Bloomberg Audio Studios, Podcasts, radio News. Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today.
Karen, let's begin with the latest from the presidential campaign trail. There are just two weeks left until the election, and both Donald Trump and Kamala Harris are fanning out across the battleground states. Former President Trump visited Asheville, North Carolina, and continued to make unsubstantiated claims about the federal response to Hurricane Helene.
They don't have any money for the people that live here.
They got hit by one of the worst storms, possibly the worst storm ever, but one of the worst storms in the history of our country.
And it's a shame.
Donald Trump's claims run countered word from North Carolina Governor Roy Cooper that FEMA has given one hundred and twenty nine million dollars to Helene victims and placed more than sixty two hundred people in temporary housing.
Meanwhile, Nathan Vice President Harris visited the Midwestern blue wall state of Pennsylvania, Michigan, and Wisconsin. She criticized the former president over a new report on his economic proposals from the nonpartisan Committee for a Responsible Federal Budget.
There are many seniors in our country that social security is their only form of income, and now an independent agency has reviewed Donald Trump's theory about social security and his policies and has indicated that his policy would actually render the Social Security Fund empty essentially in six years.
Kamala Harris also took Trump to task for a side stepping a question about raising the minimum wage during his weekend campaign stop at a McDonald's. Today, early voting begins in Wisconsin. Former President Barack Obama will join a Democratic running mate, Tim Waltz at a rally in Madison, while Republicans will hold their own events, encouraging voters to cast an early ballot for Donald Trump.
Now, Karen, let's turn to the latest from the Middle East. Secretary of State Anthony Blincoln has arrived in Israel. He is scheduled to meet later today with Prime Minister Benjamin Netanyahu in Jerusalem and Defense Minister Joev Galant in Tel Aviv. It's Blncoln's eleventh trip to the Middle East since the October seventh attack. America's top diplomat's been trying to engineer a ceasefire between Israel and Iran backed militias since the
attack more than a year ago. Bloomberg's Paul Wallace says this round of talks is unlikely to change things.
Israel at the moment sees itself as on the front foot and degrading Hamas and Hezwella to a massive degree. And it thinks that these military gains that it's been making in the last several weeks, if not a few months, are very much in its favor when it comes to eventual diplomatic talks and eventual ceasefire negotiations.
Bloomberg's Paul Wallace ads Secretary Blincoln's visit comes as Israel's retaliation against Iran is still yet to come. The US maintains Israel's killing of Hamas leader Yaikiya sin War last week could open the way for a breakthrough, even though Hamas leaders and Netanyah, who have both vowed to fight on.
Well, let's turn to the markets now, Nathan and bonds have been selling off, and that's pushing yields higher and higher. Bloomberg John Tucker joins us with more, John, good morning, and what's behind the move?
Well?
Current the market no longer sure the Fed's going to cut rates in each of the next three FOMC meetings. Strong employment data for September that whittled away the expectations. Traders are positioning for a likelihood that there's going to be at least one meeting when the FED stays on hold. At your Denny Is with your Denny Research, we.
Have some FED officials already kind of walking back the idea that there's going to be a fifty basis point cut at the November meeting, or even walking back the idea that we necessarily will have two twenty five basis point cuts.
As for FED officials, Jeffrey Schmidt, president of the Kansas City FED, said he favored a cautious and gradual approach. Neil kesh Curry the Minneapolis FED, said he would need real evidence the labor market is weakening quickly before he'd moved from a cautious path. The prospect of bigger fiscal deficit after elections next month only compounding the market's concerns. You see the ten year yield rising back of a four point two percent for the first time since July.
In New York.
I'm John Tucker, Bloomberg Radio.
Thanks John, It's another busy day for earnings, with nearly thirty companies reporting, including GM. Let's get a preview from Bloomberg's Tom Busby.
General Motors expected to report reduce losses from its electric vehicle lineup, and even though vehicle sales in the third quarter were down, prices were kept higher as even though some competitors offered more discounts ad in the benefits it likely got from its recent stock buyback plans, and that should all give GM a boost. Investors will also be watching for any improvements and outlook for its operations in China,
which has lost money the past two quarters. Bloomberg consensus calls for revenues of forty four point sixty nine billion dollars and adjusted earnings per share two dollars and forty five cents.
Tom Busby Bloomberg.
Radio, All right, Tom, thank you all. Shares of SAP up about five percent overseas cloud revenue swored at Europe's biggest software company, SAP is transitioning customers away from locally run systems with the promise of artificial intelligence tools and analytics.
Well Karen.
One of Europe's biggest banks, HSBC, has begun its biggest restructuring in a decade. Let's go to London and get the latest with Bloomberg's Ewan Pots, Ewan.
Nathan and Karen. One of the world's biggest banks is reshaping its global structure. HSBC will combine its commercial and institutional banking operations, and it's creating a new international wealth and premiere banking business. It's all part of a plan by the London based lenders new CEO to cut costs and reduce complexity. HSBC has also named a new CFO, its first female finance director in its one hundred and fifty nine year history in London. I'm Une Pots Bloomberg.
Radio, all right you in thank you Well. Here in the US, banks will now have to give customers access to their financial data after the top consumer watchdog finalized a long awaited rule aimed at fueling more competition for financial products. Under the Consumer Financial Protection Bureau measure, consumers will be able to demand, download, and transfer their highly coveted data to another lender or financial services provider for free.
The Open Banking Rule, as it's known, is aimed at making it easier for consumers to switch providers to access better rates. Time Now for a look at some of the other stories making news in New York and around the world, and for that we're joined by Blowberg's Michael Barr Michael, Good Morning.
Good Morning, Karen. More support for a new trial and a death row case in Texas. Supporters of Robert Robertson insists that his two thousand and three conviction and the killing of his two year old daughter was based on the now discredited shaken baby syndrome theory. State Representative Lacy Hull test five before state lawmakers. She is backing a new trial for Robertson.
Let the jury make up their mind, but he deserves a real defense and a fair trial.
Robertson has high profile support, including psychologist Phil McGraw that are known as Doctor Phil.
If we start executing people in Texas absent due process, absent fair trial, we are going down a really dangerous roague.
Also among Doctor Phil supporting Robertson, author John Grisham, A powerful new drug is making headlines in the US. An autopsy has revealed former One Direction singer Liam Payne had multiple drugs in his system, including pink cocaine, when he plunged off a balcony in Argentina last week, dying at the age of thirty one. The drug has also been linked to rappers Sean Diddy Combs. Despite its name, there is often no cocaine in the mix of drugs, which
acts as both a stimulant and depressant. Former DEA official Bill Bodner, it's.
Been in the United States for a little while now, not it hasn't been as popular as it's becoming now.
Public health officials are warning parents the designer drug with the it's bright color is growing in popularity among teens and young adults. Cuba's capital remains paralyzed, as the island had a fourth night of a massive blackout that has generated both a handful of small protests and a stern government warning that any unarrest will be punished. Meanwhile, Hurricane Oscar crossed the island's eastern coast with winds and heavy
rain Sunday night, leaving at least six dead. Filmmaker Steven Spielberg is among twenty recipients of the National Medals of Arts. President Biden also honored nineteen recipients of National Humanities Medals, including playwright screenwriter Aaron Sorkin. After presenting the medals. The President had a message to the recipients.
With absolute courage, you combat racial stereotypes, confront ghosts of history, and speak truth to power.
Filmmakers Spike Lee and Ken Burns, and singers Missy Elliott and Queen Latifah were also honored with Medals of Art at the White House. Global News twenty four hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg.
Karen.
All right, Michael Barr, thank you time now for the Bloomberg scores. Up date Broncky you by trying state OUTI here's John Stanshawer, John.
Good morning, Good morning, Karen.
The NBA season tips off tonight in Boston Celtics and Knicks. Celtics will hoist their eighteenth championship bender. It was one of their greatest seasons ever regular in postseason combined, they went eighty and twenty one. Vegas as them as the favorites to repeat. But the Knicks were good last year and figure to be even better with the additions of Karl, Anthony Towns and Michel Bridges. The undeniable leader of the next is Jalen Brunson coach Tump Tibeau had never before.
Named a team captain that he has with Brunson.
Jalen's not one of those guys. It's gonna get up in front of the team and say you gotta do this, you gotta do that. But you know, Bubba buh. What you're gonna see from Jalen is him coming in early every day, went through his routine, great concentration, great work at the team, oriented all about his teammates. To me, there's no better leadership than that.
One of the game tonight, that's Minnesota taking on the Lakers Lebron James starting his twenty second NBA season. New Lakers coach JJ Reddick hasn't said whether Lebron's son, Bronni, will join him on the court. If he does, it's NBA history. It's only happened once in baseball nineteen ninety in Seattle, Ken Griffy senior and junior played together.
The Griffies will be at the game tonight in La Baltimore.
Ravens with their fifth straight win, led by Lamar Jackson making a case for another MVP through five touchdown passes in a forty one thirty one win at Tampa Bay Derrick Henry Rush for one hundred and sixty nine yards James Conner one hundred and fifty two all purpose yards Arizona on the last second field goal top the LA
Chargers seventeen fifteen. Injury news inclod a couple of season enders Browns QB DeShawn Watson, who was not having a good season, now out ruptured Achilles forty nine ers white out, Brandon Eye torn acl The ribbage suffered by Washington star rookie QB Jane Daniels may keep him out this week, but it's not long term. Aaron Boone confirmed the obvious Garrett Cole will start Game one of the World Series for the Yankees Friday in Los Angeles.
John Stashanmwer Bloomberg Sports Care.
Navan Coast to Coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg dot Com and the Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager.
With two weeks left until the election, Donald Trump and Kamala Harris are both scouring the battleground states for every last swing vote they can find.
In our movement.
We love Christians, we welcome believers, and we embrace followers of Jesus.
You know, every election we said this is the one, this is the one, This truly is the one.
And from where I'm where this election stands. We are joined now by Bloomberg News Managing Editor Derek Wallbank. Derek, good morning. So we've had Donald Trump in North Carolina continuing to make unfounded claims about Hurricane aid, while Kamala Harris has been slamming Trump's economic plans in the midwestern Blue Wall states. Does any of this move the needle?
Well, Nathan, the question right now is who are these people speaking to?
Right?
And it's really interesting because as far diverged as Kamala Harris and Donald Trump are on any number of things, you can actually find some commonalities in who they actually are speaking to. I mean, Kamala Harris right now barnstorming places like Pennsylvania, Michigan, Wisconsin with with Liz Cheney. That's an appeal to those Nicki Haley voters, the people who are still voting for Nicki Haley even after she'd lost right,
and there are many of them in those three states. Now, the simple fact of the math is that if Kamala Harris wins in Omaha, Nebraska and then goes and wins the Blue Wall, she's the president. Right, That's ball game.
That's literally how numbers work. The thing that Donald Trump has though, is he's we're starting to see some of these early vote numbers coming in, and in places like North Carolina where Trump was, in places like Nevada, you are seeing some numbers come in that the Trump team is exceptionally happy about.
Talk a little bit more about that. What are we learning when it comes to early voting at this point.
Well, it's tough, Nathan, right, Remember, because if we're baselining off of twenty twenty, we're baselining off of a COVID election where Democrats were only too happy to vote almost entirely, you know, by mail, and there was such a big, big divergence between mail and in person and the likes that we really hadn't seen before. Republicans have definitely emphasized mail more and early vote more, and both sides are
trying to bank votes. But we are seeing, certainly, you know, in Nevada, we're seeing a bit of an outperformance among rural voters we're seeing the vote in Las Vegas. The big Democratic bulwark isn't really where it has been in prior cycles, certainly relatively. At the same time, if I'm looking for good news for Kamala Harris, I'll tell you I would find it in some of the gender gaps
that I'm seeing in some of these early states. You know, you're seeing in some of these places in the early vote women out voting men by maybe eight to nine percentage points, And every single poll that we can see is basically saying that there's likely to be an incredibly high gender gap here, with women voting far more for Harris and men voting far more for Trump. Again, let
me reduce this. I'm vastly oversimplifying it here, so all those disclaimers, but if you just sort of figured that there was an even breakout right in terms of women for Harris and men for Trump, and then more women vote, you know, the math to that suggests that that's good news for Kamala Harris. So there are positive indicators for both sides depending on where you look across these seven critical battleground states. I do think one of the biggest commonalities, though, Nathan,
is that you see again and again and again. Both of these candidates keep returning to Pennsylvania. In all of the election map modeling that I'm doing right now, the most likely tipping point state where you know that you know its ballgame is Pennsylvania.
Just thirty seconds left. Along with presidential politics, we have geopolitics and Secretary of State b Lincoln back in the Middle East? Is there a chance for a ceasefire with two weeks to go before the election?
Well, Anthony Blincoln look is on trip number eleven, and I do think that the US is trying to find any way toward a ceasefire. They're wondering now whether or not the conditions on the ground with the death of the Hamas leader you know and others, has changed enough. Hard to say right now, but the Biden administration does keep trying and maybe at one point they succeed, but we haven't necessarily seen a massive change on the ground.
Benjamin Netniaw who's been very clear Israel's Prime Minister that the condition for a ceasefire is released the hostages, and that has not happened.
This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond.
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