Trump, Xi State Visit, Oil Surging on Iran Threat, More
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What is the context of President Trump's state visit with Chinese President Xi?
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News when you want it. With Bloomberg News Now, I'm Amy Morris. President Trump is hailing what he calls a truly great friendship with Chinese President Xi Jinping as the state visit gets underway at the White House. The President posting on Truth Social that he does not expect any guardrails on artificial intelligence to come out of these discussions. The U.S. did agree to a two-month extension of its trade truce ahead of his visit. Bloomberg's Tyler.
How long was the U.S.–China trade truce extended and why does it matter?
Kendall has more from the White House.
We did get confirmation of the extended trade truce. It comes in at two months, which brings the deadline to January tenth. Though it is worth noting that this comes in below expectations that we were going to see a three to six month extension and well below what Beijing was pushing for, which was a two-year extension to bring this to the end of President Trump's term.
Bloomberg's Tyler Kendall reporting from the White House. Now, in his opening remarks, President Xi says the visit is for friendship and cooperation and that he'll work with President Trump for stable ties. He also announced two pandas will arrive in Atlanta in the coming days as envoys of friendship.
That came after a defiance speech from Iran's president at the U.N. General Assembly. Bloomberg's Patrick Sykes has the latest.
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 in in, you know, that's been the strategy uh from the start of the war of course. I think the indication of the Indian Ocean is interesting. That is new.
Bloomberg's Patrick Sites is in Istanbul. This morning Saudi Arabia says it came under Houthi attack, again intercepting at least six missiles fired at the Red Sea port of Yanbu and the city of Taif.
What did President Xi say about friendship and the panda diplomacy?
Crude oil is nearly five percent higher, WTI nearing ninety-seven dollars per gallon, and Brent Crude topping one hundred eight dollars per gallon, the average price of diesel now topping six dollars fifty-one cents per gallon. Sources tell Bloomberg U.S. officials are set to meet with a Russian envoy in New York to discuss the war in Ukraine. Kirill Dmitriev will sit down with Steve Whitkov and Jared Kushner to receive U.S. proposals on that conflict. The U.S. had backed a proposed energy truce in the war under which Moscow would halt strikes on Ukraine's energy infrastructure and Kyiv would stop targeting Russian oil refineries. Volatility left traders unwilling to make riskier bets. We tech markets for you all day long here at Bloomberg, the SP 500 down a half percent, NASDAQ down three-quarters of a percent, the Dow is down seven-tenths of a percent, the 10-year Treasury yield at 5.16%, the two-year yield at 4.9%, and the 30-year Treasury yield at 5.45%.
Now yields on the U.S. is Longest dated bonds have climbed to the highest levels in more than two decades, driven by inflation concerns and concerns about government debt burdens. The average yield on government debt worldwide now stands within a whisker of four percent. That's the highest since 2007, that is according to Bloomberg's Global Aggregate Treasuries Index. U.S.
How is Iran’s threat to expand conflict affecting oil markets?
new home sales climbed in August at the fastest pace this year, suggesting a Initial jobless claims are down to their lowest level since July. Just one hundred ninety seven thousand new applications filed last week. Bloomberg's Ender Curran has more from Washington.
That's just more or less in line with expectations. And that number really leans into what we kind of already know.
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Chapters
6 chapters
1
What is the context of President Trump's state visit with Chinese President Xi?
0:00–0:55
2
How long was the U.S.–China trade truce extended and why does it matter?
0:55–2:21
3
What did President Xi say about friendship and the panda diplomacy?
2:21–3:44
4
How is Iran’s threat to expand conflict affecting oil markets?
3:44–5:02
5
Why are crude oil, WTI and Brent prices spiking this week?
5:02–6:38
6
What are the latest Fed and labor market data points and their impact on rates?
6:38–7:06
Speakers
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