Trump, Xi State Visit; US, Iran Explore Deal to Reopen Hormuz, More
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What is the main topic discussed in this episode?
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.
What did President Trump and Xi Jinping discuss during their Oval Office meeting?
Chinese President Xi Jinping is holding a meeting with President Trump in the Oval Office, where he says he's willing to maintain communication with Trump to create a more stable, sustainable, and healthier future for China US relations. Bloomberg's Tyler Kendall.
We should say that the US is pushing China to increase its agricultural purchases. As so far, Beijing has only made good on about half of its commitments for American soybeans and also limited progress when it comes to planned promises to purchase nearly 17 billion dollars worth of additional agricultural goods.
Bloomberg's Tyler Kendall, she also said he's hoping the U.S. and Iran can return to talks and achieve peace. Now Oil is pairing back earlier gains after a Reuters report that U.S. and Iranian negotiators are talking about a phased path out of war that would 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. An Iranian official tells Reuters that the most plausible way to end the impasse would be a phased arrangement. Crude oil now about 2% higher, WTI about $94 a barrel, and Brandt crude around $105 a barrel. Sources tell Bloomberg that a Russian envoy, Kirill Dmitriev, is set to meet U.S.
officials in New York to talk about the war in Ukraine. He'll sit down with Steve Whitkop and Jared Kushner.
How are U.S. and Iran negotiations shaping a potential reopening of the Strait of Hormuz?
To receive U.S. proposals on the conflict. The U.S. has 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. For now, to three media outlets the president had banned from White House grounds last week. Reporters from Politico, CNN, and MS Now started returning to the White House grounds after a federal court had ordered a suspension of the ban. U.S. District Judge Timothy Kelly issued a ruling temporarily barring the White House from enforcing its announced ban, while a lawsuit filed by the media companies moves forward. Hopes for an agreement to revive the Strait of Hormuz spurred a rebound in stocks and bonds from City.
We check markets for you all day long here at Bloomberg, the S P 500, little changed on the upside. NASDAQ, little changed on the upside, the Dow is three-tenths of a percent lower, the ten-year treasury yield at five point one four percent, the two-year yield at four point eight eight percent, and the thirty-year yield is at five point four three percent. U.S. mortgage rates have risen above seven percent for the first time since the first year. Early 2025.
What impact did the Hormuz talks have on oil prices and market movements?
U.S. new home sales climbed in August at the fastest pace this year, suggesting a mix of price cuts and sales incentives is helping ease affordability constraints.
Bloomberg's End DeCurren 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 near their lowest level in three years.
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.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:00–0:34
2
What did President Trump and Xi Jinping discuss during their Oval Office meeting?
0:34–1:59
3
How are U.S. and Iran negotiations shaping a potential reopening of the Strait of Hormuz?
1:59–3:13
4
What impact did the Hormuz talks have on oil prices and market movements?
3:13–4:30
5
How are recent U.S. employment data and mortgage rates influencing the Fed’s outlook?
4:30–6:23
6
What are the latest developments in OpenAI’s security incidents and U.S. regulatory response?
6:23–7:00
Speakers
6 identifiedMore from Bloomberg News Now
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