Trump, Xi State Dinner, DOJ Asks Supreme Court to Back 3rd Country Deportations, More
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How is AI entering its most consequential phase and why does it matter?
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 Island and Schneider Electric. Learn more at BloombergLive.com slash. Slash Tech London.
News when you want it 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 biggest economies. She warned both will lose in confrontation. Montana Republican Senator Stephen Dane.
The United States and China are the two largest economies in the world by far.
What did President Trump say about his meeting with Chinese President Xi?
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 this evening. The Trump administration has asked the Supreme Court to allow continued quick deportations of immigrants to third countries where they have no ties. Lower courts have ruled that people must have a chance to object before being deported to countries other than their homelands. The Supreme Court previously allowed these deportations to continue temporarily. The case is part of a broader immigration crackdown. Oil paired back earlier gains after a Reuters report that US and Iranian negotiators are exploring a phased path out of the war that could involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade.
The biggest obstacle appears to be that neither side wants to be the first to surrender its leverage.
Why has the DOJ asked the Supreme Court to back rapid third‑country deportations?
An Iranian official tells Reuters that the most plausible way to end the impasse would be a phased arrangement. Crude oil is higher, WTI nearing ninety-four dollars a barrel, and Brent Crude topping one hundred seven dollars a barrel. A renewed episode of bond volatility left traders reluctant to make riskier bets. We bring you the closing numbers each day here at Bloomberg. S P lost two points, Nasdaq gained three, the Dow lost one hundred and sixty-two points. The ten-year treasury yield is at five point two percent. The two-year yield is at four point nine percent. two percent and the thirty year treasury yield. At five point four eight percent. Now the thirty year yields are at their highest in twenty 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.
How are U.S. and Iranian negotiators planning a phased exit from the Strait of Hormuz conflict?
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.
IRA jersey. The Bloomberg Global Aggregate Treasuries Index shows the average yield on government debt worldwide now stands near 4%. That's the highest since 2007. Mortgage rates in the U.S. are now above 7%. The first time that's happened since early 2025. New home sales climbed in August at the fastest pace this year, suggesting a mix of price cuts and sales incentives are helping ease affordable. Initial jobless claims are down to their lowest level since July. Just 197,000 new applications filed last week. Cleveland Fed President Beth Hammock says the labor market is okay, but the inflation outlook continues to be highly uncertain.
The labor market remains close to my definition of maximum employment.
What are today’s key market moves – oil prices, bond yields and stock indices?
But inflation remains elevated and it has now run above the FOMC's two percent inflation objective for more than five years.
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Chapters
7 chapters
1
How is AI entering its most consequential phase and why does it matter?
0:00–0:53
2
What did President Trump say about his meeting with Chinese President Xi?
0:53–1:55
3
Why has the DOJ asked the Supreme Court to back rapid third‑country deportations?
1:55–2:50
4
How are U.S. and Iranian negotiators planning a phased exit from the Strait of Hormuz conflict?
2:50–3:47
5
What are today’s key market moves – oil prices, bond yields and stock indices?
3:47–4:47
6
What are Federal Reserve officials saying about inflation, employment and future rate hikes?
4:47–6:07
7
What is the significance of Anthropic’s $11.6 billion contract with Akamai for AI computing?
6:07–6:55
Speakers
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