Biden Urges Israeli Restraint; Biden-Xi Fentanyl Crackdown; Government Shutdown is Near

On today's podcast: 1) Israel and Hamas trade accusations over Gaza hospitals and President Joe Biden called on Israel to take “less intrusive action” at the al Shifa hospital — the latest sign the US wants fewer civilian casualties. Israel says Hamas uses hospitals as bases for its operations. 2) Joe Biden and his Chinese counterpart, Xi Jinping, are set to announce an agreement that would see Beijing crack down on the manufacture and export of fentanyl , according to people familiar with the matter, potentially delivering the US president a major victory. 3) House Speaker Mike Johnson is counting on Democrats to overcome misgivings and approve his proposal to avert a US government shutdown. 4) Denver Broncos beat the Buffalo Bills on Monday night football Full transcript: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here are the stories we're following today. Let's get you caught up on what's happening in the Middle East. The focus is turning to hospitals in Gaza, where Israel accuses Hamas of housing command centers and weapons. President Biden says the Alshifa Hospital in Gaza City must be protected. I have not been reluctant and especially my concerns going on and is my hope and expectation that there will be less intrusive action role through hospital. President Biden's concern about civilian casualties is being answered by Israel's Economy Minister Near Barkat, do you understand that we have to wipe isis Comeaus off the map and we will do it with minimal collateral damage. This is our values. We don't need to be told that we know that ourselves Israelly Economy Minister Near Barcott spoke on Bloomberg Business Week. You can hear more of his comments on the BusinessWeek podcast. Download it wherever you get your podcasts. Well, Nathan. As the war goes on, tens of thousands of Israel supporters are gathering in Washington, d C. To show their solidarity. On Bloomberg's Amy Moore, supports from the nation's capital. Organizers are expecting up to one hundred thousand people to attend today's event on the National Mall Capitol Hill. Security will be boosted, access to the capital will be restricted. Roads are being closed. DC police have requested assistance from the National Guard and the Department and If Homeland Security has designated the march a Level one security event that's the highest rating of risk assessment. The FBI says there's no specific threat, but there is fear of loan actors attacking pro Israel demonstrators coming to DC. The event begins at one this afternoon on the National Mall in Washington. I maye more is Bloomberg Radio, Oka, Amie, thank you staying in Washington. This could be a critical twenty four hours in Congress's attempt to keep the government funded. Bloomberg Zed. Baxter has the story. House Speaker Mike Johnson says he'll bring the bill to the House floor in spite of negative reaction from the right wing of his party, who wanted spending cuts included. Senate Majority Leader Chuck Schumer has opened the door to a settlement for now. I am pleased that Speaker Johnson seems to be moving in our direction by advancing a cr that does not include the highly partisan cuts the Democrats have warned against. And President Biden also has often saying he'll wait to see The deadline is Friday midnight, add Baxter, Bloomberg Radio. All right, and thank you well. We turned to the economy now, and we get the first of two big readings on inflation this morning. With the consumer price index for October. Economists say inflation probably ease to an annual rate of three point three percent, and we get a preview from Bloomberg's crety GUPDA. There are some varied estimates here, but I think the takeaway is simply that some of the disinflation, the progress essentially that has been happening in the US economy when it comes to inflation, is going to slow down. So it's not that it's going to increase, but it's also not going to be making as much downward progress as we expect, at least has to take out of Bloomberg Economics, and I think that's the concern here for a lot of the people who are pricing in a more dubvish Federal Reserve, which is simply that this is going to be the key data point that suggests the Federal Reserve is not done hiking at all. You heard Chairman Powell last week hint at that and kind of say, well, we're going to be as hawkish as we need to be. This is the data point that might back that up. And Bloomberg's CRETTY group disays today's inflation data is not likely to shift traders views on the fits December meeting, days after the US was threatened with the loss of its last top credit rating from Moody's the Treasury Secretary is firing back. Janet Yellen spoke in San Francisco yesterday. This is a decision that I disagree with. The American economy is fundamentally strong, and Treasury securities remain the world's pre eminent safe and liquid ASCID Secretary Yellen's in San Francisco for meetings with finance ministers from across the Pacific, Rim Nathan. The big meeting from the Asia Pacific Economic Cooperation Summit comes tomorrow, when President Biden speaks with this Chinese counterpart, seson Ping. Bloomberg News has learned the two leaders will announce an agreement that could see Beijing crackdown on the manufacturer and export of fentanyl. We spoke about the opioid crisis with San Francisco Mayor London. Breed resources that are being sent out of China that come into either the US or Mexico are cut off to the fullest extent possible. That we work together in order to ensure that this deadly poison that is killing people in San Francisco in significant numbers and all over the country, that we're able to combat this to stop it. San Francisco Mayor London Breed says fentanyl has devastated her city like no other drug in her lifetime. Let's turn to some corporate news now, Karen, we have a takeover in the commodities industry. Switzerland's Glencore has agreed to buy a majority stake in Canada's tech resources coal business for more than six point nine billion dollars. The d ns a month's long saga and sets the stage for glen Core to spin off its own coal unit. Well, Nathan, a big week for retail earnings kicks off with Home Depot. We're reporting this morning, and we get a preview with the Bloomberg's Tom Busby. Home Depot forecast report a fourth straight quarterly decline at same store sales as the one to two punch of surging mortgage rates and record high home prices caused a slump in US home sales, putting it in to the home improvement boom we saw during the pandemic. Bloomberg consensus calls for comp sales to fall three point three one percent, of the decline in the US three point six seven percent. Still, net sales expected to be thirty seven point seven billion dollars, So just at earnings per share of three dollars seventy six cents. Tom busby Bloomberg Radio, All right, Tom, thanks back to commodities. The International Energy Agency says global oil markets won't be as tight as expected this quarter. IEA says sea supply tipping back into a surplus in the first half of twenty twenty four. Sorry, Nathan. Thanks. It's time now for a look at some of the o their stories making news around the world, and for that we're joined again by Bloombery sa Amy Morris Samy, Good morning, Good morning, Karen. There is growing concern about a possible government shutdown later this week, but that could also spell chaos for millions of Americans planning to travel during the holiday season. Without a deal in Congress by this Friday night, air traffic controllers and TSA workers could be forced to work without pay. And this is expected to be a record travel season. David Cymour, as chief operating officer with American Airlines, We're going to carry more customer than we ever have before, about a half a million more than last year. And House Speaker Mike Johnson has submitted a stopgap measure, but that doesn't include any money for Israel. Or Ukraine, and it doesn't have spending cuts that a lot of Republicans want. The US Supreme Court has adopted a new code of conduct, the first in the Court's history. Loyola Law School professor and former federal prosecutor Laurie Levinson says the adoption of the code itself is significant. There has been a great deal a criticism of the Supreme Court. Much of it has been focused on Justice Thomas and Justice Alito because they received gifts, they haven't made full disclosure of travel and other types of benefits, and so now we have a clear standard. But critics call the code itself toothless because it doesn't include a mechanism for enforcement. A former attorney for Donald Trump has testified against the former president and the Georgia election interference case. Jenna Ellis recounted a conversation with Dan Scavino, who served as Trump's deputy chief of staff. Video recording of that testimony was obtained by The Washington Post. He said, well, the Boss, meaning President Trump, and everyone understood the Boss, That's what we all called him. He said, the Boss is not going to leave under any circumstances. We are just going to stay in power. Trump's lead counsel in the Fulton County case says Ellis's testimony is absolutely meaningless. Ellis is one of four co defendants to plead guilty in that case out of eighteen people, and died it Alongside Donald Trump, the president of the United Auto Workers Union is headlining a hearing on Capitol Hill to talk about the resurgence of unions. UAW president Sean Faine, along with Teamster's president Sean O'Brien and Flight Attendance Union president Sarah Nelson, will provide testimony before the Senate Labor Committee on the role of unions in the lives of working families. Global news twenty four hours a day and whenever you want it with Bloomberg News Now, I may Mee Morris in this is Bloomberg Karen sor right, Amy, thank you, Alby do bring you news throughout the day right here on Bloomberg Radio. But as Amy said, you can get the latest news now on demand when you wanted. Subscribe to Bloomberg News Now to get the latest headlines it 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 with John stash Hour John Karen. On Sunday, four NFL games were one on a field goal on the final flight, and happened again last night in Buffalo. Denver's Will loves kick the thirty six yard field goal the Broncos upset the Bills twenty four to twenty two. Lutz had missed a forty one yarder, but the Bills got called for twelve men on the field and he got a second chance to win the game for Denver, who has suddenly won three games in a row after starting the season one and five. It's been a disappointing year for the Bills, four time defending AFC East champions, and they are right now just five and five. The Celtics are eight and two. They're five and zero at home. They beat the Knicks thirteen to ninety eight. Jason Tatum led the way with thirty five points. Jalen Brown had twenty two. Christophs Pazinga scored twenty one. The Wizards are just two and eight. Kyle Kuzma keeps scoring points. He had thirty four, but Prosco Siaka went for thirty nine in Toronto and the Raptors won one to eleven to one oh seven unanimous winners for the Baseball Rookies of the Year, the first of the postseason awards to go out as expected. Arizona outfielder Corbin Carroll got every vote in the National League after season where he hit twenty five home runs and sole fifty four bases, and Baltimore short stoff Gunner Henderson won unanimously in the American League. He hit twenty eight home runs and scored one hundred runs. Michael Malong got his contract extension in Denver. He coached the Nuggets to the NBA championship last year. Terms not known. He's been the Nuggets coach in twenty fifteen. John Stashedward Bloomberg Sports from coast to coast, from New York to San Francisco, Boston to Washington, DC, nationwide on Sirius, Exam, the Bloomberg Business app, and Bloomberg dot Com. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. Israel's war with Humas now appears to be centering on hospitals in Gaza, where the Palestinian militant group is accused of housing command centers and weapons. President Biden is saying the main hospital in Gaza City, Alshifa, must be protected as Israel intensifies its ground campaign. For the latest, we're joined now by Bloomberg's Oliver crook Oli. Good morning, get us up to speed on the situation in a northern Gaza, particularly around these hospitals that do now appear to be the center of attention. Yeah, so Nathan completely in the center of attention, and the ground offensive is still just raise it raging on in the northern part of Gaza, really cementing their positions around Gaza City and entering Gaza City. As we've seen, we've also heard that a great number of people have fled over the last ten days. The UN says that more than two hundred thousand people have moved south. That brings the total of almost two thirds of Gaza's a population of two point three million people that have fled their homes. The Defense Minister of Israel says that Hamas has lost control of Gaza at this stage. But really, as you say, the focus is on these hospitals and really beginning to test the limits of where the limit of self defense is, which has been really a question, I think for everybody since the beginning of this conflict, and everyone has a different answer to that. But we're starting to see that progress a little bit, particularly with the United States, which as we know, is a key ally for Israel in this battle. No, we did speak to Israel's economy minister Near Barkat on Bloomberg Radio and he seemed to echo a lot of the determination we're hearing from the Israeli government to destroy Hamas. It does make you wonder what those limits are. Lallie. I think it's a good question, and it's going to be in determined I suspect in part by what the United States says and how they say it. Right, So we're talking about a death toll. This is according to the Palestinian authorities, of more than eleven thousand people in Gaza, right, and two thirds allegedly are going our women and children. This is an absolutely huge figure of people and many of the allies of Israel. You know, you heard it from President mac Hole on Friday, who himself called for a ceasefire. And now You're starting to hear Joe Biden talk about restraint, Blincoln himself saying that too many Palestinians have been killed, Sullivan saying no firefights and hospitals, And we know that it is that sort of the US's behes that we got some of these humanitarian pauses. So really the question is where does it reach its limit? Again, So a lot of this stuff is going to be behind the closed doors, the discussions with Biden and Netanya who not taken out into the public, but you're starting to notice it in a lot of the public statements we're hearing from US officials. And as this fighting goes on and it compares to intensify, the question goes on as to how much longer this war can continue, how much more intense we could see that fighting take place, particularly around these population centers that do have very sensitive operations in Gaza City completely. And then there's the after question as well. But let's deal with the for how long question, which is you know, again, what Netanya who has said, and he said this as recently as a day or two ago, was that it will take not many years, right, So he's not ruling out the year's quantity of time. In this he says it'll take less time than the US took in defeating ISIS and al Qaeda, which again does not really narrow a very sort of slow and small window of period of time. But he's, you know, from the very beginning, giving himself a lot of flexibility in terms of how long this can go. And now the real question this we see another split potentially between the US and Israel, is what happens afterwards netnya who's suggesting that they will have indefinite control over Gaza. The security operations said, they say they don't want to rule it, but they also say they don't want to relinquish security control over Gaza. So again, these are all the sorts of points that are going to see develop And of course the big question is what is the future of Netanya? Who and whose decision will it be once there is peace about what happens with the relationship between Gaza and Palestine and Israel. And before we get even to all those questions about the future of Gaza and the future of the Israeli government, there's still this ongoing discussion about freeing hostages in Guza. What's the update there completely So the latest that we've heard from this is that Biden spoke to the Katari emir As we know, Qatar has played an absolutely fundamental role in the sort of got between Israel and of and the United States and Hamas. We hear again and again that there is potential progress on a deal, but every time we hear that, it's sort of backslides. So again, there has been more and more talked about it over the last few days, but I think you really cannot really rely on anything until it's fully secured. What we do know is that Israel has entirely ruled out a ceasefire until all the hostages have been freed, and in our last thirty seconds, the discussion we've had with Israel's economy minister, it seems like there's a determination as well to keep this fight going, even if it damages Israel's budget, even if it damages the economy. Yeah, I mean, the impact on the Israeli economy has been very sort of covid like in many respects where you know, obviously there's a war effort underway, but we've subtracted let's say, three hundred and fifty thousand people from the workforce that's about eight percent of the Israeli Workfor us is when you go down the streets, you know, many of the businesses are closed, all the universities are on pause. All of this stuff is really a standstill. But again, they see this as an existential fight, so they're gonna be willing to pay the price. This is Bloomberg Daybreak 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 oh six to one in Boston, and Bloomberg ninety sixty in San Francisco. Our flagship New York station is also available on your Amazon Alectiona devices. Just say Alexa play Bloomberg eleven thirty plus. Listen coast to coast on the Bloomberg Business app, seriusxmb 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 See omnystudio.com/listener for privacy information.