US Rejects Iran's New Offer; Trump Heads to Beijing This Week

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm John Tucker and I'm Alexis christopherus. Here
are the stories we're following today.
Likes as the Rise and Oil comes after the US
cent around failed to agree on terms to end the
war in the Middle East, the two sides rejecting each
other's latest peace proposals to end the ten week conflict.
Let's got the very latest from Bloomberg's ahead of Middle
East coverage. Stuart Livingstone Wallace.
I think the key points of disagreement are pretty much everything,
So that is specifically over the nuclear file, what happens
to the enriched highly enriched uranium that Iran is sitting on,
what happens to control over whore moves in the blockades,
the double blockade that we've witnessed over the last several weeks,
what happens to the proxies, the missile program, just about everything. So,
as far as we can tell, there's not a lot
of common ground here that don't seem to be moving
towards something that potentially, you know, sets the clock taking
for a more definitive, long lasting peace agreements and the
end to the war.
Bloomberg Stewart Livingston Wallace says President Trump has proposed that
a Ran permit passage through the Strait of Hormoes and
Washington and its blockade on Iranian ports in the next month,
with nuclear talks to follow.
Is really Prime Minister Benjamin NETTNYA, who says the US
is really war with Iran is not over. He tells
CBS is sixty minutes. There's nuclear material in the country
that still needs to be removed.
I think it accomplished a great deal, but it's not
over because there's still nuclear material, enriched uranium that has
to be taken out of Iran. There's still enrichment sites
that have to be dismantled. There are still proxies that
Iran supports. There are ballistic missiles that they still want
to produce. Now we've degraded a lot of it, but
all of that is still there and there's.
Work to be done.
Is really Prime Minister Netanyah, who says he would like
to end EU US financial support for Israel's military over
the next decade.
And the standstill and the war comes as President Trump
prepares to meet with China's Sijingping in Asia this week.
Let's get that story from Bloomberg's Monica Rix.
President Trump scheduled to meet with President Shijingping for a
two day summit in Beijing to discuss a trade framework
that includes commodities such as Boeing aircraft, soybeans, and rare earths,
as well as export controls on AI semiconductors. US trade
representative Jamison Greer tells Bloomberg Aaran will also be a
big focus and China's purchases of Iranian oil.
We're looking for stability with China.
We don't want this to be something that derails the
broader the broader relationship or any ingrediments that might come
out of our meeting in Beijing.
The two leaders are expected to extend last year's trade truce.
Monica Ris Bloomberg Radio.
Thanks Monica, and ahead of that presidential summit some cooperation
between both sides. China says it dismantled a cross bordered
drug trafficking network in a joint operation with the US.
The official Shinwa News agency says China's Ministry of Public
Security and the US Drug Enforcement Administration have detained two
Chinese and three American nationals suspected of drug trafficking.
And Treasury Secretary Scott Benson also making the trip to Asia,
but his first stop is going to be in Japan.
Is his third trip to Japan in a little more
than a year as the Treasury chief. Analysts say Benson's
knowledge of Japan is unprecedented for a Treasury secretary in
his comments of the country's economic policy are likely to
be critical, with investors watching closely for any signs of
tension during his visit and.
John In Europe, UK Prime Minister Keir Starmer will make
a last ditch effort to save his premiership today with
a politically charged speech aimed at holding back calls for
a leadership change. We get more from Bloomberg's James Woolcock
in London.
Stama has given many big speeches about resetting the direction before,
and it has never been quite as bleak for him.
We use the word disastrous as that they've lost more
than one four hundred seats by my counting, that's more
than any sitting Labor government has ever lost in a
castle election. Some of the language I was hearing from
Labor campaigners over the weekend is the angrist I've certainly
ever seen them and it remains to be seen if
one big speech can really turn it all around.
Bloomberg's James Woolcock says amongst Starmer's plan is a commitment
to take the UK closer to the European Union.
And an American in a French passenger linked to the
Hondiast Cruise ship outbreak tested positive for the anti strain
of hantavirus, a rare respiratory disease, less than a day
after leaving the vessel. Now, the French woman developed symptoms
on the repatriation flight from the Canary Islands and worsened overnight.
She's hospitalized and isolated, as are the other four French passengers.
Of the seventeen American passengers evacuated from the ship, one
tested positive but is not showing any symptoms, and another
had mild symptoms. Doctor Carlos, the Distinguished Professor and the
Division of Infectious Diseases at Emory University School of Medicine,
spoke with Bloomberg this weekend about the next step for officials.
They'll put them on a plane and the American citizens
are going to come over to the Serious Communical Disease
Unit at the University of Nebraska which is fairly large,
and they're going to be then a process again over there,
and if they happen to be cintomatic, if there's anything
that suggests suggestions of infection.
They'll be kept in isolation.
Otherwise, if they still continuing to be a cintomatic, they'll
be sent home and encouraged to quarantine and to watch
themselves for the next six to eight weeks.
A memory professor, doctor Carlos del Rio, speaking of Bloomberg
this weekend, heard live here on Bloomberg from seven to
ten each weekend morning. Three people have died since the
outbreak began. Five people who left the ship earlier were infected.
And Johnny turned now to the markets, where futures are
a little changed as we begin the new trading week.
The NASTAG and S and P five hundred, though, are
sitting at all time highs. In fact, the S and
P five hundred has advanced for six straight weeks. Now
Wall Street will continue to focus this week on corporate earnings.
We get a preview from Bloomberg's Charlie Pellett.
It'll be all about artificial intelligence when we hear from
Cisco Systems, Constellation Energy, and Applied Materials. They're expected to
post to robust revenue growth and offer optimistic annual guidance
due to record spending on AI. Laurie Calvacina is head
of US Equity Strategy at RBC Capital Markets.
It really is the strength of the AI related earning
story that is driving this market.
That's why we do think people will continue to sort
of follow the earnings and follow that big.
Cap growth trade. Also reporting this week, Klarna Barrick, Mining, Figma,
and Hymns and Hers Health in New York. Charlie Pellett,
Bloomberg Radio.
Thanks Charlie, and Alphabet maybe on the verge of what
we're taking in Vidia as the world's most valuable company.
The gap between the two is narrowed considerably over the
past six months, with just four hundred billion dollars in
market cap between them. As Alphabet takes the lead in
nearly every aspect of artificial intelligence technology, Alphabet shares they
were up thirty four percent in April alone, its best
month since two thousand and four. Investors say it's logical
that Alphabet would ultimately seize the title of world's largest
comedy because its tentacles reach into so many important parts
of the tech industry and AI trade.
Time now for a look at some of the other
stories making news in New York and around the world.
For that were joined by Bloomberg's Michael Barr.
Good morning, Michael, Good morning, Alexis the remains of a
US soldier missing during military exercises in Morocco. They have
been recovered in the Atlantic Ocean. The Army announced that
First Lieutenant Kendrick Lamont Key Junior, who was twenty seven
years old, was found by a Moroccan military search team.
Key was one of two soldiers who fell off a
cliff during a recreational hike. The two were reported missing
May second. The search continues for the second missing soldier.
The CEO of Denver International Airport responded yesterday to Friday's
runway depth of a trespasser, calling it a horrible and
preventable tragedy. A person who was not authorized to be
on the tarmac crossed in front of an oncoming Frontier
Airlines playing taxing before taking off. The collision sparked an
engine fire, Smoke filled the cabin and passengers were evacuated.
This man was on the plane it.
Was getting ready to take off, and then it felt
like a big speed bump, and then I looked through
the right I see the wing is on fire and
it's sparking.
The person scaled a fence near the runway and made
it onto the tarmac. Just two minutes later, the plane,
with two hundred and thirty one people and more than
twenty one thousand pounds of fuel on board, ran over
the pedestrian. A Texas man accused of killing his pregnant
wife and then fleeing the US as due in court
in Italy today. Lee Gilly is accused of strangling his
wife Christa in their Houston home in twenty twenty four.
His attorney, Dick Degeran, speaking to Houston affiliate KTRK, expressed
his concern about Gilly facing the death penalty back in Texas.
When you flee, it can be taken as consciousness of guilt.
I'm concerned about that.
Attorney Dick Degeran says this client didn't strangle his wife,
adding he loved his wife. Global News twenty four hours
a day and whenever you want it with Bloomberg News
Now now Michael Barr and this is Bloomberg Alexis.
Thanks Michael, time now for our Bloomberg Sports Update, and
for that we bring in John stash Hour.
Thanks aring the New York Next.
Moving on to the Eastern Conference final, second in a row,
they finished a second round sweep of Philadelphia, winning by thirty.
The Knicks have won seven straight playoff games and of
one to by an average of twenty six points. They
tied a playoff record in Game four, they made twenty
five three pointers. San Antonio star Victor webin Yama threw
an elbow at Nasrita the second quarter, got kicked out
of the game and the Spurs lost Game four at
minute soda. Anthony Edwards scored thirty six. The series is
tied to two. That's a Bloomberg Sports Update.
Stay with us. More from Bloomberg Daybreak coming up after this.
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.
There's now five thirteen on Wall Street. Let's recap our
top story this morning, President Trump and Iran rejecting each
other's latest peace proposals to end the ten week war.
Let's get the update now, we are joined by Amir
Abu Amar, the Middle East correspondent from our Dubai studios
with Bloomberg. Abir, can you tell us how much daylight
is there between the United States and Iran?
And good morning John. Look. I mean, both sides remain
quite far apart on a framework to end this war
that's been going on for about seventy days at this
point and has effectively led to the closure, the foreclosure
of the Strait of her moves. What we know is
that the Trump administration was expecting a response from Iran
on Friday. Now that response came yesterday. The response was
called totally unacceptable by President Trump. He said that he
did not like it. Now, Iran came briefly to the
table a few hours ago, saying through the Foreign Ministry
that everything it proposed during that in that proposal was
reasonable and generous. And I quote here that they said
those words reasonable and generous. So what we know in
that response that Iran had put through is that Iran
essentially suggested that it wants its assets unfrozen. It also
wants the oil sales that it puts through to be unsanctioned.
And the Wall Street Journal reported earlier that Iran had
suggested in its response that it would lift or move
some of it's highly enriched uranium to a third country,
but completely refuse to dismantle all its nuclear program. Now,
that is obviously something that the Americans had refused in
the past they continue to refuse to accept. But that
is what Iran had put through. According to the Wall
Street Journal, Iran did come out and say that they
say that that report was inaccurate. Bloomberg was able to
independently confirm that that came in the Iranian response as well.
But as of now, what remains at the heart of
the issue is that the strait of her moves is
still closed. It's facing a double blockade by both the
American side and the Iranian side.
John, where does the ceasefire stand right now? That's still
on the fact.
That's a good question. Look, I mean, the ceasefire still
holds despite some sporadic attacks that we saw across the
Persian Gulf. So what we know is that from the
United Arab Emirates where I am right now, and Kuwait,
but also Qatar. If vessel across the coast in Qatar
were attacked, that was what the governments had had said,
but the ceasefire holistically remains in place. That is what
also was said by American officials. After a bunch of
attacks across the United Arab Emirates happened at the beginning
of last week. On Monday. Here in Dubai, we had
missile threat alerts that happened that came through our phones
starting at seven pm. And after that, the American side
came out and said, actually, the ceasefire as it stands
is still in place. So we're seeing right now is
an effective standing of the seafire agreement between the two.
But no one really knows for sure what happens next. Right,
do they come to the table again, did the negotiations
go into a different phase. That is certainly what we're
looking out for over the next few days or so,
and that is what remains to be seen. And again,
as part of the issue remains the strait of her
moves and weather. More shipments are going to go through
the waterway here.
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Look for us on your podcast feed by six am
Eastern each morning, on Apples, 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 ninety two nine in Boston, and nationwide on Sirius
XM channel one twenty one. And don't forget to subscribe
to Bloomberg News Now. It's the latest news whenever you
want it in five minutes or less. Search Bloomberg News
Now on your favorite podcast platform to stay informed all
day long. I'm Alexis Christoffers and.
I'm John Tucker. Join us again tomorrow morning for all
the news you need to start your day right here
on Bloomberg day Break