Show Notes
Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran exchanged strikes as American forces hit an island in the Strait of Hormuz and Iran responded by launching attacks on the United Arab Emirates and Jordan. Iranian media said the country's authorities seized a bulk carrier near the port of Bandar Abbas and claimed an oil supertanker was hit by mines early on Monday. The incidents underline the high tensions between Washington and Tehran, with crude oil prices rising and several current and former US and Iranian officials expecting the conflict to drag on for months.
2) Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again. The reaction of the market will depend on upcoming economic data, including employment and inflation figures, with some investors warning that the Fed's credibility could be at risk if it does not follow through on expected rate hikes.
3) Nepal is racing to find thousands still missing after a glacial collapse unleashed catastrophic flooding along the border with China, with rising water levels and worsening weather threatening to hamper rescue efforts. More than 8,700 people have been rescued, with almost 20,000 security personnel mobilized, and at least 752 people have been confirmed dead, while over 3,000 are still unaccounted for. Rescue personnel have been told to exercise "utmost caution" as they work to retrieve bodies and provide relief services, with challenges mounting as days pass and weather conditions weigh on rescue efforts. See omnystudio.com/listener for privacy information.
More from Bloomberg Daybreak: US Edition
Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump traveled to Iowa on Thursday to boost Ashley Hinson, the Republican Senate candidate locked in a tight race with Democrat Josh Turek. Trump’s visit is the first of two he is expected to make to the state before Election Day on November 3rd. After reliably voting Republican for the past decade, Iowa has become competitive territory once again thanks to high fertilizer and fuel costs wrought by Trump’s war on Iran and shrinking export markets for farmers due to his tariffs. 2) With a fresh infusion of cash to his super political action committee in the first two weeks of October, Elon Musk has now given more than $445 million in the current election cycle and become one of the biggest-ever contributors to such groups. The world’s richest person put $77 million into America PAC, Federal Election Commission filings show, in an effort to elect Republicans in November midterm contests. 3) Stocks steadied at the start of the European session, offering global investors some respite after a rout in the artificial intelligence trade, while further gains in oil prices kept sentiment cautious. Meantime, a gauge of the inverse relationship between US government bonds and AI-focused stocks has strengthened to levels last seen a year ago. It’s a sign the deepening tech selloff is sending investors back into bonds for safety, reviving a haven role that had faded as inflation worries and higher interest rates weighed on Treasuries. See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes. On today's podcast: 1) President Trump returned to South Carolina on Wednesday to bolster Darline Graham, whose campaign for a 6-year US Senate term representing the conservative state has become unexpectedly tight ahead of US midterm elections on November 3rd. Elsewhere, final debates were held in two of tighest Senate contests - Michigan and Kansas. Meantime, the Senate contest in the historically Republican state of Mississippi is drawing fresh attention in the final stretch of the election cycle, with Trump planning a rally to boost the GOP candidate and control of the chamber. 2) The US ordered some diplomats and their families to leave Saudi Arabia because of the threat from Houthi militants, as the Iran-backed group carried out more strikes from Yemen. At least four people were killed by attacks on an Aramco oil site and an eastern airport on Wednesday. The moves come as tensions escalate across the Middle East, with the US and Israel drawing up plans for renewed strikes on the Islamic Republic, according to the New York Times, and Tehran saying it struck more tankers going through the Strait of Hormuz. 3) Barclays Plc said it’s cutting 5,000 jobs, or about 5% of total headcount, as part of a “technology-enabled” effort to reduce costs as it adopts artificial intelligence across the bank. The bank reported third-quarter earnings Thursday that missed several key estimates. Barclays’ bond traders suffered the biggest slump on Wall Street during the quarter, taking the shine off a strong performance on the equities desk. See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes. On today's podcast: 1) A recent slowdown of the SpaceX’s Starlink satellite system that enables Ukraine to fend off deadly Russian aerial assaults came from an order by Elon Musk, the company’s chief executive officer, the Wall Street Journal reported on Tuesday. Musk restricted the speed of Ukraine’s access to the satellite system, which hampered the ability of the country’s drones to carry out defensive and offensive missions, the newspaper reported, citing unnamed American officials and others. Russian President Vladimir Putin’s forces have been carrying out relentless attacks on Ukraine, including striking civilian targets. 2) Secretary of State Marco Rubio defended the Trump administration’s support for Ukraine, saying the nation “would not exist” without US backing. “If it were not for the assistance of the United States, including under the Trump administration, there would be no Ukraine right now,” Rubio told reporters on Wednesday during a visit to India. “Ukraine as a sovereign state would not exist.” Rubio made the remarks while responding to questions about a Wall Street Journal report that said Elon Musk, chief executive officer of SpaceX, ordered a recent slowdown of the Starlink satellite system that helps Ukraine to fend off deadly Russian aerial assaults. 3) Elon Musk openly endorsed the prospect of combining SpaceX with Tesla Inc., in what would be the biggest-ever corporate merger uniting assets from electric cars to AI data centers to rocket and satellite capabilities.The world’s richest man said Tuesday the boards of both companies had formed special committees of independent directors to consider the idea of a combination. “There’s a lot of merit to combining the companies,” Musk said on a conference call after SpaceX announced earnings that beat estimates. See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes. On today's podcast: 1) Ukrainian President Volodymyr Zelenskyy is traveling to Norway for new peace talks as US pressure mounts for concessions from Kyiv to reach a deal with Russia. US envoy Steve Witkoff is expected to take part in the talks with Norwegian Prime Minister Jonas Gahr Støre and Finland’s President Alexander Stubb, while Jared Kushner will participate online. Relations between President Trump and Zelenskyy have soured, with Trump criticizing Zelenskyy and saying he should have settled the war a long time ago. 2) President Trump used an antisemitic term during a rally in Kansas as he defended Republican Senator Roger Marshall, saying Marshall was portrayed as "some kind of a Shylock-type guy." Trump said Marshall had received a "bum rap" and was mandated by law to request money owed from patients, and that if he didn't make these requests, he would be breaking the law. Trump faced criticism for using the term, which has long been considered antisemitic, and has a history of using stereotypes about Jewish people, including telling a gathering of the Republican Jewish Committee that they wanted to "control" politicians. 3) A measure of French bond risk breached a key level on Tuesday, underscoring the challenges facing the government as it struggles to tame the budget deficit and defuse cost-of-living protests. The extra yield investors demand to hold French 10-year bonds over safer German debt rose two basis points to 150 basis points, a closely watched level that was last seen on Oct. 5. The spread hit a peak of 159 basis points earlier this month as political and fiscal pressures intensified, prompting many investors to liquidate their positions in the nation’s debt. See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes.