Iran Talks to Begin Monday, AstraZeneca, Bristol Myers Talk Deal, More
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AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon.
News when you want it with Bloomberg News Now. I'm Charlie Pellett. Oil fell after President Trump said new talks with Iran will begin Monday, this after he called off a planned weekend attack on the Islamic Republic. The president said Israel also agreed to join him in the commitment. Dan Williams covers the Middle East for Bloomberg, but says Prime Minister Benjamin Netanyahu has not confirmed that.
Two of his ministers, his security cabinet ministers, so people generally in the know were on the radio. One of them actually said, that Israel had indications that indeed Trump was telling the truth, that the Iranians have softened what he called their previous red lines on the issue of access and egress for shipping in that strategic waterway. It would appear that on that front, the Israelis agree with what Trump is saying, though the Israelis may not have been poised for a full joint action against Iran.
Bloomberg's Dan Williams interviewed on Bloomberg this weekend. On Air Force One, the president said he called off a massive attack on Iran after allies in the Middle East, including Saudi Arabia, asked him to pursue a deal instead. Trump says fresh U.S.-Iran talks will begin Monday, boosting optimism that the two sides can reach a deal to reopen the Strait of Hormuz. Sources tell Bloomberg AstraZeneca of the United Kingdom has explored a transatlantic acquisition of Bristol-Myers Squibb based in New Jersey in a mega deal that would create one of the world's largest drug makers. Those sources say the companies have held early stage discussions about combining, but it's unclear if those talks are ongoing or whether they will result in a deal.
Japan is confirming its first joint intervention with the U.S. in currency markets in 15 years, and it's warning it is ready to act again. According to a statement from Japan's finance minister, the finance ministry did intervene in the market on Friday in coordination with the U.S. Treasury Department. Major OPEC-plus nations have approved the latest small increase to their production quotas, a move that will complete the theoretical revival of supplies halted in 2023 and give them scope to add more barrels once the Middle East war ends. Meanwhile, a big oil and gas lobbying group is happy with the Senate's latest biofuels legislation. That story from Bloomberg's Monica Ricks.
The American Petroleum Institute opposes a new Senate biofuels bill that would expand sales of higher ethanol gas known as E15 and give exemptions from annual blending mandates for some small oil refineries. The API supports permanent nationwide year round E15 when paired with common sense reforms, but says this proposal would weaken America's fuel supply and force oil companies without small refining units to foot even more of the bill for bringing biofuels to market. Efforts to authorize permanent sales of E15 have failed for over a decade. Monica Ricks, Bloomberg Radio.
Among the companies scheduled to report this week will be SpaceX. It went public last month. And with more, here's Bloomberg's Matt Piper.
Shares ended the month below their IPO price, and scrutiny of SpaceX's debut earnings will be intense as the end of a lockup of insider-owned stock looms.
How did President Trump describe upcoming U.S.-Iran talks and a called-off attack?
SpaceX may be asked if it has started turning away satellite operators seeking dedicated rides to orbit aboard its Falcon 9 rocket beyond 2028. ClearStreet says beyond fundamentals like Starlink subscriber numbers and Colossus compute revenue, investors will be listening for updates on SpaceX's commercial payload delivery missions. In New York, Matt Piper, Bloomberg Radio.
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