Trump Hails Iran Talks; Trump Welcomes Xi to Washington

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1:56The president says they spoke for three hours and in other sessions being planned in the near future. This came hours after President Trump issued serious threats against Tehran at the U.N. General Assembly. I have a big decision to make. Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before? Maybe one of the greatest in the Middle East or even the world. or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again? President Trump at a U.N. General Assembly speech heard live on Bloomberg Radio.

2:37We get more from Bloomberg's Balazs pens. This was not the first time the U.S. position, especially President Trump's position, has oscillated between promises of an impending deal and rather bellicose threats. But it was a bit startling to see that happen in such a short period. And it was especially interesting and special to see him make those threats from that iconic green marble rostrum of the U.N. It's Bloomberg's Balazh Penn. Iranian state media say Iran's foreign minister laid out firm positions for reopening the Strait of Hormuz in the talks. They include the U.S. immediately lifting its naval blockade, unfreezing Iran's assets and ending the war on all fronts.

3:16Well, Nathan, President Trump and U.K. Prime Minister Andy Burnham exchanged warm words at their first in-person meeting despite growing differences between Britain and the U.S. Burnham says the two found common ground on ending the war in the Middle East. It was a very encouraging meeting. We've established a good connection in the discussions we've had, and that very much came through today. A lot of common ground on the cost of living. We agreed around the conflict in the Middle East and the importance of bringing an end to it. The meeting was seen as a diplomatic test for Burnham after Britain refused to join the U.S.

3:51war with Iran and took a tougher stance on Israeli settlements. Well, this evening, Karen, the focus turns back to Washington and President Trump's highly anticipated state visit for Chinese President Xi Jinping. State media in China are reporting that the Chinese leader has departed for the U.S. The president will greet Xi and his wife tonight at Joint Base Andrews. It is the first time that's happened for a Chinese leader in recent memory. Then the two leaders hold talks tomorrow. Issues from trade to artificial intelligence and Taiwan could be on the agenda. Aberdeen senior political economist Lizzie Galbraith says expectations are low heading into this summit.

4:28We see U.S.-China competition on AI continuing to move ahead in the background. That doesn't seem to be abating anytime soon. And you have these other issues around things like critical minerals and strategic assets that do still seem to be sort of bubbling along underneath the surface without any real resolution. Aberdeen economist Lizzie Galbraith says an extension of the trade truce with China would be a good signal. This will be President Xi's first visit to the U.S. Capitol in more than a decade. Well, Nathan, before the Chinese leader arrives, one powerful Republican senator is already criticizing the visit.

5:05Senate Armed Services Chairman Roger Wicker spoke on the Senate floor. Our commander in chief should keep in mind that his guest is a brutal, unelected and oppressive dictator who seeks to dominate his neighbors and whose massive military arsenal is aimed directly at the United States of America. Republican Senator Roger Wicker says he would not have scheduled such a lavish welcome for the Chinese leader, but he says he hopes President Trump asks about China's military buildup and support for Iran during tomorrow night's state dinner. Tech leaders, including Meta's CEO Mark Zuckerberg and Vidya's Jensen Wong and Tesla's Elon Musk, are all expected to attend that dinner, and President Xi is not expected to bring a business delegation.

5:52Well, Karen, President Trump has signed a security deal with Denmark and Greenland, ending a bitter dispute over the Arctic island. The deal is set to expand Washington's military role, though it will leave the island under Danish sovereignty. President Trump says the U.S. will start building two major military bases on Greenland. Nathan, the future of artificial intelligence is on the agenda at the United Nations General Assembly today amid growing calls to regulate the technology. And Bloomberg's Tom Busby has more from New York. After numerous warnings about the risks of AI, some of the biggest names in the industry will brief the United Nations Security Council on Wednesday about the safety and challenges facing the technology.

6:31And among the invited speakers, Anthropic CEO Dario Amadei and OpenAI Sam Altman. Now, this comes one day after President Trump dismissed calls from the UK, France, Canada and others, all calling for an international agreement to oversee AI, saying, quote, quote, I'm not going to stifle growth of something that'll be bigger than the industrial revolution. Tom Busby, Bloomberg Radio. Hi, Tom, thanks. Back in Washington, a hearing is set for today on whether CNN, MSNOW, and Politico can have their White House access reinstated. The Justice Department is urging the judge to reject their request, claiming the news outlets pose a threat to national security and failed to maintain minimum standards of professionalism.

7:11Bloomberg's Amy Morris has more from Washington. The news outlets call the ban a direct assault on the First Amendment. They're looking for a court order to immediately reinstate their access as the lawsuit moves forward. Judge Timothy Kelly, a Trump appointee, is scheduled to hear the case. He presided over a similar case in 2018 when CNN filed suit after the White House revoked the credentials of correspondent Jim Acosta. Kelly ordered his access restored. Trump has already said he will appeal if this ruling goes against him. In Washington, Amy Morris, Bloomberg Radio. All right, Amy, thank you.

7:44Let's turn to the markets now and futures. They are a little changed this morning following another big day for tech stocks. The Nasdaq 100 gained eight-tenths of a percent to close at a record for the first time since June. Anastasia Amoroso is chief investment strategist at Partners Group. I do think the market has sort of climbed this wall of worry, has gotten over a lot of fears in the last couple of weeks, whether it's the AI slowdown fear, whether it's the rates fear, whether it's the oil fear. And now, especially as we said here this week, it seems like oil prices are potentially coming back down.

8:16Maybe there's a deal in Iran. Maybe we get past the midterms. We will get past the midterms. And that in and of itself actually tends to lift market spirits. So I do think, you know, the path is set for stocks to move higher if we clear some of those uncertainties. Partners Group chief investment strategist Anastasio Amoroso, the Nasdaq is up more than 17 percent so far this year. And as Anastasia mentioned there, Karen, oil does look like it is heading lower. In fact, it's headed for its longest losing streak in more than a year. Crude is down for a sixth straight day. It has dropped about 9 % over that time.

8:50Optimism over a possible Middle East peace deal in Saudi Arabia, moving to restart a key pipeline or helping to fuel those declines.

9:01Time 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 Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. The U.S. Northeast is bracing for a nor 'easter this Friday. Bloomberg meteorologist Craig Allen has more. A coastal storm will be moving north over the weekend, then bend in closer to the coast. And just where that happens will determine which of our I-95 cities will get showers versus a wind-driven heavy rain. Now, there is absolutely no consensus among all the weather maps for any precision yet. But as of now, I think all of this may be too far north to have a major effect on D.C.

9:41It looks quite nasty for New York City and Long Island over the weekend. But there's a lot more certainty that Boston and suburbs will bear the brunt of this storm. Bloomberg meteorologist Craig Allen. Hurricane Polo has grown into one of the most powerful Pacific cyclones in decades and is expected to skirt Mexico's southwestern coast as a Category 5 storm. The National Hurricane Center reports Polo is an extremely dangerous storm with maximum sustained winds of at least 165 miles per hour. Ahead of Thursday's U.N. address, Israeli Prime Minister Benjamin Netanyahu slammed New York Mayor Zoram Mamdani in a video, accusing him of supporting Hamas and inciting violence against Jewish New Yorkers.

10:25Shame on you, Mr. Mamdani. Shame on you for supporting the Hamas terrorist monsters who butchered our people. Shame on you for inciting riots against New York Jews. I'm coming to the UN. I'm going to tell the truth about our heroic soldiers. And I'm going to tell the truth about you. Ma 'am, Donnie called Netanyahu's accusations false, pointing to the International Criminal Court arrest warrant for the Israeli leader over alleged war crimes and crimes against humanity. The scums amid a months-long dispute between the two leaders. Global news 24 hours a day and whenever you want it. With the Bloomberg News Now, I'm Michael Barr, and this is Bloomberg, Karen.

11:04All right, Michael Barr, thank you. Thanks, Michael. Time now for our Bloomberg Sports Update. And for that, we bring in John Stashauer. Thanks, Karen. The baseball regular season winding down. The Tampa Bay Rays beat the Yankees in New York 6-1 in the second game of a doubleheader. That clinched them the AL East title. Cleveland and the White Sox both won. The Guardians have a one-game lead in the Central. Houston won. Texas lost the Astros and Rangers, both under.500. They're tied for first in the West. The knee injury suffered Monday night by Giants quarterback Jackson Dart, said to be worse than expected.

11:37He'll be out an extended period of time, maybe for the season. That's a Bloomberg Sports Update. Stay with us. More from Bloomberg Daybreak coming up after this. Some people treat ChatGPT like some kind of smart search engine, and some use it to get work done. ChatGPT Work is a new way of working in ChatGPT that can take action across your apps and files, stay with a project for hours if needed, and turn a goal into finished work. It's designed to help you move from a chaotic starting point to a reviewable first version. So all the source materials, briefs, and scattered information that you have to grind through to turn into something useful can just become something useful.

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13:59Coast to coast on Bloomberg Radio. Nationwide on SiriusXM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. They're still talking. U.S. and Iran have met through mediators on the sidelines of the United Nations General Assembly. President Trump is calling it a good discussion, even after he issued new threats against the Islamic Republic in his U.N. speech. I call on all nations to join us in enforcing the complete economic isolation of Iran until they stop their attacks on commercial shipping, relinquish their nuclear ambitions, and cease their support of terror.

14:38President Trump and the U.N. General Assembly address heard live on Bloomberg Radio. And joining us this morning from Dubai is Bloomberg Middle East correspondent Abir Abu Omar. So as I mentioned, Abir, these talks happen through mediators. Does it appear, from what we know, whether they moved the needle at all? Good morning. Good morning, Nathan. Potentially, we still don't have a lot of details on what exactly went on. What we understand is that, of course, Jared Kushner, Steve Witkoff, the two U.S. representatives throughout the course of these negotiations, throughout the course of this war, really, have taken a part in negotiating with mediators, namely Qatar.

15:12This is what the Iran state media had put through Qatar, was mediating between the two warring sides. We don't have a lot of clarity, again, on what exactly went on, but what we understand from President Trump's side is that he said the negotiations were very good. Iran's side, however, said that they had a firm position on ending this war, namely lifting the U.S. naval blockade, unblocking frozen assets, oil sanctions, removing those, and of course, ending the war on all fronts. That is where things were left off. Of course, the New York week, the U.N. General Assembly continues, and we understand that President Trump had also met with GCC leaders yesterday, and we await some details on what went on there.

15:51But what we expect is their calls to de-escalate the situation here in the Middle East. To hear the rhetoric from the Iranian side about unfreezing assets, ending the war on all fronts and lifting the blockade, it sounds like a similar position that we've heard for the last few months. Yeah, 100 percent. We keep going back and forth, even in President Trump's own remarks, just moments or hours, in fact, before he did say that the talks went on in good progress. He did say that he was willing to annihilate Iran, obliterate Iran. And then we went to, again, good progress in the talks. And then from the Iranian side, look, I mean, they've maintained this position, Nathan, really throughout the course of this war.

16:32That is what they wanted the U.S. to do from the very start of the conflict. And so they never really changed. But one thing to bear in mind when it comes to the Iranian position is that there's a lot of moving parts here. There's a lot of people that are in charge of what is happening in Iran. We know that the president, Kazeshqian, is in New York this week. We know that the foreign minister is also in New York this week. But what we have to bear in mind is that Iran currently does not operate as a monolith. It operates with several parties included in negotiating the end of this war. But what we know for now is that these are the asks.

17:10We don't know what the U.S. response to them is, really. But what we know is the talks are set to continue. Oil prices definitely reacting to some positive push in diplomacy this week in New York. Yeah, seeing a little bit of a bump for Brent and a little bit of a downslide for West Texas Intermediate. Just 30 seconds left here, Abir, but to hear that the Iranian foreign minister, Abbas Arachi, was leading the talks, at least at the UN, what does that say about who may be leading, who may be the voice in Iran right now? That remains unclear at this point. Of course, we know that there are a lot of people that have been taking part in these negotiations, members of the IRGC, of course, the very powerful IRGC, But it sends a very strong message that the foreign minister who has taken charge of these negotiations, of course, is in New York this week.

17:58So that sends a pretty strong message about Iran also possibly wanting to find an off-ramp just as much as the U.S. wants an off-ramp ahead of those very essential midterm elections that are looming very, very close, as you would know. 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 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121.

18:40Plus, listen coast-to-coast on the Bloomberg Business app now with Apple CarPlay and Android Auto interfaces. 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 Karen Moscow. And I'm Nathan Hager. Join us again tomorrow morning for all the news you need to start your day right here on Bloomberg Daybreak.

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