Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) Houthi militants targeted airports across Saudi Arabia, killing at least 14 people and wounding hundreds in two separate incidents at King Khalid International Airport in Riyadh. The Saudi-led military coalition intercepted missiles and drones aimed at the kingdom overnight, including areas that are home to some of Saudi Arabia’s key oil and gas facilities, and vowed a “decisive” response. Energy Minister Prince Abdulaziz bin Salman said the kingdom remained committed to providing energy security, stating “There is no way that somebody will break our back. We are like a phoenix. We come out of the ashes all the time and every time.”   

2) A federal judge in New York ordered the Trump administration to stop running taxpayer-funded television ads and to halt any payments of public money related to airing them. The judge wrote that the challengers had shown they’d suffer “irreparable harm” without immediate court action and that a temporary halt “serves the public interest." The challengers accused the White House of violating a congressional prohibition against using taxpayer dollars for unapproved “publicity and propaganda."   

3) Ukraine will continue to respond with long-range strikes against Russia unless Moscow agrees to an energy ceasefire that still hasn’t happened, President Volodymyr Zelenskyy said on Monday.Speaking via a video link at Warsaw Security Conference, the president said he learned from the media about the truce announced by US President Trump on the Truth Social platform on Sunday. Since then, Ukrainian energy infrastructure has continued to be hit by Moscow’s air strikes, according to Zelenskyy. Russian President Vladimir Putin doesn’t read Truth Social,” the Ukrainian president said. “If Russia doesn’t agree to energy ceasefire - we will respond.”

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It’s not just Levittown. The website hosting the doctored photos is the nexus of campaigns to harass women across the world. A victim in New Zealand helps to spark a global battle against the site and its elusive owner.

For official transcripts and additional information on this series, go to bloomberg.com/levittown

See omnystudio.com/listener for privacy information.

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

In the US – a look ahead to U.S CPI and PPI data, along with U.S bank earnings. In the UK – a look ahead to European leaders meeting in Brussels. In Asia – a look ahead to Japan's Sports Day.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said the US would “not be attacking Iran” before November’s midterm elections, citing “productive discussions” with the Islamic Republic. Trump's comments came despite Iran escalating attacks on tankers in the Strait of Hormuz and Tehran-backed militants in Yemen attacking energy facilities in Saudi Arabia. The president said a US naval blockade of Iranian exports would remain in place, and he has suggested Iran was waiting to see how his Republican Party would do during the midterms.
2) Hurricane Isaias is bearing down on the US Gulf coast. Offshore US oil production is plummeting as Hurricane Isaias pushes toward a coastline dotted with refineries and chemical plants. More than 3 million people reside in the projected path of Isaias, which reached Category 2 strength on the five-step Saffir-Simpson scale Thursday. Roughly 63% of US Gulf of Mexico crude output has been shut in, while 500,000 barrels a day of refining capacity is threatened.
3) OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, driven largely by growth in its enterprise business. The company's annualized revenue was roughly $50 billion at the end of September, which represents a projection of OpenAI's yearly sales based on a shorter period. OpenAI is in talks to raise $30 billion or more at a $1.4 trillion valuation before the new money as part of its latest fundraising effort.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Oil climbed after a report that the White House asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections. Freight rates are surging, with shipping oil from the Middle East to China costing $1.4 million a day, the most on record. Producers in the Gulf of Mexico shut in more than 510,000 barrels a day of crude output in response to Hurricane Isaias forming in the US Gulf.
2) President Trump defended his immigration policies during a visit to Texas as he sought to boost struggling GOP Senate candidate Ken Paxton ahead of November’s midterm elections. Trump’s defense of his immigration policies comes as Republicans are seeking to shore up their standing with Hispanic voters, whose support for the president has slid in recent polls due to concerns over the economy and affordability issues. Paxton is in a close race with Democratic candidate James Talarico, with recent polls showing Talarico with a narrow advantage, leaving Democrats cautiously hopeful in what has been a reliably red state.
3) Hurricane Isaias has formed in the US Gulf, with top sustained winds of 75 miles per hour, and is tracking toward the coast. Offshore producers have shut in roughly 25% of crude output and 16% of natural gas production, and workers at eight platforms and two rigs have been evacuated. Forecasters are increasingly confident that the hurricane will land east of major energy assets off the coast of Louisiana and Texas around late Friday or early Saturday.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran has increased the pace of attacks on tankers in the Strait of Hormuz in recent days, with UK Maritime Trade Operations reporting nine attacks this month. The impact of the latest escalation on Hormuz shipments and seaborne gas flows is uncertain, according to maritime security officials and shipping executives. The flow of oil through the Strait of Hormuz has steadily picked up since the start of summer, with some Wall Street banks saying shipments are approaching prewar levels.
2) Elon Musk’s SpaceX is in talks with banks and investors to raise $40 billion to buy chips from Nvidia. SpaceX’s fundraising discussions are in an early stage and could end without a deal being completed, with Pacific Investment Management Co. and Apollo Global Management involved. The fundraising is for SpaceX's AI buildout, with the company seeking to raise about $10 billion in bank loans and $30 billion in investment-grade debt to pay for the chips.
3) Less than four weeks until the midterm election, Maine Republican Senator Susan Collins had her first debate last night with Democratic former state senate president Troy Jackson. Both Collins and Jackson got 47% support on that question in a New York Times Siena College poll. The same survey gave Collins a three point edge over Jackson among likely voters. The election is seen as crucial to either party's hopes of attaining a Senate majority, with Democrats needing a net gain of four seats and Collins having repeatedly defied expectations and outperformed polls in her nearly 30 years in the Senate.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Yemen's government, backed by Saudi Arabia, claimed to have regained territory from the Houthis, as fighting in the region near the Bab el-Mandeb strait intensifies. The Yemeni armed forces said they took control of the Red Sea city of Mokha after battles with the Iran-backed Houthis, and also took over other areas near the Bab el-Mandeb strait. The Saudi-led coalition announced a large operation to recapture Houthi-held territory, and the Houthis responded by firing missiles and drones at the kingdom, targeting the main airport in Riyadh.
2) President Trump is preparing to ease limits on the use of red dyed diesel, a tax-exempt variety of diesel, to pare costs for the essential fuel ahead of the November midterm elections. The plan would allow more widespread use of red or dyed diesel, which is generally available for off-road purposes, and could translate into an effective tax break in some cases. The administration's approach is seen as a bid to address costs for diesel that have surged amid wars in Russia and the Middle East, with retail prices for diesel averaging $6.32 per gallon on Sunday.
3) Billionaire Ray Dalio warned that the Treasury market is vulnerable to a pullback of demand from China and Japan, two of the US’s largest foreign creditors. Dalio said the US relies on foreign capital for about a third of its debt, and that Japan and China have already been paring their holdings. He also warned that the US faces a potential debt crisis within a certain timeframe, and that some borrowers are already starting to feel the squeeze.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) Yemen's government launched a full-scale military campaign to recapture Houthi-held territory after weeks of escalating conflict between the Iran-backed group and Saudi Arabia. The Saudi-led coalition will provide full operational support to Yemeni government forces to end the "Houthi coup" and said Saudi Arabia has the right to defend its sovereignty. The aim is for the Houthis to be "eliminated", according to the coalition's statement, as the fighting has pushed up energy prices and led to increased military support from Western powers. Oil swung amid intensified fighting in Yemen and risks to shipping remain acute.   

2) The Pentagon has removed bombers based at the Royal Air Force base in the UK after new threats of a plot linked to Iran emerged. A Defense Department official said all American bombers deployed at RAF Fairford have returned to their home bases in the US. UK Defense Secretary Wes Streeting said Iran was likely responsible for the thwarted attempt to attack, after police arrested a British-Iranian dual national on suspicion of preparation of terrorist acts.   

3) Former Anthropic researcher Jacob Coxon will testify at a New York City Council hearing alongside representatives of some of the world’s biggest AI companies. Coxon quit Anthropic last month and issued a warning about the race to develop increasingly powerful AI, accusing his former employer and OpenAI of “gambling with our lives.” The hearing is part of an effort by New York officials to play a larger role in regulating the AI industry, with proposals under consideration including giving whistleblowers a portion of fines or penalties recovered from AI companies.

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Months after Kayla’s discovery, dozens of women in Levittown, a New York suburb on Long Island, learn they, too, are subjects of faked porn. Most are recent graduates of the local high school, and they zero in on a culprit. One of them sets out to prove it.

For official transcripts and additional information on this series, go to bloomberg.com/levittown

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

In the US – a look ahead to U.S Mortgage data, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to this year’s Nobel Prize decisions. In Asia – a look ahead to China’s Golden Week Holiday.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The Pentagon is deploying an additional aircraft carrier and 10,000 sailors and Marines to the Persian Gulf, giving American commanders more options if President Donald Trump chooses to escalate attacks on Iran. The USS Theodore Roosevelt carrier is headed to the Middle East, and when it arrives, the US could again have three carrier strike groups in the region. The US has sent two additional missile batteries to protect oil and gas facilities in Qatar and Saudi Arabia, and the USS Makin Island amphibious readiness group has set sail to the Middle East, giving Centcom additional options.

2) Broadcom's Wall Street syndicate are starting to gather $60 billion of fresh AI chip financing to benefit Anthropic PBC and other companies. Banks are poised to send out syndication letters for a $42 billion Class A senior-secured tranche, and Blackstone Inc. is leading an $18 billion tranche of Class B junior debt. The financing would help firms including Anthropic access chips and other key AI infrastructure, and adds to the hundreds of billions of dollars of debt already raised to build out AI infrastructure.

3) Stocks climbed and sovereign bonds were broadly firm in calmer trading after a week in which markets were lashed by sharp swings in yields. A decline in oil prices supported the upbeat sentiment, with Brent crude falling more than 2% below $100 a barrel. The US jobs report is a key economic release at a time when resilient data are supporting riskier assets while giving the Fed room to fight inflation.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) A FlyDubai aircraft was attacked by one of its pilots, who stabbed or hit the other pilot with an ax, before being overwhelmed by passengers. The plane made an emergency landing at a Saudi airport after taking a sudden steep dive, and the United Arab Emirates attorney-general has ordered an investigation into the incident. The investigation will examine the circumstances and motives behind the attack, including whether it was linked to any terrorist activity, and the airline has suspended flights to and from Israel while the investigation continues.   

2) President Trump said former Federal Reserve Chair Jerome Powell should resign from the central bank's Board of Governors over findings the central bank mismanaged the renovation of its headquarters. The Fed's internal watchdog found no evidence of criminal wrongdoing and didn't identify any "administrative misconduct" connected to the $2.4 billion project, but outlined a series of management missteps that caused the project's cost to balloon. Trump directed Attorney General Todd Blanche to study the inspector general's report "and make a determination as to what to do," and said Powell should be forced to resign or sued by the United States Government for "corruption or incompetence."   

3) The US benchmark yield climbed to the highest since 2002 as rising oil prices drove a renewed selloff in global bonds. Government debt has been flailing around the world as elevated oil prices ripple through the global economy, pushing investors to bet central banks will further raise interest rates. Investors will seek clues on the US economy's health and the next Federal Reserve steps from Friday's payroll numbers and a list of Fed speakers.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump endorsed using outside auditors to assess the safety of artificial intelligence systems through an accord with Silicon Valley leaders. The accord, which carries no legal weight, commits AI companies to regularly meet to set best practices for the industry and implement internal controls for risks related to cybersecurity and other threats. The document suggests that AI companies "should" implement four layers of controls and notes that "it may make sense to codify" its recommendations into law or regulation in the future.
2) OpenAI aims to raise at least $30 billion from investors in a new round of funding, according to people familiar with the matter, after pushing back its plans for an initial public offering. The company is seeking a valuation of around $1.4 trillion, not including the money raised, and the fundraising discussions are early and could change. OpenAI has seen strong revenue growth, with its revenue run rate accelerating over the summer and topping $40 billion, and the company's run rate revenue has grown by 70% since July.
3) Crude oil flows from the Middle East are returning toward pre-war levels despite continued risks to shipping, according to JPMorgan and Goldman Sachs. Shipments of crude oil have rebounded to 17.5 million barrels a day, or 98% of pre-war levels, while flows of products such as diesel and gasoline were at 3 million barrels a day, or 58%, according to JPMorgan. The global oil market is roughly balanced in September, according to Goldman Sachs, which estimates that oil exports from the Persian Gulf had recovered to 23.3 million barrels a day over the last week.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) Iranian officials have privately expressed pessimism about reaching a deal to end hostilities with Washington and reopen the Strait of Hormuz before US midterm elections in November, according to people familiar with the matter. Iran and the US made little progress during talks in New York on the sidelines of the United Nations General Assembly last week and the Islamic Republic believes there’s a high chance of the conflict escalating after the Nov. 3 vote, according to the people, some of whom were briefed by Iranian officials. They asked not to be named discussing sensitive matters.   

2) President Donald Trump criticized the release on bail of five men held over an alleged terror plot against a Royal Air Force base used by the US for strikes against Iran, as British police continue to investigate foreign links to the incident. “I’m surprised that they released them, I wouldn’t have done that,” Trump told reporters on Monday.The decision to release the suspects sowed confusion about an incident that authorities had only a day earlier described as a serious attempted attack disrupted at a late stage.   

3) The US Treasury Department took a big step toward curbing a Wall Street boom in investment strategies that help cut tax bills, with a notice signaling potential action on an array of tactics and a ruling that will limit the benefits of a popular ETF maneuver. The notice detailed a list of tax trades similar to those deemed “potentially abusive” and “too good to be true” by Treasury officials at an industry seminar in July. These include hedge-fund strategies that use swaps and currency derivatives to generate ordinary losses that can offset income tax — transactions which are at the heart of products such as AQR Capital Management’s Delphi Plus fund.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) The US and China detailed a plan to cut tariffs on about $30 billion of imports from each country, as the superpower rivals take steps to steady ties following a summit between leaders Donald Trump and Xi Jinping. The list for goods entering the US contains 77 entries, including fireworks, household products, sporting equipment and toys, according to documents published by both governments.   

2) Iran stuck to its seven-day proposal for reopening the crucial Strait of Hormuz, saying it won’t soften its conditions, while President Donald Trump sent mixed signals about his willingness to reach a deal. The conditions Iran wants are something Washington might have agreed to about a year ago, Trump told Axios in an interview on Sunday, saying that Tehran has overplayed its hand. The US president added that he expects negotiations to resume this week even though he rejected Iran’s latest proposal, Axios reported.   

3) UK police were investigating a potential terrorism incident after five men were arrested near an air base used in US strikes on Iran, with President Donald Trump saying the suspects were “looking to do big damage” to the facility. Trump credited British authorities with foiling the incident early Sunday at RAF Fairford, a key launching point for US strikes against Iran. Police were working to establish a motive for what they considered to be a serious attempted attack disrupted at a late stage, according to people familiar with the matter, who asked not to be named discussing an ongoing investigation.

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Stuck in her childhood home during the pandemic, Kayla is shocked to learn that photos of her, altered to make her look naked, are posted to a website where men swap violent fantasies about women. A conversation with police leaves Kayla discouraged.

For official transcripts and additional information on this series, go to bloomberg.com/levittown

See omnystudio.com/listener for privacy information.

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

In the US – a look ahead to the September jobs report with a focus on 3 stocks for the week ahead. In the UK – a look ahead to UK Prime Minister Andy Burnham's plans ahead of his first conference as Labour Party leader. In Asia – a look ahead to the coming decision from the Reserve Bank of Australia.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Donald Trump’s fete for China’s Xi Jinping has been heavy on pageantry and platitudes but light on substantive announcements, with the events shadowed by the US president’s preoccupation with construction projects and personal grievances.Through Thursday evening in Washington, the most significant news tied to the gathering was announced before it even began, when Treasury Secretary Scott Bessent said just as Xi’s plane landed that the two sides had extended a trade truce for another two months.

2) US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, according to a person familiar with the discussions.The two countries — which have both refused to make similar agreements in recent months — were making a push for a breakthrough Thursday on the sidelines of the United Nations General Assembly, the person said, declining to be named discussing private matters. Qatari officials are mediating the negotiations.

3) Kathy Hochul warned residents in low-lying areas of New York City and Long Island to prepare for flooding as a powerful storm is set to bring heavy rain and strong winds over the weekend.While New York Governor Hochul said she doesn’t expect widespread damage, even a slight shift in the Nor’easter’s track could worsen conditions, according to a statement late Wednesday. Raging surf will also make it dangerous for any late-season beachgoers, with waves offshore forecast to top 12 feet (3.7 meters) by Thursday.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US and China have sealed a two-month extension to their trade truce, according to Treasury Secretary Scott Bessent. Xi Jinping is visiting the US for the first time in eleven years, and has stated he is "confident" the trip would produce "fruitful results." The truce extension ensures stability until 2027, but expectations for major breakthroughs have been low, with the US yet to be satisfied with China's offer on rare earths and possibly other issues.

2) Iranian President Masoud Pezeshkian said his country won’t allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. Pezeshkian’s address laid out conditions before any meaningful talks with the US can resume, including the US immediately lifting a naval blockade and unfreezing Iranian assets. Iran is ready to resume talks about ending the conflict with the US but will not respond to threats, and will not give up the right to develop nuclear technology for economic purposes.

3) Yields on the US government’s longest-dated bonds climbed to the highest level in more than two decades, the latest milestone notched in an extended bond selloff driven by inflation and fiscal concerns. The rate on 30-year Treasuries rose as much as four basis points on Thursday to 5.44%, the highest since 2004, after Brent crude oil prices jumped. It follows a surge this week that left yields across maturities around the highest levels since 2007. Pressure on long-dated bonds has mounted as economic growth, elevated energy prices as well as inflation and heavier government borrowing prompt investors to demand more compensation for locking up money for decades.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said his officials had “very good” talks with Iranian envoys in New York, reviving hopes for a diplomatic off-ramp. Iran laid down “firm positions” for the reopening of the Strait of Hormuz, including the US immediately lifting a naval blockade, unfreezing Iranian assets and ending the war “on all fronts." Trump said the three-hour session was “very productive” and another was being planned for the near future, but it’s not clear what, if any, progress was made in New York.
2) President Trump is welcoming Xi Jinping to Washington for a state visit focused more on pageantry than policy, with low expectations for breakthroughs on long-standing feuds between the world’s biggest economies. The trip will include meetings on thorny issues such as trade and Taiwan, as well as a state dinner, with both sides having lowered expectations for either breakthroughs or bust-ups. Fault lines remain beneath the diplomatic efforts, including US concerns over China's grip on rare earths and Chinese opposition to a proposed US weapons package for Taiwan.
3) Several Senate Republicans are breaking from President Trump on issues such as the Iran war and fuel prices ahead of the Midterm elections. Republican lawmakers are calling for measures to reduce fuel costs, including a ban on diesel exports and releasing supply from the Northeast Home Heating Oil Reserve. Senate Armed Services Chair Roger Wicker is one such name, saying he wouldn't have scheduled such a lavish welcome for Chinese leader Xi Jinping. Wicker says he hopes President Trump asks about China's military buildup and support for Iran during tomorrow night's state dinner.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Chinese and US officials discussed artificial intelligence, investment and trade in New York on Monday. The talks focused on delivering on what’s been agreed by the US and Chinese lead negotiators, according to China’s Vice Finance Minister Liao Min. A trade truce extension is possible, with US Trade Representative Jamieson Greer saying a three to six-month extension is possible.
2) Oil erased earlier gains on a report that Iran could reopen the Strait of Hormuz if the US lifted a blockade of its ports. Japan’s Kyodo News Agency reported that Iran has proposed to reopen Hormuz within seven days if the American blockade is lifted. It said Iran is trying to break a prolonged stalemate in the conflict and that the proposal will be used as the basis for discussions with mediating countries at the United Nations General Assembly. President Trump is set to address the United Nations General Assembly in New York later on Tuesday, and may meet with his Iranian counterpart, Masoud Pezeshkian, on the sidelines. Al Jazeera also cited Iran’s Revolutionary Guard as saying it could negotiate to end the war if the country’s national interest required it.
3) President Trump is set to sign a security deal with Denmark and Greenland to end a bitter dispute over the Arctic island, expanding Washington’s military role. The deal will leave Greenland under Danish sovereignty, with Prime Minister Mette Frederiksen saying it's "a good agreement" that benefits all sides. The US plans to reopen one military base in southern Greenland and establish a second site on the country’s east coast, according to people familiar with the matter.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US and Chinese officials offered upbeat assessments of their talks on artificial intelligence, trade and investment, signaling a mutual desire to steady ties ahead of this week’s summit between leaders Donald Trump and Xi Jinping.China’s top trade negotiator, Li Chenggang, said the talks were held in a “good atmosphere” as he left JPMorgan Chase & Co.’s headquarters in New York on Sunday, while US Treasury Secretary Scott Bessent lauded “very successful” discussions. The Chinese official Xinhua News Agency called the exchange “candid, in-depth and constructive.”
2) Oil dropped for a fourth day, with Brent set for the longest run of declines since June, as traders tracked diplomatic efforts to end the US-Iran war and signs cargoes are still getting through the Strait of Hormuz.
3) The settlement talks between Paramount Skydance Corp. and California officials over the planned acquisition of Warner Bros. Discovery Inc. are said to include a financial penalty if the company fails to make good on a promise to distribute 30 films per year in theaters.Paramount would have to pay $30 million for each film that falls short of that goal, according to two people familiar with the discussions who asked to not be identified because the negotiations are private. It could also be forced to sell its stake in Miramax, the studio behind movies such as Pulp Fiction, if it fails to meet the target, one of the people said.

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

In the US – we look at upcoming home building data In the UK – we preview elections in Germany In Asia – we discuss President Xi's visit to the US this week

 

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US is expected to hold off announcing new tariffs on China and other trading partners until after next week’s summit between Presidents Xi Jinping and Donald Trump, according to people familiar with the matter, a delay that could preserve such a threat as leverage in the negotiations.
2) The current round of panic over artificial intelligence is based on the conviction that the technology has slipped out of human control to do its own bidding in several recent incidents. To some disillusioned AI researchers — and some senior employees at leading AI companies — this is an early sign of a true threat to human civilization. But other experts in the field are pushing back, claiming that such talk allows companies to sidestep accountability for real-world impacts of their technology. Critics see AI’s environmental impacts, the threat of job displacement, or the potential for mass surveillance as more urgent targets for policymakers.
3) At least two liquefied natural gas shipments transited the Strait of Hormuz this week as producers look for ways to increase flows to a market struggling with a lack of supply and surging prices.A tanker that loaded at Qatar’s Ras Laffan export plant in late August appeared in the Gulf of Oman earlier this week, according to ship-tracking data compiled by Bloomberg, indicating it had passed through the contested waterway. The vessel wasn’t sending a signal when it traversed Hormuz, but jamming and interference is common in the area, complicating efforts to ascertain the exact location of ships.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The Federal Reserve raised interest rates by a quarter percentage point and plans an additional hike later this year to contain inflation. Chairman Kevin Warsh said the action shows the Fed is serious about delivering on the price stability objective and removing a dose of accommodation. The rate increase defied President Trump, who said on social media that US interest rates should be at 1% or lower and called for lower interest rates.
2) President Trump said he will put very serious tariffs or stop trading with Europe if he thinks the European Union's push to make Canada a potential associate is harmful to the US. European Commission President Ursula von der Leyen proposed Canada becoming the first associate member of the European Union, saying she would like to work with Canadian Prime Minister Mark Carney on the idea. Trump's comments risk further inflaming a simmering trade war between the US and Canada, with Trump having already imposed tariffs on Canadian goods and restricted Canadian goods from federal government purchases.
3) OpenAI shared several undisclosed incidents of its AI models misbehaving and unveiled a new framework for tracking and disclosing such occurrences going forward. The company detailed various instances of its artificial intelligence models misbehaving, including fabricating missing data and attempting to bypass network restrictions. OpenAI said it does not believe that the AI industry has solved alignment and monitoring to a sufficient degree to continue responsibly scaling at maximum speed for much longer.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Senior Trump administration officials met with Anthropic's top Washington executive to discuss artificial intelligence safety risks. Tensions between Anthropic and the administration were reignited by a essay posted by the company's CEO Dario Amodei, who called for government regulation and urged pacing development of the most advanced AI systems. President Trump dismissed fears about AI risks as "a hoax" and rejected the idea of new rules, while leading AI developers have begun discussing AI safety concerns among themselves.
2) The Federal Reserve is expected to lift interest rates on Wednesday for the first time since 2023 as policymakers lose confidence that inflation will cool sufficiently without at least a nudge from the central bank. A rate hike could provoke fresh criticism from the White House, with President Donald Trump recently arguing that the US should have the lowest borrowing costs in the world. The Fed will release a post-meeting statement and updated economic forecasts and rate projections on Wednesday, with Chairman Kevin Warsh scheduled to hold a post-meeting press conference 30 minutes later.
3) European Commission President Ursula von der Leyen proposed Canada becoming the first associate member of the European Union. Von der Leyen discussed closer cooperation with Canada on manufacturing, tech, defense and energy, and cited the Arctic as a “flagship joint project.” Canada's priority list includes concluding the ratification of CETA, the EU-Canada Comprehensive Economic and Trade Agreement, and ironing out differences over EU's carbon pricing tool and rules.

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Today's top stories, with context, in just 15 minutes.   

On today's podcast:   

1) The Supreme Court refused to clear the Postal Service to enforce new restrictions on mail-in ballots for the congressional midterm elections, rebuffing the Trump administration’s request to intervene. The court denied the Justice Department’s request to lift a Boston federal judge’s order that barred the Postal Service from making its new mail-in ballot rules mandatory through the November contests. The Supreme Court's decision means that the Postal Service cannot enforce the new rules for the midterms, but the legal fight over whether the agency can ultimately adopt the rules for future election cycles may still continue.   

2) The 10-year US Treasury yield rose to the highest in almost two decades, driven by surging energy prices, mounting debt and inflation. The yield on the global bond benchmark rose to 5.02% on Tuesday, surpassing a peak from 2023 to hit the highest since 2007. The pressure in the bond market raises the stakes ahead of the Federal Reserve’s interest-rate decision, where investors expect officials to raise short-term borrowing costs for the first time since July 2023.   

3) President Trump's opposition to guardrails on artificial intelligence puts him at odds with lawmakers from both parties who have AI safety fears. Trump belittled a push led by Anthropic PBC and OpenAI to slow work on cutting-edge systems, dismissing existential fears about AI as "a hoax." Lawmakers are working on legislation aimed at addressing AI safety concerns, including a bipartisan group of senators who are working on legislation requiring top AI developers to prevent catastrophic risks.Eric Mollo

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Anthropic and OpenAI are promising measures to rein in the pursuit of cutting-edge AI models to better understand the risks posed by the technology following a series of security breaches. The two companies' calls to slow down AI development may be resisted by forces in the tech industry, financial markets, and the Trump administration, which has staked its economic agenda on aggressive AI advancement. Anthropic CEO Dario Amodei has proposed opening the company's doors to third-party evaluators to review new systems before their release, and OpenAI CEO Sam Altman has said he likes the idea and plans to implement it at his company.
2) Oil prices rose after Saudi Arabia closed a major crude pipeline following attacks, disrupting a key route that bypasses the Strait of Hormuz. The closure may lead to output cuts if it is prolonged, according to June Goh, senior oil market analyst at Sparta Commodities SA. A meeting between Iran and several Gulf nations on creating a temporary shipping lane through Hormuz was postponed, amid a rapid military advance by Iranian-backed Houthi militants in Yemen.
3) The Fed faces pressure to hike interest rates to tame elevated inflation, which puts Chair Kevin Warsh on a collision course with President Trump, who has pressed the central bank to slash rates. Trump has repeatedly argued that US borrowing costs should be the lowest in the world, and a rate hike could lead to a public rebuke from the president, damaging Warsh's credibility. Warsh is trapped in an institutional vise, where he must balance the Fed's independence with the president's pressure, and a decision to hike or hold rates could have consequences for inflation and the administration's economic goals.

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

In the US – a look ahead to the next FOMC decision, along with a focus on 3 stocks for the week ahead. In the UK – a look ahead to Sweden’s general election. In Asia – a look ahead to the next monetary policy decision from the Bank of Japan.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Politicians and public figures will gather today marking 25 years since the September 11th terrorist attacks in the United States National remembrance ceremonies will take place to honor the more than 3,000 people killed that day. This year, the National September 11th Memorial & Museum is adding a seventh moment of silence at 12:30pm, honoring thousands whose lives were cut short by illnesses linked to the toxic aftermath of the attacks. More than 8,000 people enrolled in the World Trade Center Health Program have since died, and officials say tens of thousands continue to battle 9/11-related health conditions. The FDNY will also lead a moment of silence at 9:11a E at the Times Square triangle, before heading to the NASDAQ to ring the opening bell.
2) A six-member bloc of Gulf states are considering meeting with Iranian officials to discuss the future of the Strait of Hormuz, people familiar with the matter said. Oman is aiming to get foreign ministers from the Gulf Cooperation Council and Iran together on Monday in Salalah, according to a person familiar with the matter. The meeting is not confirmed and worsening hostilities between Saudi-backed forces and the Houthis may complicate the plans, another person said.
3) Diesel prices rose above $6 a gallon for the first time ever, raising the risk of further energy-driven inflation. The impact of record-high diesel prices will trickle down to consumers as diesel is a key input in food prices, the cost of shipping and construction. Geopolitical turmoil has sharply curtailed the world’s ability to produce and ship sufficient quantities of diesel, with fighting around the Strait of Hormuz and lost refining capacity limiting production and distribution.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump offered voters a quid pro quo, saying elect Republicans and get a $5,000 payout, which he called the Trump dividend. The proposal is unlikely to become law, as fellow Republicans have already rejected similar ideas and Congress would need to approve a cash payment program with a price tag well over $1 trillion. Trump's announcement was met with skepticism, with some seeing it as a desperate attempt to motivate voters and others predicting it will backfire, particularly given the US debt at record levels.
2) Iran is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure, according to a senior official. The US and Iran have been engaged in a war for seven months, with recent tit-for-tat attacks pushing up energy prices and adding pressure on President Trump to end the conflict. Iran's leaders believe they have little choice but to keep fighting until they're confident Washington will be too wary to attack again in future, despite the worsening economic situation in the country.
3) Apple unveiled the iPhone Duo, the company's first foldable smartphone, which will improve on rivals' foldable models. The iPhone Duo has a 7.6-inch screen, an outer 5.4-inch screen, and will be able to work with the iPad's Apple Pencil stylus, with a cost starting at $1,999. The device will be available for preorder on Oct. 16 in more than 70 countries and regions, ahead of its release on Oct. 23, and will sit at the top of Apple's iPhone lineup.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher. The conflict has disrupted flows through the crucial Strait of Hormuz chokepoint, although millions of barrels a day continue to cross the waterway — mostly on tankers with their signals turned off. The continued disruption means inventories have continued to decline across the globe, with analytics firm Vortexa seeing the amount of oil on ships at sea down by more than 150 million barrels since the middle of July.
2) Apple's $570 billion summer surge is saddling new Chief Executive Officer John Ternus with high expectations heading into the company’s most anticipated event in years: the unveiling of the foldable iPhone on Wednesday. Apple's stock has rallied 15% since June 25, driven by excitement about the new lineup of devices, particularly the foldable phone. The company's revenue is expected to rise 15% in fiscal 2026, which would be the fastest pace of growth since 2021. Apple's ability to protect profitability is critical for a stock that has grown increasingly expensive, with a valuation well above its 10-year average multiple and the S&P 500.
3) Representative Chris Pappas won the Democratic primary for a New Hampshire Senate seat, setting up a November showdown with former Republican Senator John Sununu. The seat is a must-win for Democrats in a state that hasn’t elected a Republican senator in 16 years, with a loss complicating the party’s chances of securing a Senate majority. Pappas defeated medical scientist Karishma Manzur, earning roughly 60% support, while Sununu defeated Scott Brown, leading with almost 70% of the vote.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Canada imposed tariffs of 15% to 50% on hundreds of products from the US as Prime Minister Mark Carney bets that standing up to President Donald Trump will help Ottawa's negotiating position. The measure will hit US exporters particularly hard in states such as Michigan and Ohio that do a lot of business with Canada and host heated races in November's midterm elections. Canada's retaliatory tariffs are meant to make the cost of this trade war real enough for American businesses and consumers that Washington sees a clear incentive to return to the table.
2) Brent oil approached $100 a barrel after Saudi Arabia said operations at several energy facilities were halted by attacks. The state-run Saudi Press Agency said the strikes took place Tuesday and wounded a number of people, with Iran-backed Houthi militants saying they targeted the kingdom's Jazan refinery and facilities. Markets are increasingly pricing a prolonged Mideast conflict, with Goldman Sachs analysts modestly raising the bank's oil-price estimates on the assumption that shipping disruptions will persist into 2027.
3) The yen is closing in on its strongest level this year after a break through 155 per dollar triggered stop-loss orders, putting the 152 area firmly in traders’ sights. Expectations for tighter BOJ policy have provided a more fundamental source of support, while the break through 155 is now adding technical momentum. The yen’s rally has also extended across major crosses including the euro, pound and Australian dollar, pointing to broad-based strength rather than simply dollar weakness.

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On this special Labor Day Holiday edition of Bloomberg Daybreak - hosted by Nathan Hager we: 

Update on where a planned mega takeover in the business world stands on the legal front. Bloomberg Intelligence Senior Litigation Analyst Jennifer Rie will update us on Paramount's planned 110 Billion dollar acquisition of Warner Brothers Discovery. Plus big tech in focus this week. Oracle reports earnings on Wednesday. We will have a preview of what's ahead for Larry Ellison's company with Bloomberg's Brody Ford in San Francisco. Also on Wednesday..Apple will hold its biggest product introduction of the year.. It will also help kick off the tenure of new Chief Executive Officer John Ternus. We hear more from Bloomberg's Mark Gurman

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

In the US – a look ahead to the U.S CPI and PPI reports and a focus on 3 stocks for the week ahead. In the UK – a look ahead to the next decision from the European Central Bank. In Asia – a look ahead to the 18th BRICS Summit in India.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US Vice President JD Vance downplayed the scope of the conflict in Iran, saying he would not describe it as “a war” given major combat operations ended months ago — even after a brief resumption of military strikes earlier in the week.
2) Bloomberg Economics expects the unemployment rate to rise in August, and payroll gains to increase at a subpar pace. We see risks to our forecast tilted toward a higher unemployment rate and even lower payrolls.
3) Anthropic PBC is set to finalize an expansion of its revolving credit facility to $15 billion, according to people familiar with the matter, clearing a hurdle before the artificial intelligence firm’s public filing for its highly anticipated IPO.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran have intensified tit-for-tat military strikes, with Iran hitting merchant vessels and the US striking Islamic Revolutionary Guard Corps sites. Iran said the US killed 18 people with its attacks, and vowed to punish Washington for a strike on a wedding ceremony that killed at least four people and injured 67. The conflict has led to a rise in energy prices, with Brent crude oil climbing more than 6% this week to $95 a barrel, and US pump prices for diesel at a four-year high.
2) US retail diesel prices have hit the highest since mid-2022, topping a peak seen during the early stages of the Iran war. The national average pump price climbed to $5.783 a gallon on Wednesday, surpassing the wartime peak set in April, and is approaching the all-time high of $5.816 in June 2022. The surge in prices presents a political headache for President Donald Trump, as he contends with mounting cost-of-living concerns before November’s midterm elections.
3) A disagreement between Chinese and US officials at a Group of 20 finance chiefs meeting revolved around a dispute over the phrase “non-market” in a sentence addressing trade imbalances. The US side attributed the impasse to disagreements on language spanning issues from critical minerals to debt restructuring, while Chinese officials saw the term as a veiled attack on state-owned companies. The final chair statement from the US included a line saying countries should agree to “eliminate non-market policies and practices that exacerbate imbalances,” which was opposed by China.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Fighting between the US and Iran over control of the Strait of Hormuz escalated, with Tehran accusing American forces of bombing a residential area in a wave of overnight strikes.The US military carried out its second round of attacks in three days, which US Central Command said targeted radar systems and mine-laying capabilities along Iran’s southern coast. This prompted the Islamic Republic to retaliate with drone and missile volleys on US bases across the Middle East, in line with tactics used throughout the six-month war.
2) Three Massachusetts Democrats with more than 110 years of service in Congress between them held off much younger challengers in Tuesday’s primaries.Sen. Ed Markey, an outspoken progressive, trounced Rep. Seth Moulton, a more moderate candidate, by 65%-35% in nearly complete returns. Moulton, 47, ran an anti-establishment and generational-change campaign that tried to make the case that Markey, 80, shouldn’t be given another six-year Senate term he would finish at age 86. Markey said he was as invigorated as ever to stand up to the Trump administration.
3) The selloff sweeping global bond markets looks painful, but it’s nothing compared with the rout four years ago, when soaring inflation forced central banks into a series of rapid-fire interest-rate hikes.The difference is scale. While the latest pullback has driven yields to multi-year highs in the world’s biggest markets, the move is just a fraction of the one seen in late 2022. Global government bond yields have risen 17 basis points on a rolling 20-day cumulative basis, compared with 62 basis points back then, data compiled by Bloomberg show. On a peak-to-trough basis, bonds have lost 4.2% this year — a far cry from the 23% plunge seen in 2022.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Donald Trump dismissed concerns that the conflict in Iran was draining American firepower as clashes resumed in the on-again off-again hostilities that have stretched more than six months, with neither side willing to restart negotiations to end the war.“This is a relatively little war for us,” Trump told reporters on Monday. “This is not a big war.”
2) A woman randomly stabbed two people in New York City’s Times Square on Monday, killing one woman, and then was fatally shot by police, according to officials.The shooting happened just before 4:30 p.m. next to a New York Police Department substation, just outside One Times Square, the building that hosts the city’s annual New Year’s Eve ball drop celebration. It is one of the most heavily touristed and policed spots in all of New York.
3) US Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss, Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues.Driscoll submitted his resignation to President Donald Trump, according to a person familiar with the matter who asked not to be identified. His decision was first reported by the Wall Street Journal.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US and Iran exchanged strikes as American forces hit an island in the Strait of Hormuz and Iran responded by launching attacks on the United Arab Emirates and Jordan. Iranian media said the country's authorities seized a bulk carrier near the port of Bandar Abbas and claimed an oil supertanker was hit by mines early on Monday. The incidents underline the high tensions between Washington and Tehran, with crude oil prices rising and several current and former US and Iranian officials expecting the conflict to drag on for months.

2) Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again. The reaction of the market will depend on upcoming economic data, including employment and inflation figures, with some investors warning that the Fed's credibility could be at risk if it does not follow through on expected rate hikes.

3) Nepal is racing to find thousands still missing after a glacial collapse unleashed catastrophic flooding along the border with China, with rising water levels and worsening weather threatening to hamper rescue efforts. More than 8,700 people have been rescued, with almost 20,000 security personnel mobilized, and at least 752 people have been confirmed dead, while over 3,000 are still unaccounted for. Rescue personnel have been told to exercise "utmost caution" as they work to retrieve bodies and provide relief services, with challenges mounting as days pass and weather conditions weigh on rescue efforts.

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Over the next two decades, more than $100 trillion will change hands in the greatest wealth transfer in history. This is a massive opportunity for financial advisors, both new and established. This conversation provides detailed, research-backed information and practical advice for financial advisors who are considering their next move. Produced by Bloomberg Media Studios and Prudential Financial, this roundtable discussion provides clear and honest perspectives on the changes that are coming.

Guests on the show include:
David Blanchett, Head of Retirement Research with Prudential Financial, and Portfolio Manager with PGIM
Brittney Castro, CFP, AAMS, CRPC, Financial Expert and Speaker
Chelsea Ransom-Cooper, Co-Founder and Chief Financial Planning Officer with Zenith Wealth Partners
Maggie Lake, Financial Journalist

Research sources:
Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets, 2024
Cerulli Associates: The Cerulli Edge, U.S. Retail Investor, 2023
Alliance for Lifetime Income: Protected Retirement Income and Planning Study, 2024
Prudential Communications: Global Retirement Pulse Survey, 2025

For more about this series visit us at:
https://sponsored.bloomberg.com/media/prudential/the-great-client-transfer 

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Bloomberg Money is a new, weekly podcast focused on YOUR money. Listen for wealth strategies, retirement tips and a personal finance insights. Join Tom Keene and Scarlet Fu for new episodes every Friday.   

Listen on Apple:  https://podcasts.apple.com/us/podcast/bloomberg-money/id6803227140     
Listen on Spotify:  https://open.spotify.com/show/3lvzLLAZMdrxTB6y68Nb5g

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

In the US – a look ahead to the August jobs report and a focus on 3 stocks for the week ahead. In the UK – a look ahead to state elections in eastern Germany. In Asia – a look ahead to South Korea inflation data.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Traders are looking for clarity on Federal Reserve Chair Kevin Warsh's economic outlook and strategy for bringing inflation back to target ahead of his address at Jackson Hole. Warsh’s address is shaping up as a crucial moment for markets as doubts about his commitment to taming inflation have helped push up long-term yields. The speech will be more significant for the foreign-exchange, gold and bond markets than for equities, according to Ulrich Urbahn, head of multi-asset strategy and research at Berenberg.
2) Iran's top diplomat said resuming diplomacy with the US "isn't impossible" after "creative discussions" with Qatar. Foreign Minister Abbas Araghchi said progress "hinges on U.S. understanding of one simple fact: pressure doesn’t work" and called on Washington to build trust and uphold its commitments. The US remains hawkish in its public comments, with President Trump signaling he will not lift a blockade of Iranian ports just to restart talks.
3) Nepal will need at least “a few billion dollars” to recover from the devastation caused by flash floods, according to Finance Minister Swarnim Wagle. At least 469 people have been confirmed dead and more than 1,500 people are missing across Nepal and China after flash floods wiped out bridges, roads and entire settlements. Multilateral institutions including World Bank and Asian Development Bank have committed funds for humanitarian needs, while neighboring countries including India and China have provided supplies and financial assistance.

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On today's podcast:
1) Nvidia gave a bullish sales outlook for fiscal 2028, with Chief Financial Officer Colette Kress saying the company expects to grow revenue by approximately 70% in fiscal 2028. The company's second-quarter earnings report showed revenue of $96.2 billion, with profit of $2.22 a share, excluding certain items, and its data center division had revenue of $89 billion. Nvidia warned that margins would narrow in the coming months due to a surge in memory costs, but expects the measure to settle down to 72% to 73% in fiscal 2028 as the company increases its own prices.
2) Central bankers gathering in Jackson Hole, Wyoming will emphasize a global rethink on inflation and the prospect of higher borrowing costs in the face of new threats. Faced with upward price pressures from the Iran war, the artificial intelligence investment boom and extreme weather, some central banks have already raised rates, with more expected to follow suit. Investors are increasingly jumpy over how the latest inflationary forces will combine with rising debt levels, and will be keen to hear from Fed Chairman Kevin Warsh, who has so far avoided a firm stance on tackling prices.
3) Federal Reserve Governor Lisa Cook denied unproven mortgage fraud allegations repeated by President Trump. Cook's attorney Abbe Lowell called the allegations "unfounded and untrue" in a letter sent to the White House, stating that Cook has never committed mortgage fraud or any intentional wrongdoing. The White House did not have an immediate comment on Cook's letter, which comes after Trump narrowly lost his initial bid at the Supreme Court to oust Cook.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The Chinese government and Xi Jinping are sending a message of defiance to President Trump over China's economic ties with Iran. China will take "all necessary measures" to safeguard its interests, according to Foreign Ministry spokesperson Lin Jian, after the US sanctioned dozens of Chinese entities. China has thrown Tehran an economic lifeline as its biggest buyer of oil, and Xi appears in no rush to help Trump end a conflict that's pulling US resources from Asia.

2) The Trump administration is discussing additional trade penalties against Canada after Prime Minister Mark Carney unveiled dollar-for-dollar retaliation to new tariffs imposed by the US. Additional US escalation against Canada could include higher tariffs and other trade actions, according to a White House official. The Canadian government announced that it would double its existing counter-tariffs on US steel and aluminum products to 50% and apply new 50% duties to other US products, affecting $20 billion worth of annual US exports to Canada.

3) Wall Street is anticipating Nvidia's earnings for what they mean to artificial intelligence investors and the market itself. Nvidia is considered the best barometer for AI spending, and its earnings will help determine if hyperscalers are still accelerating or becoming more disciplined. Investors want to hear what Chief Executive Officer Jensen Huang has to say about capital spending, future demand, and new financing deals that involve Nvidia.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Treasury Secretary Scott Bessent’s threat to unleash an “economic D-Day” against Iran risks setting the US on a collision course with China, its main trading partner. Bessent promised an “economic onslaught against Iran’s financial connections around the globe” and unveiled dozens of new sanctions, but the main thrust was threatening secondary sanctions against companies and countries that continue doing business with Iran. China defended its cooperation with Iran and warned of potential retaliation, saying it will take all necessary measures to firmly safeguard its own interests, as the US effort to impose secondary sanctions risks expanding the economic disruption caused by the war against Iran.
2) Canada's government will announce measures to "protect and support" its workers and businesses in response to US tariffs. Domestic measures will include expanded jobless benefits and loans for businesses affected by the tariffs. Canada plans to retaliate against the US tariffs, with Prime Minister Mark Carney saying "everything is on the table" regarding the country's response. US-Canada trade talks collapsed after Commerce Secretary Howard Lutnick applied last-minute pressure, leading President Donald Trump to impose new tariffs and Canadian Prime Minister Mark Carney to vow retaliation.
3) Bitcoin climbed above $80,000 for the first time since mid-May as optimism returns to the crypto market amid bullish signals. The increase comes after Bitcoin rallied in the seven days through Sunday, and spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade talks collapsed. Carney is designing a domestic aid package to help businesses hurt by US tariffs, which will remain in place for the duration of the conflict and throughout the rest of Trump’s term if need be. The US has said the path for talks is unclear, with US Trade Representative Jamieson Greer stating that they don’t have new talks planned with the Canadians and are moving forward with measures that respond to Canadian retaliation.

2) Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years. A US blockade has left loaded Iranian vessels trapped inside the Persian Gulf and a fleet of empty ones stuck outside, resulting in a scarcity of oil in the region. Treasury Secretary Scott Bessent is due to unveil a plan for “the greatest coordinated economic isolation in the history of the world”, targeting Chinese refiners and the banks funding them.

3) Investors are looking for Fed Chair Kevin Warsh to clarify his views on how the US central bank should react to stubborn inflation when he speaks on Friday at the annual gathering in Jackson Hole, Wyoming. The chairman's communications strategy is off to a rocky start, and he's under pressure to give clearer guidance of how the Fed might react over the remainder of the year. Recent data have shown inflation, while still above the Fed's 2% goal, may be starting to cool, with economists estimating the PCE price index rose 3.6% in July from a year ago.

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

In the US – a look ahead to Fed Chair Kevin Warsh’s speech in Jackson Hole and earnings from chip giant, Nvidia. In the UK – a look ahead to a key meeting of French business leaders as they count down to a pivotal Presidential election. In Asia – a look ahead to Tokyo inflation

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Oil headed for a substantial weekly gain, as a US push to isolate Iran’s economy raised the specter of further market disruption.Global crude benchmark Brent traded above $93 a barrel, on pace for a weekly advance of around 6%. West Texas Intermediate for October was near $86 a barrel following a five-session run of gains.

2) Treasury Secretary Scott Bessent said that he’s prepared to expand efforts to buy back costlier debt and that the administration will be unveiling a new fiscal initiative to address the highest borrowing costs in years.

3) Anthropic PBC expects to match or beat the size of SpaceX’s record-setting initial public offering, according to people familiar with the matter, in the latest sign of overwhelming demand from investors looking to profit from the artificial intelligence boom.

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