Daybreak Weekend: Tesla Earnings, European Banks, Trump-Albanese Meeting
Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week. In the US – a look ahead to earnings from Tesla and Netflix. In the UK – a look ahead to European bank earnings. In Asia – a look ahead to a meeting between President Donald Trump and Australia Prime Minister Anthony Albanese. See omnystudio.com/listener for privacy information.
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Trump Announces Putin War Summit; NYC Mayoral Candidates Spar at Debate
On today's podcast:1) President Trump said he would hold a second meeting with Russian President Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine. Trump and Putin agreed to meet in Budapest during a two-hour phone call on Thursday. Later, Trump expressed optimism that the summit could result in a ceasefire breakthrough even though an August meeting in Alaska failed to yield one. The conversation took place a day before Trump’s White House meeting with Ukrainian President Volodymyr Zelenskiy on Friday, who has pressed the US president to sell his country long-range Tomahawk missiles that can strike deeper into Russian territory.2) Zohran Mamdani and Andrew Cuomo sparred over experience and integrity in a heated New York City mayoral debate, while Republican Curtis Sliwa took aim at both rivals. Cuomo attacked Mamdani’s policies as radical, while Mamdani hit back over the former governor’s pandemic handling and harassment allegations. With the presence of President Trump looming large, candidates also clashed over public safety, antisemitism, and political credibility.3) Three weeks into the federal government shutdown, President Trump has avoided direct involvement in talks to end the stalemate, despite Democratic calls for him to lead negotiations. Republican leaders continue to resist linking health care subsidies to any funding deal, while the administration pushes forward with unilateral budget cuts and federal layoffs.See omnystudio.com/listener for privacy information.
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US Floats China Trade Truce; Judge Pauses Shutdown Layoffs
On today's podcast:1) President Trump said he authorized the Central Intelligence Agency to take covert action in Venezuela, citing the flow of drugs and illegal migrants into the US. Trump stated that Venezuelan leaders had "emptied their prisons in to the United States of America" and "we have a lot of drugs coming in from Venezuela".2) A federal judge in California froze the Trump administration's latest round of layoffs, saying the move is likely "illegal and in excess of authority." The judge issued a temporary restraining order to block terminations nationwide that were started last week and ordered the administration to provide a full accounting of all employees laid off and planned future layoffs.3) US Treasury Secretary Scott Bessent said the possibility of extending a pause of import duties on Chinese goods for longer than three months exists if China halts its plan for strict new export controls on rare-earth elements. The US and China have agreed to a series of 90-day truces, with the next deadline looming in November, and economists describe the latest moves by both sides as attempts to stack up bargaining chips ahead of a likely leaders’ meeting.See omnystudio.com/listener for privacy information.
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Trump Threatens Chinese Cooking Oil; Shutdown Program Cuts
On today's podcast:1) President Trump said he might stop trade in cooking oil with China, injecting fresh tensions into the relationship between the world’s two largest economies. Trump on Tuesday cast the potential move as retaliation against Beijing for its refusal to buy American soybeans, which he said “is an Economically Hostile Act” that is purposefully “causing difficulty for our Soybean Farmers.” China remains well supplied with the oilseed, largely thanks to South American purchases. 2) President Trump pledged to release a list of federal programs slated for cuts later this week, the White House’s latest threat to slash the federal bureaucracy and put pressure on Democrats to end the impasse over the shutdown. The threat is the latest effort from the White House to make the shutdown — now in its 14th day — as painful as possible for Democrats. It also marks another end-run by the administration around Congress, which determines how federal funds are spent. The White House has already terminated more than 4,000 federal workers and suspended funding for clean energy and transportation programs in Democratic-run states, escalating the standoff with Democrats.3) Federal Reserve Chair Jerome Powell signaled the central bank may stop shrinking its balance sheet in the coming months, an important shift necessary to preserve liquidity in overnight funding markets. The Fed chair also indicated labor-market prospects continue to worsen, a message that supports investors’ expectations for another interest-rate cut this month. Fed officials have been winding down the central bank’s balance sheet since 2022 — a process known as quantitative tightening — reversing trillions of dollars of asset purchases designed to stimulate the economy after the pandemic struck. Earlier this year, the Fed slowed the pace by reducing the amount of bond holdings it lets roll off every month.See omnystudio.com/listener for privacy information.
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US-China Trade Tensions Flare; US Shutdown Enters Day 14
On today's podcast:1) China has signaled it’s keeping communication channels open with the US after a series of tit-for-tat moves that intensified a confrontation between the world’s two biggest economies. The Ministry of Commerce on Tuesday reiterated “the door is open” to talks even as it defended China’s decision to implement export curbs on rare earths amid escalating trade tensions in recent weeks. The remarks came just hours after Treasury Secretary Scott Bessent said Beijing had failed to respond to US inquiries over the weekend following China’s announcement of export controls on products containing traces of certain rare earths. It marked China’s first major attempt to exercise long-arm jurisdiction over foreign companies that target the chip industry.2) President Trump used a one-day tour of Israel and Egypt to soak in the praise from fellow leaders and lay out a vision for broader Middle East peace after the success of US-led mediation efforts to end the fighting in Gaza. Yet the nascent ceasefire remains fragile, with many key details left to be worked out. Trump said food and aid has begun to flow into Gaza, which has been devastated by the conflict. “Numerous countries of great wealth” have pledged reconstruction funds, Trump added, though he did not name them. 3) House Minority Leader Hakeem Jeffries is calling Democrats in his chamber back to Washington Tuesday - the 14th day of the government shutdown - despite GOP leadership nixing votes, according to a Democratic lawmaker and two leadership aides. House Republican leaders announced Friday that the chamber will stay out, after originally having been scheduled to be in session. This is the third week in a row Johnson has canceled votes, keeping House lawmakers in their districts amid the government shutdown.See omnystudio.com/listener for privacy information.
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