Bloomberg Daybreak: US Edition

Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the next Fed meeting and earnings from U.S tech giants.
• In the UK – a look ahead to European defense earnings.
• In Asia – a look at top interviews from the APEC Finance Ministers' Meeting in South Korea.

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On today's podcast:
1) President Trump is aiming for a quick win in a pivotal Thursday meeting with Chinese counterpart Xi Jinping, even if the outcome falls short of the sweeping deal he’s teased on issues at the heart of the rivalry between the world’s two largest economies. Ahead of the sit-down, the US president said he wants to extend a pause on higher tariffs on Chinese goods in exchange for Xi resuming American soybean purchases, cracking down on fentanyl and backing off restrictions on rare-earth exports — all while maintaining some trade barriers he sees as essential.
2) President Trump said he would immediately halt all trade negotiations with Canada, citing a Canadian advertisement against his signature tariffs plan featuring the voice of former President Ronald Reagan. The ad in question comprises excerpts from an address Reagan gave in 1987 in which he defended the principles of free trade and slammed tariffs as an outdated idea that stifles innovation, drives up prices and hurts US workers. Funded by the government of Ontario, the ad seeks to sow doubt among Republican voters by using one of the party’s most iconic voices.
3) Senate Democrats blocked a Republican measure aimed at paying military troops and some federal workers during the US government shutdown in the latest sign the spending deadlock shows no sign of ending. The vote on Thursday to advance the bill failed on a 54 to 45 vote, with 60 votes needed. Democrats have blocked a temporary spending measure 12 times in the Senate since, arguing that they cannot support it without new healthcare spending attached. Despite the ongoing shutdown, the Bureau of Labor Statistics is set to release the long-delayed September CPI report on Friday at 8:30 a.m. Eastern time.

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Intel gave an upbeat revenue forecast after personal computer demand grew, boosting optimism about a comeback attempt by the embattled chipmaker.
 
Fourth-quarter sales will be $12.8 billion to $13.8 billion, the company said in a statement Thursday. The midpoint of that range, $13.3 billion, was just below Wall Street’s $13.4 billion average estimate.
But some analysts were still including revenue from a unit that Intel just spun off — money that wasn’t part of the company’s forecast.

The shares gained about 3% in late trading after closing at $38.16. 

For instant reaction and analysis, Bloomberg Businessweek hosts Carol Massar and Tim Stenovec speak with Jay Goldberg, Senior Analyst of Semiconductors & Electronics with Seaport Research Partners

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On today's podcast:
1) Oil rallied after the Trump administration announced sanctions on Russia’s biggest oil producers, rolling out its first major package of financial punishments on President Vladimir Putin’s economy as part of a fresh bid to end the war in Ukraine. The Treasury Department blacklisted state-run oil giant Rosneft PJSC and Lukoil PJSC because of “Russia’s lack of serious commitment to a peace process to end the war in Ukraine,” according to a statement on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would meet Putin in the coming weeks and said repeatedly he believed Russia wanted to end the war.
2) Chinese Vice Premier He Lifeng plans to meet with US officials in Kuala Lumpur from Oct. 24 to 27 for the next round of trade talks, aimed at defusing a standoff between the world’s two largest economies. The meeting will take place in the Malaysian capital to “discuss important issues” in the bilateral trade ties, the Commerce Ministry said in a Thursday statement. He, Beijing’s top trade negotiator, held a call with Treasury Secretary Scott Bessent last week ahead of the planned in-person summit.
3) Former New York Governor Andrew Cuomo sought to cast State Assemblyman Zohran Mamdani as a frontrunner unprepared to actually be mayor of the largest US city in the final debate before New York City’s mayoral election. Mamdani, the 34-year-old Queens state lawmaker and democratic socialist, shocked New York City’s establishment when he won the Democratic primary for mayor in June, besting Cuomo by more than 12 points in a race where nearly every poll predicted Cuomo would win. The debate comes as some Republicans and prominent donors are calling upon GOP candidate Curtis Sliwa, founder of the Guardian Angels, to exit the race in order to help improve Cuomo’s odds against Mamdani.

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Tesla posted third-quarter profit that fell short of Wall Street’s expectations despite record electric-vehicle sales, a sign of the pressure automakers are facing from shifting federal policies and rising costs.

Adjusted earnings were 50 cents per share in the period, the company said Wednesday in a statement. Analysts had expected 54 cents on average in estimates compiled by Bloomberg. Revenue was $28.1 billion.

For instant reaction and analysis, Bloomberg Businessweek hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg Tech Co-Host Ed Ludlow
• Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management

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On today's podcast:
1) Netflix shares fell in premarket trading on Wednesday after the streaming-video company reported third-quarter results it said were hurt by a tax dispute with Brazil. The results came in the wake of reports that Netflix and Comcast are among the companies weighing bids for parts of Warner Bros Discovery. Warner's board will evaluate “a broad range” of options, including a planned split-up of the company by mid-2026, an outright sale or separate deals for its studios and streaming or cable-TV units, according to a statement Tuesday. Separately, shares of Texas Instruments fell after the chipmaker gave an outlook that is weaker than expected, indicating that some customers are slowing orders as they navigate mounting trade tensions.
2) Anthropic PBC is in discussions with Alphabet Inc.’s Google about a deal that would provide the artificial intelligence company with additional computing power valued in the high tens of billions of dollars, according to people familiar with the matter. The plan, which has not been finalized, involves Google providing cloud computing services to Anthropic, according to the people, who asked not to be named because the information is private. The deal will allow Anthropic to use Google’s tensor processing units, or TPUs — the company’s chips that are custom designed to accelerate machine learning workloads, one of the people said. Google is a previous investor in, and cloud provider for, Anthropic.
3) President Trump predicted an upcoming meeting with his Chinese counterpart, Xi Jinping, would yield a “good deal” on trade — while also conceding that the highly anticipated talks may not happen. While Trump foresaw the sit-down as being “very successful,” he said the possibility remains that it could fail to materialize. The two leaders are scheduled to meet later this month at the Asia-Pacific Economic Cooperation summit in South Korea.

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Netflix said a tax dispute with Brazil cut into third-quarter earnings, marring results that otherwise fell in line with Wall Street estimates.

 
The world’s most valuable entertainment company posted quarterly operating income of $3.24 billion, according to a statement Tuesday, about $400 million below its own forecast and analysts’ estimates. The company’s outlook for the current quarter is largely in line with Wall Street projections.

Netflix had to pay about $619 million to settle a multiyear tax dispute with Brazilian authorities going back to 2022. The company had identified the potential risk in previous filings – but not in its earnings guidance — and said it would have beaten forecasts if not for the expense. Future payments will be smaller.“We don’t expect this matter to have a material impact on future results,” the company said.
For instant reaction and analysis, Bloomberg Businessweek hosts Carol Massar and Tim Stenovec speak with:

• Bloomberg News Media and Entertainment Editor Felix Gillette
• Mark Douglas, President & CEO of MNTN
• Bloomberg Intelligence Senior Media Analyst Geetha Ranganathan

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On today's podcast:
1) President Trump signed a landmark pact with visiting Australian Prime Minister Anthony Albanese to boost America’s access to rare earths and other critical minerals, an effort to counter China’s tight grip on the supply chains of key metals. The two governments will jointly invest in a swathe of mines and processing projects in Australia to boost production of commodities used in advanced technologies from electric vehicles to semiconductors and fighter planes. Australia has an $8.5 billion “pipeline that we have ready to go,” Albanese said at a meeting between the two leaders at the White House.
2) Small businesses are urging the US Supreme Court to affirm lower court rulings that President Trump's global tariffs amount to a massive illegal tax on American companies. The justices are set to hear arguments on whether Trump legally issued the tariffs under the 1977 International Emergency Economic Powers Act, a law that gives the president financial tools to address national security, foreign policy and economic emergencies.
3) Senate Majority Leader John Thune says he will wait until President Trump meets with Russian President Vladimir Putin in the coming weeks before deciding to whether to bring legislation on Russia sanctions to a vote. The bill would give Trump the authority to impose tariffs of up to 500% on imports from countries that buy Russian energy products and are not actively supporting Ukraine. This specifically targets major consumers of Russian energy, such as China and India.

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On today's podcast:
1) Israel said it had resumed a truce with Hamas in Gaza after heavy fighting over the weekend, with the sides accusing each other of breaching a deal brokered by President Trump. Around 9:30 p.m. Israel time on Sunday, the Israel Defense Forces said it had “begun renewed enforcement of the ceasefire” and warned it would “respond firmly to any violation.” Israel launched strikes against Hamas in Gaza and suspended aid shipments on Sunday after blaming the Iran-backed militant group for an ambush that killed two soldiers in the southern part of the strip. The IDF said it responded by hitting weapons-storage facilities and other sites. It also said it dismantled several kilometers of underground tunnels.
2) President Trump listed rare earths, fentanyl and soybeans as the US’s top issues with China just before the two sides return to the negotiating table and as a fragile trade truce nears expiration. Trump also said the US wanted China “to stop with the fentanyl,” a reference to his accusation that Beijing has failed to curb exports of the drug and its precursor chemicals, contributing to the American opioid crisis. Another key demand was for the world’s No. 2 economy to resume soybean purchases. The three topics were all “very, you know, normal things,” he added.
3) Japan’s ruling Liberal Democratic Party will sign a coalition deal with the Japan Innovation Party later Monday, according to the smaller party’s leader, a move that would set up Sanae Takaichi to become the country’s first female prime minister. The LDP and the JIP, also known as Ishin, have broadly reached an agreement and will announce the deal at 6 p.m., Hirofumi Yoshimura, Ishin’s co-leader told reporters, after speaking with Takaichi earlier in the day.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to earnings from Tesla and Netflix.
• In the UK – a look ahead to European bank earnings.
• In Asia – a look ahead to a meeting between President Donald Trump and Australia Prime Minister Anthony Albanese.

See omnystudio.com/listener for privacy information.