Biden Calls Xi A 'Dictator' After Meeting; Senate Votes to Avert Shutdown
On today's podcast:
1) Presidents Joe Biden and Xi Jinping emerged from their first meeting in a year betting that a handful of small victories will arrest a surge in US-China tensions that has unnerved neighboring nations and threatened global economic growth.
2) President Joe Biden said he still believed his Chinese counterpart Xi Jinping was a dictator, casting a shadow over what both sides had characterized as their most productive meeting to date.
3) The US Senate overwhelmingly approved a temporary funding measure to avert a government shutdown, delaying a partisan clash over federal spending until the new year and leaving out emergency aid to allies Ukraine and Israel.
4) The Cleveland Browns announce QB Deshaun Watson is out for the season.
Full transcript:
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. We begin with the high stakes meeting between Presidents Joe Biden and she Jinping. They met for more than four hours on the sidelines of the APEX summit in San Francisco. President Biden called his discussions with China's leader some of the most productive he's ever had. I've been meeting with President Sheeshu's both us for vice president over ten years ago. Our meetings have always been canda stradeforward. We haven't always agreed, but they've been straightforward, and today build on the groundwork related over the past several months of high level diplomacy between our teams, We've made some important progress, I believe, and President Biden's words were echoed by President she China is ready to be a partner and friend of the United States. The fundamental princippos that we follow in handling China US relations are mutual respect, peaceful co existence, and wing wing corporation. China's president spoke there through an interpreter, but after the gathering, President Biden was asked whether he still considers China's leader a dictator. Look, he is. I mean he's a dictator in the sense that he is a guy who runs the country. That is collin Cocu based on formagart totally different than ours. And after President Biden's remark, China's Foreign ministry called the statement extremely incorrect and irresponsible political manipulation. Well Nathan asked for the actual meeting, Both Biden and Shi jinping Is say they reached a number of agreements. Bloomberg's ed Baxter has that part of the story, as well as fentanyl. High on President Biden's list is opening communication between the country's militaries. We're reassuming military to military contact direct contacts. As a lot of you press know follow this that's been cut off and it's been worse, and that's how accidents happened. Biden also saying the two agreed on finding ways to control ai Biden also says he was assured that China has no plan to invade Taiwan. Now. She did say that he told Biden that the US should not have plans to suppress China and also ask for sanctions to be removed. In San Francisco, I'm at Baxter Bloomberg Radio, and thank you. Some of Wall Street's elite attended dinner with Si Jinping. Black Rocks Larry Fink and Stephen Schwartzman of Blackstone were among the top executives seated at the Chinese leader's table, according to a program seen by Bloomberg News. Other big names and attendance were Apple's Tim Cook, Bridgewater associates Ray Dalio, and Pesla says Elon Musk also met with President she yesterday. Well Nathan some major developments out of Washington to avoid a government shut down. In a late night vote, the Senate overwhelmingly approved the House's short term spending bill. Bloomberg's Amy Morris reports from Washington. President Biden is expected to sign the bill that will extend government funding at current levels through two deadlines, one in mid January, the other in early February, but the bill did not include aid for Israel nor Ukraine. Senate Majority leader Chuck Schumer says that will be lawmaker's next priority after the holiday break. Both sides genuinely care about approving aid to Israel and Ukraine and helping innocent civilians in Gaza, so I hope we can come to an agreement even if neither side gets everything they insist on. And now the risk of partial government shutdown moves to January as House Speaker Johnson faces criticism from within his own party because he did not include deep spending cuts or changes to immigration policies. In Washington, Amy Morris Bloomberg Radio, Thank you. We now turned to the latest developments in the war in the Middle East. The Israeli military says it found a Hamas command center, weapons and technological assets at the Alshifa Hospital in Gaza City. Middle Eastern countries, including Jordan and Turkey, have condemned the raid. Israeli Prime Minister Benjamin Netanyahu, speaking through an interpreter says he makes no apologies for sending troops in. But we were told that we would not reach the outskirts of Gaza city. We arrived. We were told that we won't end to Shifa, but we entered, and in this spirit we say simple thing. There is no place in Gaza that we will not reach. Prime Minister Natanya, whose comments come as The Washington Post reports discussions are underway on a potential deal that would see Hamas free fifty women and children hostages in exchange for an extended pose and fighting, and the release of some Palestinians held in Israeli prisons. Well, Nathan, we turned to the markets now, and shares of Cisco plunging, the drop coming after it gave a disappointing forecast. We get more from Bloomberg's Doug Prisner CEO Chuck Robbins, who's trying to rea doue Cisco's dependency on one time sales of equipment by pushing deeper into software and services such as security. But the transition isn't complete enough to cushion Cisco from smaller corporate budgets, and the company is now projecting the weak environment. Will Linger because customers are taking a break from new orders to installed gear they've already received. In New York, I'm Doug Prisner, Bloomberg Radio. All right, Doug. Thanks, and Cisco's shares are down nearly eleven percent in the pre market. Earnings continue this morning, with the nation's biggest retailer reporting. Get a preview of that from Bloomberg's Tom Busby. Walmart's expected to report that sales growth slow to four percent last quarter. That's less than half the pace from just a year ago as consumers pulled back on their discretionary spending, but sales of food and healthcare products should be resilient and outpaced demand for that general merchandise adjusted ernis per share estimated to be a dollar fifty two total revenue of one hundred and fifty nine point one three billion dollars. Tom Buzby, Bloomberg Radio, all right, Tom, Thanks. Well. In Europe, shares a Berber down almost nine percent. The UK luxury retailer is warning this year's revenue target maybe out of reach after sales barely grew in the most recent quarter. And Karen, we have a big deal for chocolate lovers this morning. US Candy company Mars, has agreed to buy the UK's Hotel Chacalott Group for more than six hundred and sixty million dollars. That price tag represents one hundred and seventy percent premium to Hotel Chachalot's closing price yesterday. All right, Nathan, thanks, it's 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 Morris. Amy, Good morning, Good morning, Karen. US. Capitol police officers say one person was arrested following protests outside Democratic National Convention headquarters in Washington, DC as part of a pro Palestinian rally. Protesters got into a shoving match with Capitol police officers that arrest being made for assault. Six Capital officers also suffered minor injuries. Pepper spray was used on protesters and DNC members were evacuated. Billionaire Elon Musk endorsed an anti Semitic post on x the social media site that he owns, that attacked members of the Jewish community for pushing dialectical hatred against white people. Musk said in his reply to the post, quote you have said the actual truth. Musk has repeatedly been criticized for promoting content attacking Jewish people at a time of rising anti semitism. After a year of strikes in Hollywood and the auto industry, now it's Starbucks turn. The union representing thousands of Starbucks workers is staging a one day walk out today, coinciding with the Red Cup Day. It's one of the coffee chain's busiest days of the year. Daisy feederspiel Bayer is a supervisor in Seattle. I really wish that I could be in there serving you coffee. I do, but with the drastic understaffing and the toll that that takes on our barista's Unfortunately, we have to push for better and we aren't getting that from Starbucks right now. Starbucks Workers United represents nine thousand employees at three hundred and sixty stores. They want better wages, benefits, and the right to bargain. The Thanksgiving travel rush is about to begin. Bloomberg's Nancy Lions with the latest The Transportation Security Administration says the official travel window lasts twelve days, beginning Friday and running through to the Tuesday after Thanksgiving. During that time, the TSA expects to screen twenty eight million passengers. John Bush is Federal Security Director for the TSA. The best tip we can offer is to ask everyone to arrive early for your flights. The recommendation is always two hours before domestic flight three hours before an international flight, and that's going to be even more important this coming holiday weekend. Bush says they do have the staffing and the technology in place to ensure that everything runs smoothly. In Washington. Nancy lyons Bloomberg Radio Global news twenty four hours a day and whenever you want it with Blueberg News Now, I maybe Morrison, this is Bloomberg Karen Amy. Thank you well. We do 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 want it. 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 Now on the Bloomberg Business app, Bloomberg dot Com plus apples, Spotify, and anywhere else you get your podcasts. Time now for the Bloomberg Sports Update. Here's John stash Hour. John Daren should be a good Thursday night game to kick off Week eleven in the NFL. It's an AFC North battle between the Bengals and Ravens in Baltimore. Both teams at four game winning streaks come to an end this past Sunday, losing right at the end of their game. Cincinnati beaten by Houston, and the Ravens blew a two touchdown lead and lost to Cleveland. The Baltimore quarterback is Lamar Jackson. Every game is a musk win for us, you know, not just cousin is in a division game, but we we definitely, I believe our team is definitely a lot hungrier just for more happened Sunday in a division loss in the closed game. We definitely hungry as well. So the Clinton Browns had that big win in Baltimore, led by their quarterback Deshaun Watson. He was fourteen to fourteen of the second half. He battled an ankle injury, and yesterday it was learned that his season is over because of a fractured shoulder. He needs surgery. He's had shoulder problems before. Justin Fields has been out three games with the thumb injury in Chicago. He's expected to return on Sunday NBA in Philadelphia, Battle in the East and the Celtics beat the Sixers one seventeen to one oh seven. Facing Tatum led the way twenty nine points, eight rebound, six assists. The Celtics are nine and two. The Sixers were eight and one. They've now lost their last two. Milwaukee beat Toronto for the new Buck Damian Lillard thirty seven points thirteen assists. The Wizard struggles continue a home loss to Dallas one thirty to one seventeen. The MAVs are nine and three. The Wizards are two and none. The Knicks but one by two in Atlanta. John stash That were Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We've made some important progress. We heard those words from President Biden after his first meeting in more than a year with the leader of the People's Republic of China, Shi Jinping. President says two leaders are restoring military to military communications and they plan to keep talking at the highest levels in the United States, will continue to compete vigorously at the PRC, but will manage that competition responsibly so doesn't veer into conflict for accidental conflict. That was President Biden after his more than four hours sit down with China's leader on the sidelines of the APEX summit in San Francisco, and joining us with more from Singapore is Berg News Managing editor Derek Wallbank. Derek, it's good to have you back with us this morning. Going into these talks, the White House said just talking would be a deliverable. What kind of deliverables can we say We're gleaned from this gathering between Presidents s Biden and shape Well, Nathan, they certainly talked. You know. Yeah. It's funny because in that relationship here, we've seen ebbs and flows between real, real static, real problems, and and times when it has seemed maybe a little bit sunnier, maybe a little bit more placid. I borrow an observation that Singapore's Foreign minister made last week at the Bloomberg New Economy Forum here in Singapore, which was that you shouldn't on US China relations confuse weather with climate. Things might look a little bit more peaceful right now, certainly in the face of this meeting that seemed to go mostly okay, But the for all climate of the US China relationship is still one with a lot of tension points. There were not major fundamental issues resolved here. This is not like we have a giant breakthrough on Taiwan, for example. So so whether a little bit nicer climate overall still very much progressing in the in the in the ways that it was sticking with the weather analogy, I guess maybe one dark cloud in that otherwise sunny gathering could be that question that the President received from a reporter when asked whether he still considers China's leader a dictator, and he basically said yes, he did, he said, he said emphatically yes. And and look, this is one of those things where China does take offense to this. You know, they don't like the term, they don't like it being used about them. But at the same point, the thing I think that bears watching is whether or not China blow it up into a whole big thing and says, right, well, this is some offense and we want to change the tenor of our leader to leader engagement or the relationship more broadly, it doesn't initially seem like that is happening. Remember Joe Biden said this before, and we're still on a path where they've gone to me, she went to the United States. That's actually something that's a big symbol for this meeting. So I'm not sure that that's necessarily going to derail everything here. Where I think it's much more likely if you were looking for risk problems is to look in the South China Sea, specifically off the coast of the Philippines, and some of the territorial disputes that are there, some of the trade disputes that are there. Those are places that I think are potential fracture points. But look, if you're sitting there saying are things a little bit better in the relationship between China and the US than they were this time yesterday, the answer is yes, they are a little bit better. You're going to see maybe some small tangible things including possibly, let me say, you might see some pandace come back to the US. We did hear that mentioned right by the leader of China. But when it comes to those small steps in our last minute here, Derek, what are some of the broader issues that could still lead to some of these overarching tensions that we do continue to see between the US and China. Well, I think, you know, on the good side, you've seen that the US and China are trying to do a little bit more on reducing fentanyl. On the good side, you are seeing Biden said they're agreeing to talk a little bit more military to military, and Biden said that they had an open line between the two of them. If one calls the other, they'll pick up the phone. But I do think on that broad thing, that the broad issue of trade, the broad issue of of China's state craft and military ambitions, those are real fracture points, and those are as I say, structural climactic fracture points, and that's going to be something that these two countries are going to have to very carefully manage going forward to make sure that they don't actually escalate. This is Bloomberg day Break Today, your morning brief on the stories 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 nine 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, 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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Bloomberg is now on your dashboard with Apple Car Play 0:00:03.440 --> 0:00:04.600 and Android Auto. 0:00:04.800 --> 0:00:08.080 It's free with the latest version of the Bloomberg Business App. 0:00:08.280 --> 0:00:12.080 It gives you access to every Bloomberg podcast, live audio 0:00:12.080 --> 0:00:15.159 feeds from Bloomberg Radio, plus hear the latest headlines at 0:00:15.160 --> 0:00:17.360 the click of a button with Bloomberg News. 0:00:17.440 --> 0:00:17.760 Now. 0:00:18.079 --> 0:00:20.600 That's the Bloomberg Business App. Get it on your phone 0:00:20.600 --> 0:00:23.160 in the Apple App Store or on Google Play. 0:00:23.600 --> 0:00:25.840 Just download the app, connect your phone to your car, 0:00:26.000 --> 0:00:29.720 and get started. It's presented by our sponsor, Interactive Brokers. 0:00:32.400 --> 0:00:33.280 Good morning, I'm. 0:00:33.200 --> 0:00:36.240 Nathan Hager and I'm Karen Moscow. Here are the stories 0:00:36.280 --> 0:00:37.320 we're following today. 0:00:38.120 --> 0:00:41.160 We begin with the high stakes meeting between Presidents Joe 0:00:41.159 --> 0:00:44.160 Biden and she Jinping. They met for more than four 0:00:44.200 --> 0:00:47.120 hours on the sidelines of the APEX summit in San Francisco. 0:00:47.400 --> 0:00:50.360 President Biden called his discussions with China's leader some of 0:00:50.360 --> 0:00:52.200 the most productive he's ever had. 0:00:52.479 --> 0:00:54.880 I've been meeting with President Sheeshu's both us for vice 0:00:54.880 --> 0:00:58.160 president over ten years ago. Our meetings have always been 0:00:58.200 --> 0:01:01.840 canda stradeforward. We haven't always agreed, but they've been straightforward, 0:01:02.640 --> 0:01:05.320 and today build on the groundwork related over the past 0:01:05.360 --> 0:01:09.160 several months of high level diplomacy between our teams, We've 0:01:09.200 --> 0:01:11.400 made some important progress, I believe. 0:01:11.280 --> 0:01:14.000 And President Biden's words were echoed by President she. 0:01:15.040 --> 0:01:19.120 China is ready to be a partner and friend of 0:01:19.160 --> 0:01:24.760 the United States. The fundamental princippos that we follow in 0:01:24.800 --> 0:01:30.080 handling China US relations are mutual respect, peaceful co existence, 0:01:31.120 --> 0:01:32.160 and wing wing corporation. 0:01:32.800 --> 0:01:35.880 China's president spoke there through an interpreter, but after the gathering, 0:01:35.920 --> 0:01:38.880 President Biden was asked whether he still considers China's leader 0:01:38.920 --> 0:01:39.600 a dictator. 0:01:40.040 --> 0:01:40.640 Look, he is. 0:01:40.760 --> 0:01:42.600 I mean he's a dictator in the sense that he 0:01:43.400 --> 0:01:46.839 is a guy who runs the country. That is collin 0:01:47.000 --> 0:01:50.400 Cocu based on formagart totally different than ours. 0:01:50.840 --> 0:01:53.760 And after President Biden's remark, China's Foreign ministry called the 0:01:53.800 --> 0:01:58.000 statement extremely incorrect and irresponsible political manipulation. 0:01:58.600 --> 0:02:01.280 Well Nathan asked for the actual meeting, Both Biden and 0:02:01.320 --> 0:02:04.400 Shi jinping Is say they reached a number of agreements. 0:02:04.440 --> 0:02:07.240 Bloomberg's ed Baxter has that part of the story. 0:02:07.200 --> 0:02:10.280 As well as fentanyl. High on President Biden's list is 0:02:10.360 --> 0:02:13.079 opening communication between the country's militaries. 0:02:13.160 --> 0:02:18.840 We're reassuming military to military contact direct contacts. As a 0:02:18.840 --> 0:02:21.480 lot of you press know follow this that's been cut 0:02:21.480 --> 0:02:24.480 off and it's been worse, and that's how accidents happened. 0:02:24.639 --> 0:02:27.240 Biden also saying the two agreed on finding ways to 0:02:27.240 --> 0:02:30.680 control ai Biden also says he was assured that China 0:02:30.760 --> 0:02:34.120 has no plan to invade Taiwan. Now. She did say 0:02:34.120 --> 0:02:36.200 that he told Biden that the US should not have 0:02:36.280 --> 0:02:40.360 plans to suppress China and also ask for sanctions to 0:02:40.400 --> 0:02:44.440 be removed. In San Francisco, I'm at Baxter Bloomberg Radio. 0:02:44.440 --> 0:02:45.120 And thank you. 0:02:45.160 --> 0:02:48.239 Some of Wall Street's elite attended dinner with Si Jinping. 0:02:48.400 --> 0:02:51.520 Black Rocks Larry Fink and Stephen Schwartzman of Blackstone were 0:02:51.520 --> 0:02:54.560 among the top executives seated at the Chinese leader's table, 0:02:54.919 --> 0:02:57.560 according to a program seen by Bloomberg News. Other big 0:02:57.639 --> 0:03:01.760 names and attendance were Apple's Tim Cook, Bridgewater associates Ray Dalio, 0:03:01.840 --> 0:03:05.320 and Pesla says Elon Musk also met with President she yesterday. 0:03:05.800 --> 0:03:08.560 Well Nathan some major developments out of Washington to avoid 0:03:08.600 --> 0:03:11.160 a government shut down. In a late night vote, the 0:03:11.200 --> 0:03:15.519 Senate overwhelmingly approved the House's short term spending bill. Bloomberg's 0:03:15.520 --> 0:03:17.440 Amy Morris reports from Washington. 0:03:17.760 --> 0:03:20.280 President Biden is expected to sign the bill that will 0:03:20.280 --> 0:03:23.480 extend government funding at current levels through two deadlines, one 0:03:23.480 --> 0:03:26.440 in mid January, the other in early February, but the 0:03:26.480 --> 0:03:29.760 bill did not include aid for Israel nor Ukraine. Senate 0:03:29.800 --> 0:03:32.880 Majority leader Chuck Schumer says that will be lawmaker's next 0:03:32.919 --> 0:03:34.800 priority after the holiday break. 0:03:34.840 --> 0:03:38.960 Both sides genuinely care about approving aid to Israel and 0:03:39.200 --> 0:03:43.080 Ukraine and helping innocent civilians in Gaza, so I hope 0:03:43.080 --> 0:03:45.240 we can come to an agreement even if neither side 0:03:45.240 --> 0:03:46.760 gets everything they insist on. 0:03:46.880 --> 0:03:49.040 And now the risk of partial government shutdown moves to 0:03:49.120 --> 0:03:52.360 January as House Speaker Johnson faces criticism from within his 0:03:52.440 --> 0:03:55.360 own party because he did not include deep spending cuts 0:03:55.400 --> 0:03:59.600 or changes to immigration policies. In Washington, Amy Morris Bloomberg. 0:03:59.240 --> 0:04:02.040 Radio, Thank you. We now turned to the latest developments 0:04:02.040 --> 0:04:04.040 in the war in the Middle East. The Israeli military 0:04:04.080 --> 0:04:07.360 says it found a Hamas command center, weapons and technological 0:04:07.400 --> 0:04:11.160 assets at the Alshifa Hospital in Gaza City. Middle Eastern countries, 0:04:11.160 --> 0:04:14.720 including Jordan and Turkey, have condemned the raid. Israeli Prime 0:04:14.760 --> 0:04:18.040 Minister Benjamin Netanyahu, speaking through an interpreter says he makes 0:04:18.080 --> 0:04:20.000 no apologies for sending troops in. 0:04:20.360 --> 0:04:22.479 But we were told that we would not reach the 0:04:22.480 --> 0:04:26.159 outskirts of Gaza city. We arrived. We were told that 0:04:26.200 --> 0:04:29.720 we won't end to Shifa, but we entered, and in 0:04:29.760 --> 0:04:33.360 this spirit we say simple thing. There is no place 0:04:33.360 --> 0:04:35.200 in Gaza that we will not reach. 0:04:35.560 --> 0:04:38.360 Prime Minister Natanya, whose comments come as The Washington Post 0:04:38.400 --> 0:04:41.240 reports discussions are underway on a potential deal that would 0:04:41.240 --> 0:04:44.680 see Hamas free fifty women and children hostages in exchange 0:04:44.680 --> 0:04:46.880 for an extended pose and fighting, and the release of 0:04:46.880 --> 0:04:49.080 some Palestinians held in Israeli prisons. 0:04:49.560 --> 0:04:52.120 Well, Nathan, we turned to the markets now, and shares 0:04:52.160 --> 0:04:54.720 of Cisco plunging, the drop coming after it gave a 0:04:54.720 --> 0:04:58.320 disappointing forecast. We get more from Bloomberg's Doug Prisner. 0:04:58.000 --> 0:05:01.520 CEO Chuck Robbins, who's trying to rea doue Cisco's dependency 0:05:01.839 --> 0:05:04.960 on one time sales of equipment by pushing deeper into 0:05:05.000 --> 0:05:08.480 software and services such as security. But the transition isn't 0:05:08.520 --> 0:05:12.000 complete enough to cushion Cisco from smaller corporate budgets, and 0:05:12.040 --> 0:05:14.719 the company is now projecting the weak environment. Will Linger 0:05:15.000 --> 0:05:17.839 because customers are taking a break from new orders to 0:05:17.960 --> 0:05:21.479 installed gear they've already received. In New York, I'm Doug Prisner, 0:05:21.520 --> 0:05:22.280 Bloomberg Radio. 0:05:22.360 --> 0:05:22.920 All right, Doug. 0:05:23.000 --> 0:05:25.760 Thanks, and Cisco's shares are down nearly eleven percent in 0:05:25.800 --> 0:05:28.960 the pre market. Earnings continue this morning, with the nation's 0:05:29.000 --> 0:05:32.000 biggest retailer reporting. Get a preview of that from Bloomberg's 0:05:32.000 --> 0:05:32.560 Tom Busby. 0:05:32.880 --> 0:05:36.000 Walmart's expected to report that sales growth slow to four 0:05:36.080 --> 0:05:38.560 percent last quarter. That's less than half the pace from 0:05:38.600 --> 0:05:41.560 just a year ago as consumers pulled back on their 0:05:41.560 --> 0:05:45.119 discretionary spending, but sales of food and healthcare products should 0:05:45.160 --> 0:05:49.080 be resilient and outpaced demand for that general merchandise adjusted 0:05:49.160 --> 0:05:51.680 ernis per share estimated to be a dollar fifty two 0:05:51.760 --> 0:05:54.200 total revenue of one hundred and fifty nine point one 0:05:54.279 --> 0:05:57.839 three billion dollars. Tom Buzby, Bloomberg Radio. 0:05:57.720 --> 0:06:00.000 All right, Tom, Thanks. Well. In Europe, shares a Berber 0:06:00.480 --> 0:06:04.640 down almost nine percent. The UK luxury retailer is warning 0:06:04.680 --> 0:06:07.520 this year's revenue target maybe out of reach after sales 0:06:07.560 --> 0:06:09.480 barely grew in the most recent quarter. 0:06:09.760 --> 0:06:12.320 And Karen, we have a big deal for chocolate lovers 0:06:12.480 --> 0:06:15.840 this morning. US Candy company Mars, has agreed to buy 0:06:15.880 --> 0:06:18.880 the UK's Hotel Chacalott Group for more than six hundred 0:06:18.880 --> 0:06:21.720 and sixty million dollars. That price tag represents one hundred 0:06:21.760 --> 0:06:25.880 and seventy percent premium to Hotel Chachalot's closing price yesterday. 0:06:29.480 --> 0:06:31.240 All right, Nathan, thanks, it's time now for a look 0:06:31.240 --> 0:06:33.640 at some of the other stories making news around the world. 0:06:33.640 --> 0:06:34.640 For that, we're joined by. 0:06:34.480 --> 0:06:37.960 Bloomberg's Amy Morris. Amy, Good morning, Good. 0:06:37.720 --> 0:06:38.359 Morning, Karen. 0:06:38.480 --> 0:06:38.680 US. 0:06:38.760 --> 0:06:42.720 Capitol police officers say one person was arrested following protests 0:06:42.760 --> 0:06:47.279 outside Democratic National Convention headquarters in Washington, DC as part 0:06:47.320 --> 0:06:54.960 of a pro Palestinian rally. Protesters got into a shoving 0:06:55.000 --> 0:06:58.520 match with Capitol police officers that arrest being made for assault. 0:06:58.680 --> 0:07:03.159 Six Capital officers also suffered minor injuries. Pepper spray was 0:07:03.240 --> 0:07:07.599 used on protesters and DNC members were evacuated. Billionaire Elon 0:07:07.720 --> 0:07:10.800 Musk endorsed an anti Semitic post on x the social 0:07:10.840 --> 0:07:13.240 media site that he owns, that attacked members of the 0:07:13.280 --> 0:07:18.480 Jewish community for pushing dialectical hatred against white people. Musk 0:07:18.600 --> 0:07:20.640 said in his reply to the post, quote you have 0:07:20.760 --> 0:07:24.280 said the actual truth. Musk has repeatedly been criticized for 0:07:24.400 --> 0:07:27.840 promoting content attacking Jewish people at a time of rising 0:07:27.880 --> 0:07:31.600 anti semitism. After a year of strikes in Hollywood and 0:07:31.680 --> 0:07:36.000 the auto industry, now it's Starbucks turn. The union representing 0:07:36.040 --> 0:07:39.200 thousands of Starbucks workers is staging a one day walk 0:07:39.200 --> 0:07:42.840 out today, coinciding with the Red Cup Day. It's one 0:07:42.880 --> 0:07:46.240 of the coffee chain's busiest days of the year. Daisy 0:07:46.280 --> 0:07:49.360 feederspiel Bayer is a supervisor in Seattle. 0:07:49.480 --> 0:07:52.040 I really wish that I could be in there serving 0:07:52.080 --> 0:07:57.280 you coffee. I do, but with the drastic understaffing and 0:07:57.600 --> 0:08:01.360 the toll that that takes on our barista's Unfortunately, we 0:08:01.720 --> 0:08:04.560 have to push for better and we aren't getting that 0:08:04.600 --> 0:08:05.680 from Starbucks right now. 0:08:05.840 --> 0:08:09.880 Starbucks Workers United represents nine thousand employees at three hundred 0:08:09.880 --> 0:08:12.720 and sixty stores. They want better wages, benefits, and the 0:08:12.800 --> 0:08:16.960 right to bargain. The Thanksgiving travel rush is about to begin. 0:08:17.040 --> 0:08:19.360 Bloomberg's Nancy Lions with the latest The. 0:08:19.280 --> 0:08:25.000 Transportation Security Administration says the official travel window lasts twelve days, 0:08:25.040 --> 0:08:28.360 beginning Friday and running through to the Tuesday after Thanksgiving. 0:08:28.560 --> 0:08:31.560 During that time, the TSA expects to screen twenty eight 0:08:31.640 --> 0:08:35.960 million passengers. John Bush is Federal Security Director for the TSA. 0:08:36.160 --> 0:08:39.080 The best tip we can offer is to ask everyone 0:08:39.120 --> 0:08:42.040 to arrive early for your flights. The recommendation is always 0:08:42.080 --> 0:08:45.360 two hours before domestic flight three hours before an international flight, 0:08:45.400 --> 0:08:47.640 and that's going to be even more important this coming 0:08:47.720 --> 0:08:48.440 holiday weekend. 0:08:48.600 --> 0:08:51.479 Bush says they do have the staffing and the technology 0:08:51.520 --> 0:08:55.280 in place to ensure that everything runs smoothly. In Washington. 0:08:55.360 --> 0:08:57.199 Nancy lyons Bloomberg Radio. 0:08:57.000 --> 0:08:59.320 Global news twenty four hours a day and whenever you 0:08:59.360 --> 0:09:02.120 want it with Blueberg News Now, I maybe Morrison, this 0:09:02.160 --> 0:09:03.840 is Bloomberg Karen Amy. 0:09:03.920 --> 0:09:05.880 Thank you well. We do bring you news throughout the 0:09:05.920 --> 0:09:08.760 day right here on Bloomberg Radio. But now, as Amy said, 0:09:08.800 --> 0:09:11.520 you can get the latest news on demand whenever you 0:09:11.920 --> 0:09:14.640 want it. Subscribe to Bloomberg News Now to get the 0:09:14.720 --> 0:09:17.439 latest headlines at the click of a button. Get informed 0:09:17.440 --> 0:09:20.280 on your schedule. You can listen and subscribe to Bloomberg 0:09:20.360 --> 0:09:23.520 News Now on the Bloomberg Business app, Bloomberg dot Com 0:09:23.520 --> 0:09:26.959 plus apples, Spotify, and anywhere else you get your podcasts. 0:09:31.320 --> 0:09:34.400 Time now for the Bloomberg Sports Update. Here's John stash Hour. 0:09:34.559 --> 0:09:37.160 John Daren should be a good Thursday night game to 0:09:37.240 --> 0:09:39.800 kick off Week eleven in the NFL. It's an AFC 0:09:39.960 --> 0:09:43.560 North battle between the Bengals and Ravens in Baltimore. Both 0:09:43.640 --> 0:09:46.160 teams at four game winning streaks come to an end 0:09:46.520 --> 0:09:49.760 this past Sunday, losing right at the end of their game. 0:09:49.800 --> 0:09:52.480 Cincinnati beaten by Houston, and the Ravens blew a two 0:09:52.480 --> 0:09:55.880 touchdown lead and lost to Cleveland. The Baltimore quarterback is 0:09:55.920 --> 0:09:56.559 Lamar Jackson. 0:09:56.559 --> 0:09:58.960 Every game is a musk win for us, you know, 0:09:59.600 --> 0:10:03.040 not just cousin is in a division game, but we 0:10:03.120 --> 0:10:05.920 we definitely, I believe our team is definitely a lot 0:10:06.000 --> 0:10:08.960 hungrier just for more happened Sunday in a division loss 0:10:09.000 --> 0:10:11.840 in the closed game. We definitely hungry as well. 0:10:12.280 --> 0:10:14.600 So the Clinton Browns had that big win in Baltimore, 0:10:14.679 --> 0:10:16.959 led by their quarterback Deshaun Watson. He was fourteen to 0:10:17.040 --> 0:10:20.240 fourteen of the second half. He battled an ankle injury, 0:10:20.480 --> 0:10:24.440 and yesterday it was learned that his season is over 0:10:24.559 --> 0:10:28.040 because of a fractured shoulder. He needs surgery. He's had 0:10:28.320 --> 0:10:30.960 shoulder problems before. Justin Fields has been out three games 0:10:30.960 --> 0:10:33.800 with the thumb injury in Chicago. He's expected to return 0:10:34.360 --> 0:10:37.400 on Sunday NBA in Philadelphia, Battle in the East and 0:10:37.440 --> 0:10:40.280 the Celtics beat the Sixers one seventeen to one oh seven. 0:10:40.520 --> 0:10:42.760 Facing Tatum led the way twenty nine points, eight rebound, 0:10:42.760 --> 0:10:45.760 six assists. The Celtics are nine and two. The Sixers 0:10:45.760 --> 0:10:47.640 were eight and one. They've now lost their last two. 0:10:47.720 --> 0:10:50.920 Milwaukee beat Toronto for the new Buck Damian Lillard thirty 0:10:50.960 --> 0:10:54.840 seven points thirteen assists. The Wizard struggles continue a home 0:10:54.880 --> 0:10:58.040 loss to Dallas one thirty to one seventeen. The MAVs 0:10:58.080 --> 0:11:00.000 are nine and three. The Wizards are two and none. 0:11:00.600 --> 0:11:03.080 The Knicks but one by two in Atlanta. John stash 0:11:03.160 --> 0:11:04.600 That were Bloomberg Sports. 0:11:07.120 --> 0:11:10.120 From coast to coast, from New York to San Francisco, 0:11:10.440 --> 0:11:15.040 Boston to Washington, DC, nationwide on Syrias Exam, the Bloomberg 0:11:15.120 --> 0:11:17.240 Business app, and Bloomberg dot Com. 0:11:17.320 --> 0:11:22.440 This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. We've 0:11:22.440 --> 0:11:25.720 made some important progress. We heard those words from President 0:11:25.800 --> 0:11:28.360 Biden after his first meeting in more than a year 0:11:28.400 --> 0:11:31.520 with the leader of the People's Republic of China, Shi Jinping. 0:11:31.800 --> 0:11:35.720 President says two leaders are restoring military to military communications 0:11:35.720 --> 0:11:38.520 and they plan to keep talking at the highest levels in. 0:11:38.559 --> 0:11:42.320 The United States, will continue to compete vigorously at the PRC, 0:11:43.160 --> 0:11:47.280 but will manage that competition responsibly so doesn't veer into 0:11:47.320 --> 0:11:49.360 conflict for accidental conflict. 0:11:49.559 --> 0:11:52.280 That was President Biden after his more than four hours 0:11:52.320 --> 0:11:54.880 sit down with China's leader on the sidelines of the 0:11:54.920 --> 0:11:58.440 APEX summit in San Francisco, and joining us with more 0:11:58.480 --> 0:12:02.360 from Singapore is Berg News Managing editor Derek Wallbank. Derek, 0:12:02.400 --> 0:12:04.560 it's good to have you back with us this morning. 0:12:05.000 --> 0:12:07.680 Going into these talks, the White House said just talking 0:12:07.960 --> 0:12:10.520 would be a deliverable. What kind of deliverables can we 0:12:10.559 --> 0:12:13.880 say We're gleaned from this gathering between Presidents s Biden 0:12:13.920 --> 0:12:15.520 and shape Well. 0:12:15.440 --> 0:12:16.720 Nathan, they certainly talked. 0:12:18.240 --> 0:12:18.520 You know. 0:12:18.840 --> 0:12:19.040 Yeah. 0:12:19.320 --> 0:12:24.199 It's funny because in that relationship here, we've seen ebbs 0:12:24.240 --> 0:12:30.640 and flows between real, real static, real problems, and and 0:12:31.120 --> 0:12:33.680 times when it has seemed maybe a little bit sunnier, 0:12:33.679 --> 0:12:38.240 maybe a little bit more placid. I borrow an observation 0:12:38.720 --> 0:12:42.840 that Singapore's Foreign minister made last week at the Bloomberg 0:12:42.880 --> 0:12:46.800 New Economy Forum here in Singapore, which was that you 0:12:46.840 --> 0:12:52.040 shouldn't on US China relations confuse weather with climate. Things 0:12:52.120 --> 0:12:55.760 might look a little bit more peaceful right now, certainly 0:12:55.800 --> 0:12:57.640 in the face of this meeting that seemed to go 0:12:57.800 --> 0:13:01.840 mostly okay, But the for all climate of the US 0:13:02.000 --> 0:13:07.480 China relationship is still one with a lot of tension points. 0:13:07.520 --> 0:13:12.320 There were not major fundamental issues resolved here. This is 0:13:12.360 --> 0:13:15.800 not like we have a giant breakthrough on Taiwan, for example. 0:13:17.720 --> 0:13:23.160 So so whether a little bit nicer climate overall still 0:13:23.280 --> 0:13:26.040 very much progressing in the in the in the ways 0:13:26.040 --> 0:13:26.640 that it was. 0:13:27.400 --> 0:13:30.600 Sticking with the weather analogy, I guess maybe one dark 0:13:30.640 --> 0:13:33.720 cloud in that otherwise sunny gathering could be that question 0:13:33.840 --> 0:13:36.360 that the President received from a reporter when asked whether 0:13:36.360 --> 0:13:39.679 he still considers China's leader a dictator, and he basically said. 0:13:39.559 --> 0:13:44.400 Yes, he did, he said, he said emphatically yes. And 0:13:44.400 --> 0:13:48.320 and look, this is one of those things where China 0:13:48.360 --> 0:13:51.320 does take offense to this. You know, they don't like 0:13:51.400 --> 0:13:54.320 the term, they don't like it being used about them. 0:13:54.800 --> 0:13:56.880 But at the same point, the thing I think that 0:13:56.920 --> 0:14:00.600 bears watching is whether or not China blow it up 0:14:00.640 --> 0:14:03.240 into a whole big thing and says, right, well, this 0:14:03.320 --> 0:14:06.280 is some offense and we want to change the tenor 0:14:07.160 --> 0:14:10.720 of our leader to leader engagement or the relationship more broadly, 0:14:11.120 --> 0:14:15.439 it doesn't initially seem like that is happening. Remember Joe 0:14:15.480 --> 0:14:18.880 Biden said this before, and we're still on a path 0:14:18.960 --> 0:14:23.400 where they've gone to me, she went to the United States. 0:14:23.600 --> 0:14:27.760 That's actually something that's a big symbol for this meeting. 0:14:28.320 --> 0:14:32.640 So I'm not sure that that's necessarily going to derail 0:14:32.760 --> 0:14:36.320 everything here. Where I think it's much more likely if 0:14:36.320 --> 0:14:39.120 you were looking for risk problems is to look in 0:14:39.200 --> 0:14:43.480 the South China Sea, specifically off the coast of the Philippines, 0:14:43.520 --> 0:14:46.600 and some of the territorial disputes that are there, some 0:14:46.640 --> 0:14:50.880 of the trade disputes that are there. Those are places 0:14:50.880 --> 0:14:54.040 that I think are potential fracture points. But look, if 0:14:54.120 --> 0:14:57.480 you're sitting there saying are things a little bit better 0:14:57.520 --> 0:15:00.000 in the relationship between China and the US than they 0:15:00.080 --> 0:15:03.600 were this time yesterday, the answer is yes, they are 0:15:03.800 --> 0:15:06.320 a little bit better. You're going to see maybe some 0:15:07.280 --> 0:15:12.360 small tangible things including possibly, let me say, you might 0:15:12.400 --> 0:15:14.200 see some pandace come back to the US. 0:15:14.800 --> 0:15:18.280 We did hear that mentioned right by the leader of China. 0:15:18.480 --> 0:15:20.440 But when it comes to those small steps in our 0:15:20.520 --> 0:15:24.080 last minute here, Derek, what are some of the broader 0:15:24.200 --> 0:15:29.320 issues that could still lead to some of these overarching 0:15:29.520 --> 0:15:32.600 tensions that we do continue to see between the US 0:15:32.600 --> 0:15:33.040 and China. 0:15:33.720 --> 0:15:37.440 Well, I think, you know, on the good side, you've 0:15:37.480 --> 0:15:39.680 seen that the US and China are trying to do 0:15:39.720 --> 0:15:43.000 a little bit more on reducing fentanyl. On the good side, 0:15:43.040 --> 0:15:46.160 you are seeing Biden said they're agreeing to talk a 0:15:46.200 --> 0:15:48.560 little bit more military to military, and Biden said that 0:15:48.600 --> 0:15:51.400 they had an open line between the two of them. 0:15:51.440 --> 0:15:53.360 If one calls the other, they'll pick up the phone. 0:15:53.520 --> 0:15:56.240 But I do think on that broad thing, that the 0:15:56.280 --> 0:16:01.040 broad issue of trade, the broad issue of of China's 0:16:01.880 --> 0:16:05.520 state craft and military ambitions, those are real fracture points, 0:16:05.960 --> 0:16:11.960 and those are as I say, structural climactic fracture points, 0:16:12.160 --> 0:16:15.280 and that's going to be something that these two countries 0:16:15.320 --> 0:16:18.760 are going to have to very carefully manage going forward 0:16:18.800 --> 0:16:20.840 to make sure that they don't actually escalate. 0:16:23.840 --> 0:16:26.760 This is Bloomberg day Break Today, your morning brief on 0:16:26.800 --> 0:16:30.360 the stories making news from Wall Street to Washington and beyond. 0:16:30.640 --> 0:16:33.400 Look for us on your podcast feed at six am 0:16:33.480 --> 0:16:37.120 Eastern each morning, on Apple, Spotify, and anywhere else you 0:16:37.200 --> 0:16:38.360 get your podcasts. 0:16:38.480 --> 0:16:41.200 You can also listen live each morning starting at five 0:16:41.240 --> 0:16:43.880 am Wall Street Time on Bloomberg eleven three to zero 0:16:43.880 --> 0:16:46.680 in New York, Bloomberg ninety nine to one in Washington, 0:16:46.840 --> 0:16:49.920 Bloomberg one six to one in Boston, and Bloomberg nine 0:16:50.080 --> 0:16:51.400 sixty in San Francisco. 0:16:51.840 --> 0:16:55.000 Our flagship New York station is also available on your 0:16:55.040 --> 0:17:00.480 Amazon Alexa devices. Just say Alexa Play Bloomberg eleven thirty plus. 0:17:00.520 --> 0:17:03.960 Listen coast to coast on the Bloomberg Business app, serious XM, 0:17:04.040 --> 0:17:07.639 the iHeartRadio app, and on Bloomberg dot Com. I'm Nathan 0:17:07.680 --> 0:17:08.240 Hager and. 0:17:08.240 --> 0:17:11.520 I'm Karen Moscow. Join us again tomorrow morning for all 0:17:11.560 --> 0:17:14.080 the news you need to start your day right here 0:17:14.240 --> 0:17:15.560 on Bloomberg Daybreak