Trump Greets Xi at White House, Media Outlets Denied, More

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What is the significance of President Trump greeting Xi Jinping at the White House?

Leila Fadel 0:00

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Nathan Hager 0:24

News when you want it with Bloomberg News Now. I'm Nathan Hager. The state visit for Chinese President Xi Jinping is officially underway at the White House. President Trump is greeting the Chinese leader this morning ahead of bilateral talks. The president posted on Truth Social he does not expect any guardrails on artificial intelligence to come out of the discussions, though the U.S. did agree to a two-month extension of its trade truce with China. Bloomberg's Tyler Kendall.

Tyler Kendall 0:50

It appears that stability in the US-China relationship is the theme for Chinese President Xi Jinping's now first state visit here to Washington since 2015.

How did the extended two‑month trade truce with China affect the talks?

Tyler Kendall 0:59

You mentioned that we did get confirmation of the extended trade truce. It comes in at two months, which brings the deadline to January 10th.

Tyler Kendall 1:15

За твою єстен то бринде Президент Трамп'стер.

Nathan Hager 1:20

Bloomberg's Tyler Kendall at the White House. Ahead of the visit, a federal judge ordered the Trump administration to restore media access to CNN, News Now, and Politico that President Trump had revoked last week. This morning, all three outlets say their reporters have still been denied access to the White House grounds. They are now asking for an immediate hearing before a federal judge. The White House has not responded to requests for comment. Oil is surging after a top Iranian military official warned that the war in the Middle East could extend to the Indian Ocean if the US or Israel resume attacks. That warning came after a defiant speech from Iran's president at the UN General Assembly. Bloomberg's Patrick Sykes has the latest from Istanbul.

Unknown 2:01

Iran has been promising that in the event of a renewed US or Israeli strike, that it would seek to retaliate by expanding the conflict.

Why are CNN, News Now, and Politico still being denied White House access?

Unknown 2:12

That's been the strategy from the start of the war, of course. I think the indication of the Indian Ocean is interesting. That is new. We do know that that Iran tried to target a US-UK military base there much earlier in the conflict but fundamentally there is a lot less there for Iran to try and hit uh in the first

Nathan Hager 2:33

Bloomberg's Patrick Sykes in Istanbul. This morning, Saudi Arabia said it came under Houthi attack once again, intercepting at least six missiles that were fired at the Red Sea port of Yanbu and the city of Taif. Right now, Brent Crude is up more than two and a half percent, trading shy of $106 a barrel. West Texas Intermediates near ninety-five dollars for a gain of two and two-thirds percent. That is adding more fuel to a bond sell-off that has. Treasury yields trading near their highest levels in more than 20 years, and that's putting pressure on stocks. Right now, the SP 500 is down two-tenths percent, the Dow Jones industrial average three-tenths percent lower, the Nasdaq composite is down a half percent, the 10-year treasury yield is at 5.1%, the 30-year is at 5.4%, it had been as high as 5.44%, the highest level since 2004.

What impact does Iran’s warning about the Indian Ocean have on oil markets?

Nathan Hager 3:23

War Fed officials are warning there's more work to do on inflation. New York Fed President John Williams told an event in London today the U.S. economy has shown remarkable resilience and the labor market is solid, but Williams says there are lingering inflation risks from the Iran War and AI demand. Philadelphia Fed President Anna Paulsen says additional interest rate increases may be needed to ensure inflation returns to the Senate. Central Bank's 2% target. Paulson made those remarks at an event in Philadelphia. We got some positive news on the housing market. New home sales jumped 6.4% last month to an annual rate of $684,000. The average new home price fell 5.8% to just under $394,000. New York Governor Kathy Hokel is warning residents in low-lying areas of New York City and Long Island to prepare for