Trump: Iran Talks to Begin Today, Yen Climbs Sharply, 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.
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And I'm Caroline Hepker.
US President Donald Trump has again shifted course on Iran with new talks set to begin today. The latest reversal comes after Trump once again ratcheted up the threat of more strikes, continuing a now familiar pattern of escalation and de-escalation. The President says he stepped back from the latest attacks following appeals from Saudi Arabia and other US allies in the region. Here's what he told reporters on board Air Force One.
We're talking to them in the form of a negotiation. It begins tomorrow afternoon, and we'll see if it's true. I'd love to do that, save a lot of lives, save a lot of unnecessary power, to be honest with you. It would take many, many years to ever build it back. If it could, I don't think it would be even buildable back. So we had an attack that would be the biggest attack since World War II.
Grant Crude fell by as much as 7% after President Trump suggested a deal to reopen the Strait of Hormuz may be close. Meanwhile, Iran says negotiations with Oman are in their final stages, including discussions on a new route through the waterway. But officials say the talks don't cover whether the vital shipping lane will reopen, leaving the biggest question for global oil markets unanswered.
Japan's battle to support the yen is intensifying, with traders betting that authorities intervened again after last week's historic joint action with the US. The yen swung from a small decline to gains of as much as 1.4% against the dollar. during morning trading in Tokyo. Japan is estimated to have spent a record 8.45 trillion yen, that's the equivalent of about 53 billion US dollars, buying yen last week. US Treasury Secretary Scott Besant has signalled that Washington is prepared to act again if needed, raising the stakes for investors betting against the yen. And while the intervention has reversed much of the currency's recent slide, investors remain focused on whether policymakers can sustain the rally.
In the UK, Prime Minister Andy Burnham says Britain must regain control of its borders. UK leader visited Dover yesterday to talk to police officers trying to stop people smugglers.
Clearly progress is being made, but we're not complacent. It's why I am here. It's why I've come down on Sunday to see the team, to listen to what they think needs to be done, what further can be done.
2,000 migrants have crossed the English Channel in 13 days since Burnham took over from Keir Starmer. So far this year, estimates suggest the number of people crossing the Channel is 43% lower than last year. Migration has been a political flashpoint in the UK and has boosted support for Nigel Farage's far-right Reform UK party.
At least 72 people are known to have died trying to reach the Spanish port city of Ceuta from Morocco. Nearly all of the around 60,000 people who crossed have been returned to Morocco, but the humanitarian crisis has reignited a debate around immigration in Europe.
Why are new talks between the U.S. and Iran starting today and what did President Trump say about them?
Spanish MEP Juan Fernandez Lopez Aguiar from the ruling Socialist Party says his country needs solidarity.
We have an external border of the whole of the European Union with the African continent, with the Kingdom of Morocco. And Morocco has an association agreement with Europe. So it's time that we enforce that association agreement and we demand responsibility from Moroccan authorities.
The MEP was speaking after Spain's Prime Minister Pedro Sanchez wrote to top EU officials to complain about what he called a, quote, selfish, polarising and unlawful reaction.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:38
2
Why are new talks between the U.S. and Iran starting today and what did President Trump say about them?
3:38–6:09
3
How did Trump describe stepping back from strikes and what reasons did he give?
6:09–7:37
4
What impact could Iran-Oman negotiations and Strait of Hormuz developments have on global oil markets?
7:37–8:00
Speakers
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