speaker 12: well as the Caribbean and the Atlantic basin are pretty quiet. 390 00:19:30,119 --> 00:19:32,320 Speaker 12: For the time being. There's nothing more to watch for 391 00:19:32,359 --> 00:19:34,399 Speaker 12: at least another two to five days. 392 00:19:36,080 --> 00:19:39,000 Speaker 2: This is Bloomberg day Break, your morning podcast on the 393 00:19:39,080 --> 00:19:42,600 Speaker 2: stories making news from Wall Street to Washington and beyond. 394 00:19:42,840 --> 00:19:45,240 Speaker 3: Look for us on your podcast feed by six am 395 00:19:45,280 --> 00:19:48,680 Speaker 3: Eastern each morning, on Apple, Spotify, or anywhere else you listen. 396 00:19:48,880 --> 00:19:51,760 Speaker 2: You can also listen live each morning starting at five 397 00:19:51,800 --> 00:19:54,400 Speaker 2: am Wall Street time on Bloomberg eleven three to zero 398 00:19:54,520 --> 00:19:57,400 Speaker 2: in New York Bloomberg ninety nine to one in Washington, 399 00:19:57,480 --> 00:20:01,879 Speaker 2: Bloomberg ninety two nine in Boston, andationwide on serious XM 400 00:20:01,960 --> 00:20:03,160 Speaker 2: Channel one twenty one. 401 00:20:03,560 --> 00:20:06,320 Speaker 3: Plus listen coast to coast on the Bloomberg Business App 402 00:20:06,359 --> 00:20:09,160 Speaker 3: now with Apple CarPlay and Android auto interfaces. 403 00:20:09,400 --> 00:20:12,400 Speaker 2: And don't forget to subscribe to Bloomberg News Now. 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