Biden Calls for Pause in Gaza; Powell Hints Fed's Done; George Santos Survives
On today's podcast:
1) President Joe Biden said Israel and Hamas, a militant organization designated a terrorist group by the US, should “pause” fighting to allow time to free more hostages from Gaza. Israel says that 17 of its solders have so far died during battles in the Hamas-ruled enclave.
2) Federal Reserve Chair Jerome Powell hinted the US central bank may now be finished with the most aggressive tightening cycle in four decades after it held off on raising interest rates for a second consecutive policy meeting.
3) Apple will deliver its fiscal fourth-quarter results on Thursday, giving investors the first indications of how the new iPhone 15 is selling.
4) An attempt by fellow New York Republicans to expel Representative George Santos from the US House fell short on Wednesday night.
5) In sports, the Texas Rangers Win First World Series Title and legendary basketball coach, Bobby Knight, has died at the age of 83.
Full transcript here:
Good morning. I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the latest developments in the Middle East. President Biden says Israel and Hamasa should pause fighting to allow time to free more people from the Gaza Strip. Speaking in Minnesota, the President responded to a protester who demanded a full ceasefire. The United States are going to continue to drive humanitarian support pretas and people on Gaza who need help, and they do need help. We're going to continue to affirm that Israel has the right to respond responsibility to defended citizens from terror, and it needs to do so on a manner of those consistent international and humanitarian law. The presidents also hailed international efforts to open the Rafa border crossing, which allowed hundreds to leave the territory yesterday. Hamas says six hundred more are expected to leave today, including four hundred American citizens. Well, Nathan, we now turned to politics back home. Another attempt by fellow New York Republicans to expel Representative George Santos from the House fell short last night, and Bloomberg's Amy Morris has details from Washington. George Santos is indicted on fraud charges and accused of misconduct. The vote to remove him requires two thirds majority. House Speaker Mike Johnson argued that an expulsion should be contingent on a criminal conviction or some official finding of ethical misconduct. Santo says the vote was a victory for due process. I feel like due process is still alive. I feel like there's enough colleagues on both sides of the aisle here who understand that this was the second time Santos survived in expulsion vote. On Tuesday night, the Ethics Committee said it would reveal its next course of action by November seventeenth, regarding its inquiry into allegations of misconduct in Washington. I Mamy Moore as Bloomberg Radio, all right, Amy, thank you. Meanwhile, the civil fraud trial against former President Donald Trump has reached a key moment. The former president's oldest son has taken the stand. Donald Trump Junior told the judge he was not involved in preparing financial statements for his father's company. In his words, the accountants worked on it. New York Attorney General Letitia James accuses Trump and his two eldest sons of inflating asset values by billions illegal profits. Trump juniors do back on the stand today. The former president is set to testify on Monday. Well, Nathan, we have another big trial in New York and nearing its and jury deliberations could begin as soon as today. In the fraud trial of Sam bankman Fried Bloomberg, the legal reporter AVA Benny Morrison was in the courtroom for the closing arguments. Bank Munfree lawyer Mark Cohen has tended to use metaphors and his jury addresses in this trial, and he suggested that the government had wrongly painted Sam as a villain, as a monster in a Hollywood film about a grand fraud scheme. He said that certainly wasn't the case. Yes, at one point his client was probably the worst dress CEO in the country and had bad hair. To anyone and everyone, including journalists, had a messy life, but that wasn't a crime. And Bloomberg's eva, Bennie Morrison says macbin Freed is charged with seven counts of fraud and money laundering following the collapse of his ftx cryptocurrency last year. Karen, let's now turn to a busy day for the markets. Investors are still reacting to what appears to be a douvish pivot by j Powell. After holding rates steady for a second consecutive meeting, the Fed chairman hinted the central Bank may now be finished with the most aggressive tightening cycle in four decades. Jeffrey Rosenberg is a senior portfolio manager at black Rock. Clearly what the market saw was a preference for the worry of tightening financial conditions. We're at sufficiently restricted, we could be done, black Rocks. Jeff Rosenberg notes, following the Powell news conference, a ten year treasure yield tumbled below four point seventy five percent for the first time in two weeks. Still following this morning now at four point seventy two percent, and Nathan, we also get a policy decision overseas this morning. Economists expect the Bank of England to hold rates for a second consecutive meeting. Turning two earnings, shares of Shell are higher by two percent. Third quarter profit rows on a combination of higher energy prices, strong gas trading, and wider refining margins. The oil Jeff is also accelerating the pace of share buybacks well. Staying in Europe, Nathan. Barclay's is embarking on a plan to reduce its global workforce, but the British bank is planning to spare its Asia business from the bulk of job cuts. We spoke earlier with Barclay's CEO cs vn Kada Krishnan. In Asia, we of course have very booming economies and we also have a very growing business, so proportionately it's far less likely to impact this region. However, Barclay's CEO cs Van Kate Krishnan added that it would be ambitious for the bank to consider expanding into Wealth and China, and should instead focus on doing better in the UK. Let's turn back here to the US, Karen, because investors here are awaiting earnings from the world's most valuable company, Apple. It reports this afternoon, and we get a preview from Bloomberg's Tom Busby. Apple's iPhone fifteen lineup released on September twenty seconds, just about a week before the quarter rented, but the company will give investors early sales data on the new fifteens, hoping the show that it's off to a rate start ahead of the all important holiday season. Bloomberg consensus calls for Ernix per share of a dollar thirty nine revenues of eighty nine point three four billion, about half of that from smartphones. Tom Busby, Bloomberg Radio. All right, Tom, thanks well. Disney reports earnings next week, but it is making news this morning. The company is moving to take full control of the Hulu streaming service. Begin more from Bloomberg Stunt Risner. Complete ownership helps integrate Hulu into the Disney Plus streaming service, and now co owners Disney and Comcast must arrive at a price. Under a twenty nineteen deal, the two agreed Hulu would be worth no less than twenty seven and a half billion dollars. Where might the money come from. Disney could sell legacy assets like ABC and CEO Bob Iger is open to selling a minority stake in ESPN. In New York Time. Doug Prisoner, Bloomberg Radio, Nathan, Thanks. It is time now for a look at some of the other stories making news around the world. For that, we're joined by Bloomberg's Amy Moore. Amy, Good morning, Good morning, Karen. Republican senators angrily challenged Senator Tommy Tubberville on his blockade of almost four hundred military officers taking over the Senate floor for more than four hours to call for individual confirmation votes after a month's long stalemate. Republican Dan Sullivan of Alaska warned of dire quants consequence by the way Shujinping is watching us right now, going, I can't believe they're not letting these guys command. I'm scared the death of subs. Senator Sullivan says if the standoff continues in officers do leave the military, Tuberville's BLOCKABE will be remembered as quote non national security suicide mission. The House could vote today on a bill providing aid to Israel. It's the first legislation under the new House Speaker Mike Johnson. But Johnson's bill would not only uncouple the aid to Ukraine that the Biden administrator wanted, but also would redirect funding already earmarked for the IRS. West Virginia Senator Joe Manchin says, that's a state. There's no human being. No business can amass the amount of debt that we have and be successful. You just can't do it. So we have to get our dead under So anything we do should be concerned about the debt. But right now we're fighting to survive, and Republican Lindsey Graham says without funding for Ukraine, the bill just won't make it through the Senate. Hama says almost six hundred more foreigners and dual nationals, including four hundred American citizens, are expected to leave Gaza today. That would be the second batch to exit since the border with Egypt was opened yesterday. We get more with Bloomberg. To Oliver Crook in Tel Aviv, we had two categories of people that were allowed to leave Gaza and go into Egypt. The first wee the wounded Egyptian ambulances carrying some Palestinians out who had been hurt during the fighting and during the bombardments. They're being treated in a field hospital in the northern Sini. But the second are the foreigners that are now being permitted to cross over. Bloomberg's Oliver Crook tells us there are about one thousand US citizens in Gaza, and four hundred of them be permitted to leave. Today. Global News twenty four hours a day and whatever you want it with Bloomberg News now, I maybe Morrison, this is Bloomberg. Karen, all right, Amy, thank you, while we bring you news throughout the day right here on Bloomberg Radio. But now, as Amy said, you can get the latest news on demand whenever you wanted. Subscribe to Bloomberg News Now to get the latest headlines at the click of a button. Get informed on your schedule. You can listen and subscribe to Bloomberg News noow on the Bloomberg Business app, Bloomberg dot com plus Apple, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour John Yarn. The Texas Rangers are World Series champions for the first time, and they did it by doing something that may never be done again. They won eleven to zero on the road in the postseason. They just won their third straight game at Arizona. It was five to nothing even though the Rangers didn't get a hit until the seventh inning off Zach Gallen. They score running the seventh and then got four more than ninth. Nathan Evaldi worked out of trouble. The Diamondbacks had runners in scoring position in each of the first five innings, but if Aldi finished the postseason going five and zero. Corey Seeger was the MVP, as he was when the Dodgers won the World Series three years ago. A couple of things about Bob Knight's life undeniable. Massively successful as a college basketball coach at Army Indiana and Texas Tech. He won over nine hundred games, three national championships. His team in nineteen seventy six, still the last to go undefeated. Also undeniable, the demons that led Knight to throw a chair during a game choked the player in a practice, he grabbed the arm of a student who called him by his last name. That led to his departure at Indiana. Bob Knight passed away at the age of eighty three. The Celtics are undefeated. They scored one hundred and fifty five points, the most in a game since nineteen fifty nine. They beat the Pacers in Boston by fifty. The Wizards lost in Atlanta one thirty to one twenty one. The Warriors on a Klay Thompson shot. If the Buzzer top Sacramento by a point, shocks dash that our Bloomberg sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on SYRIASXAM, the Bloomberg Business app and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. As the Israel Humas war continues, President Biden is calling for a pause in fighting. That's so more people can be allowed to be released from the Gaza Strip to be moved out of harm's way. This is as Israel faces some wavering support for its ongoing ground effort from parts of the global South. And for more on all this, we're joined by Roslind Mathis and Bloomberg's news director for Europe, the Middle East and Africa. Roz, Good morning. Can you get us updated first off on how the effort to get more people out of harm's way is going well? As you say, it looks like they might get another six hundred or so people out today. That was after they are about eighty people who could leave across that crossing called the Rougher crossing between Gaza and Egypt yesterday. But these are mostly either people who are elderly and wounded in need of urgent medical care, but also those who are holding a foreign passport, so they've got passports from Australia, Asia, the US and elsewhere. And it's a really small number of people In the end, when you think about the number of people who are currently bunched up inside Gaza, many of them have moved further south towards that crossing, but they don't have any means to leave at the moment. This is really just those people who have foreign nationals or in need of very very urgent medical care. And what we know is that the attacks inside Gaza are continuing. The Israeli forces are pushing further towards Gaza City, which is the very very high density area, and that's going to lend itself towards staor to door combat. In the end, we know the aerial strikes are continuing. After those attacks on the refugee camp in recent days. Israel says it was striking Hamas there because they say that Hamas is using those refugee camps as strongholds. But it looks like Israel is moving towards an approach of effectively severing Gaza into so separating North Gaza from the south. That's going to push people even further towards the south and bunched up towards the Rougher crossing. But it's really only just a handful of people so far getting out, and I guess it would make it that much harder to tell whether the people that are being allowed to leave Gaza at this point are some of the hostages that Israel says Hamas is still holding a number of hostages that seems to be steadily rising day by day. Well, that's right, and just reflects the overall confusion. Really in a wartime, it's very difficult to get clear information. And what we know is that bit by bed it seems that they are, in fact even more hostages than were initially known about, are scattered in different areas of the Gaza strip, and the negotiations are continuing via intermediaries. Katar and others are involved in that, but it doesn't seem like they're making major progress towards the whole release of the rest of those hostages. Again, it's very much a trickle, if any. And so what you've got is that situation of only a few people coming out of Gaza, limited aid going in, and a real clear sense, especially from Egypt on that border crossing, they don't want hundreds of thousands of people coming their way. Yeah, it sounds like a trickle both ways of people moving out and AID moving in. And as this effort continues, we are starting to see a little bit more erosion for support for Israel, particularly from Jordan and some left just leaders in Latin America. What does that tell us about how support for Israel could continue as this effort goes on. Well, as you say, we're seeing greater noises from countries and what we often call together collectively the Global South, at some nations in Africa, in Latin America, in Asia and so on, including sort of Muslim majority nations Malaysia and Indonesia in Asia, and just strong expressions of concern about the situation inside Gaza. And against that, you've got countries in Europe, in the US still sort of issuing strong statements of support for Israel in the aftermath of what was a shocking attack on Israel on October seven. But equally then you even had the US President Joe Biden yesterday saying that he's in favor of what he's calling a pause in the fighting. What these countries seem to be calling a pause or a halt or a temporary something, any word to use other than saying the word ceasefire, which is politically very difficult, But even they are saying it because they're seeing the level of the impact inside Gaza, and so as time goes on, if this conflict really does go on for weeks and months, as Israel is indicating, and the humanitarian cost of that increases in Gaza, you'll only see more and more people potentially moving away from that overt level of support for Israel. This is Bloomberg Daybreak Today, your morning brief on the story's making news from Wall Street to Washington and beyond. Look for us on your podcast feed at six am Eastern each morning, on Apple, Spotify, and anywhere else you get your podcasts. You can also listen live each morning starting at five am Wall Street time on Bloomberg eleven three to zero in New York, Bloomberg ninety nine to one in Washington, Bloomberg one six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty plus listen coast to coast on the Bloomberg Business app, serious XM Channel one nineteen, the iHeartRadio app, and on Bloomberg dot com. I'm Nathan Hager and I'm Karen Moscow. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak
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