Trump: "Great Meeting" with Xi; US, Iran Explore Deal to Reopen Strait, More
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A new chapter in global growth is being written, and much of it is happening in Africa. Africans need to invest. There are deals to be done and business to be won. I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future. The digitalization of Africa is gonna power its growth. Listen to Next Africa on Apple, Spotify, or wherever you
News when you wanted with Bloomberg News Now, I'm Amy Morris. President Trump says he and Chinese President Xi Jinping had a great meeting. He did not provide specifics. Both leaders called for cooperation between the world's two largest economies. She warning both will lose in confrontation.
in China are the two largest economies in the world by far. They comprise about 42% of the world's GDP. It's the world's two largest militaries. The two countries that have leadership in terms of frontier models of AI. So I look at this relationship as really too big to fail.
Senator Danes was on balance of power. Trump is hosting she and his wife for a state dinner later tonight. And a pair of giant pandas is headed for the Atlanta Zoo. That's a sign of stabilizing relations.
Economic blockade of Iran. The biggest obstacle appears to be that neither side wants to be the first to surrender its leverage. An Iranian official tells Reuters the most plausible way to end the impasse would be a phased arrangement. Crude oil now about three percent higher, WTI about ninety-four dollars a barrel, and Brent crude near $106 a barrel. Hopes for that agreement to revive the Strait of Hormuz spurred a rebound in stocks. We check markets for you all day long here at Bloomberg. The SP 500, little changed on the upside, NASDAQ changed. Changed on the upside. The Dow is down about two-tenths of a percent, the 10-year Treasury yield at 5.15%, the two-year yield at 4.88%, and the 30-year Treasury yield at 5.45%.
Now those 30-year bond yields are at their highest level in 20 years, driven by inflation fears and concerns over government debt. Bloomberg Intelligence Chief Interest Rate Strategist Ira Jersey.
Yeah, well well the five year tends to do bad when the market's selling off and tends to do well when the market's rallying and part of the reason for that is anticipation of what the Federal Reserve is going to do. I do suspect that eventually there's going to be a really interesting kind of dip in that belly of the curve, so that three, five, and seven year part of the curve might wind up seeing yields come down when the market starts to price for economic weakness.
Jersey. The Bloomberg Global Aggregate Treasuries Index shows the average yield on government debt worldwide now stands near four percent. That's the highest since 2007. U.S. mortgage rates have risen above seven percent for the first time since early 2025. New home sales climbed in August at the fastest pace this year, suggesting a mix of price cuts and sales incentives may be helping ease those affordability constraints. Initial jobless claims are down to their lowest level since July, just one hundred ninety-seven thousand new applications filed last week. Bloomberg's Endocurren reports it is another sign of a stable labor market.
Fed policymakers also expecting unemployment to remain low. So when you see the these initial jobless claims this morning, sometimes sometimes there's volatility in these numbers. Not today, kind of reinforcing we are where we are. The jobs market seems to be in an okay space for now.
Bloomberg's end of Curren reports continuing claims are little changed at 1.72 million. That's their lowest level in three years.
The labor market remains close to my definition of maximum employment. But inflation remains elevated and it has now run above the FOMC's two percent inflation objective for more than five years.
Hammock delivered the opening remarks at the Inflation Drivers and Dynamics twenty twenty six conference at the Cleveland Federal Reserve. Philadelphia Fed President Anna Paulson says we could see another rate hike.
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