Iran Talks to Begin Monday, Bessent Comments On Yen Intervention, More
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News when you want it with Bloomberg News Now. I'm Charlie Pellett. Oil is falling after President Trump said new talks with Iran will begin Monday after he called off a planned attack on the Islamic Republic. Brent for October fell as much as 7.3 percent to $81.55 a barrel. 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. And the president says Israel also agreed to join him in the commitment not to launch an attack on Iran. Dan Williams covers the Middle East for Bloomberg News, but he 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. Treasury Secretary Scott Besson says the U.S. will not hesitate to conduct more yen joint intervention. Sources tell Bloomberg AstraZeneca of the United Kingdom has explored an acquisition of Bristol-Myers Squibb of 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 is unclear if discussions are ongoing or whether they will result in a transaction. ExxonMobil and Chevron are warning high fuel prices are likely to stick around even if oil prices drop in coming months as the wars in Russia and the Middle East leave global refining capacity critically short.
And with more on the story, here's Bloomberg's Ed Kalecki.
ExxonMobil chief financial officer Neil Hansen said in an interview the constraint pain point in the energy system is refining and it's something that perhaps the market isn't fully focused on. Nearly 10% of the world's ability to refine crude oil is effectively offline with the Strait of Hormuz largely closed, continued Ukrainian attacks on Russian refineries and China's export ban. This according to Mellius Research. It means the refineries left are running flat out to meet demand, rendering them unable to produce more fuel even if the oil is available for them to process. The result is record high fuel making margins that benefit refinery owners but drive up costs for consumers.
What immediate market reaction followed Trump's announcement about talks with Iran?
Ed Kalecki, Bloomberg Radio.
Running is having a moment, and it's become a big business, with an estimated 52 million Americans now saying they run or jog regularly. Lily Meyer is a retail reporter for Bloomberg, and on Bloomberg this weekend, she said running has become a multi-billion dollar industry.
The running club culture has exploded. There are now running clubs around everything, you know, around different interests. And then there are dating apps where you can meet people through fitness. And so I think it's really become more of an identifier than it was in the past.
Retail reporter Lily Meyer on Bloomberg this weekend. And the New York Marathon, which is the nation's biggest, takes place on Sunday, November 1st. Well, Spider-Man is running into the record books.
Hi, my name is Peter Parker. I have something to tell you that's gonna sound crazy. But it's the truth.
Spider-Man. I can't tell anybody about this. Gotta keep it a secret.
It was number one at the box office this weekend, Spider-Man Brand New Day.
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