October 17, 2025 • 18 mins
On today's podcast:
1) President Trump said he would hold a second meeting with Russian President Vladimir Putin “within two weeks or so” aimed at ending the war in Ukraine. Trump and Putin agreed to meet in Budapest during a two-hour phone call on Thursday. Later, Trump expressed optimism that the summit could result in a ceasefire breakthrough even though an August meeting in Alaska failed to yield one. The conversation took place a day before Trump’s White House meeting with Ukrainian President Volodymyr Zelenskiy on Friday, who has pressed the US president to sell his country long-range Tomahawk missiles that can strike deeper into Russian territory.
2) Zohran Mamdani and Andrew Cuomo sparred over experience and integrity in a heated New York City mayoral debate, while Republican Curtis Sliwa took aim at both rivals. Cuomo attacked Mamdani’s policies as radical, while Mamdani hit back over the former governor’s pandemic handling and harassment allegations. With the presence of President Trump looming large, candidates also clashed over public safety, antisemitism, and political credibility.
3) Three weeks into the federal government shutdown, President Trump has avoided direct involvement in talks to end the stalemate, despite Democratic calls for him to lead negotiations. Republican leaders continue to resist linking health care subsidies to any funding deal, while the administration pushes forward with unilateral budget cuts and federal layoffs.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:16):
Karen, we begin with the latest efforts to end the
warren Ukraine. President Trump is meeting with Ukrainian President Vladimir
Zelensky at the White House to discuss air, defense and
energy assistants. Bloomberg's Amy Morris reports from Washington.
Speaker 4 (00:29):
Ukrainian officials have offered to share expertise in drone technology
and production in exchange for US weapons and energy. Zelensky
is also expected to discuss the possibility of the US
exporting liquefied natural gas to help with Ukraine's energy needs,
and may offer US oil companies use of Ukraine's pipeline infrastructure.
This comes just a day after President Trump and Russian
(00:51):
President Vladimir Putin agreed to meet in Budapest to discuss
an end to the war in Ukraine. White House Press
Secretary Caroline Levitt they.
Speaker 5 (00:58):
Also agreed to of a high level senior staff meeting
convene as early as next week.
Speaker 4 (01:05):
Levitt says President Trump will also talk with Zelensky today
about meeting with Putin. In Washington, Amymore as Bloomberg Radio.
Speaker 2 (01:12):
All Right, Amy, thank you. Canadian Prime Minister Mark Kearney
is weighing in on the Russia Ukrainian War. In an
interview with Bloomberg's Michelle Hussein, Karney says NATO should keep
all options open if Russia violates its airspace and it
does what's necessary to protect the alliance. Carney says Russia's
use of jets and drones over European members of NATO
(01:33):
should be viewed as a sign of weakness, not strength.
Speaker 6 (01:37):
Russia's under pressure. Russia's under pressure. They're trying what they
can to shift, but they're under economic pressure their military situation.
They were making some progress over the course of the summer.
That progress has stopped.
Speaker 2 (01:52):
And you can listen to the full conversation between Michelle
Hussein and the Canadian Prime Minister Mark Kearney. Just searched
the Michelle Hussin Show where wherever you get your podcasts
or on the Bloomberg podcast channel on YouTube.
Speaker 3 (02:04):
All right, Karen. The first New York City mayor Old
Debate is in the books. Bloomberg's John Tucker joined us
now in Manhattan with the very latest John looks like
it was a heated debate.
Speaker 7 (02:13):
Yeah, and one of the more heated issues affordability, with
Democrats socialist frontrunner Zoron Mundani behind a rent freeze on
rent control departments.
Speaker 8 (02:22):
The last Rent Guidelines Board study showed that profits were
up twelve percent for landlords of those units.
Speaker 4 (02:28):
And what do they do? They raised the rent.
Speaker 7 (02:30):
And former governor now independent candidate Andrew Cuomo pointed out
that's unworkable.
Speaker 3 (02:35):
Freeze the rent only postpones the rent because then you
have to have an increase to cover the costs.
Speaker 9 (02:41):
Otherwise the building is going to go bankrupt.
Speaker 7 (02:44):
And Republican Curtis Leewo chimed in, we have twenty five
Empire State buildings full of commercial space that will never
be occupied for office space.
Speaker 8 (02:53):
We should be converting them into affordable apartments. Their indents
areas the infrastructure can shut it.
Speaker 7 (03:00):
Pressed on how they would handle President Trump, mom Donnie,
who walked to the NBC debate venue at thirty Rockefeller
Plaza from Trump Tower accompanied by a brass band, said
he would stand up the president while also being willing
to work with him on lowering costs and affordability. Cuomo
warned if Mom Donnie wins it will be mayor Trump A.
Sliwa also cautioned that taking two contentious atone with the
(03:23):
president would end up hurting the city. A second and
final debates scheduled for next week in New York. I'm
John Tucker, Bloomberg.
Speaker 2 (03:31):
Radio Ray John, thank you. In DC, the government shutdown
enters its third week. Democrats continue to urge the extension
of Affordable Care Act tax credit, so Republicans say they're
not negotiating until the government's reopened. Senate Majority leader Republican
John Thune says he offered Democrats the opportunity to vote
to extend tax credits. Democratic Senate minority leader Chuck Schumer
(03:53):
says he wants to negotiate behind closed doors.
Speaker 10 (03:56):
We're not negotiating in public.
Speaker 8 (03:58):
Plane and simple Boon has not come to me with
any proposal at this point.
Speaker 2 (04:04):
And Chuck Schumer and Democrats remain installed in the Senate
and House majority leader Mike Johnson says Republicans are holding
firm on their position too.
Speaker 3 (04:12):
I don't like being mad, Mike.
Speaker 11 (04:14):
I want to be happy, Mike.
Speaker 7 (04:15):
I want to be the happy warrior.
Speaker 2 (04:16):
But I am so upset about this and Republican House
majority leader Mike Johnson says his party will debate Obamacare
subsidies after the government reopens Karen.
Speaker 3 (04:26):
Former Trump administration National security advisor John Bolton has been
indicted over allegedly mishandling classified documents. Bolton was charged with
eighteen counts by a federal grand jury in Maryland, and
federal prosecutor secured an arrest warrant. Bloomberg's Kate Sullivan has
more from Washington.
Speaker 5 (04:43):
This indictment comes, you know, just weeks after indictments against
Jim Comey and Latitia James. After Comy was indicted, Trump
suggested that there were more people his administration were targeting,
clearly part of a retribution campaign that Trump has been
signaling for a long time now.
Speaker 3 (04:58):
Bloomberg's Kate Sullivan's Bolton has been an outspoken critic of
Donald Trump. He served for more than a year in
the president's first administration.
Speaker 2 (05:07):
Let's turn to the markets now, Lisa, where futures are
lower once again following yesterday sell off on Wall Street,
and the drop comes on concerns over the credit health
of some banks. Two regional banks, Science Bank Corp. And
Western Alliance Bank Corps. Say they were victims of suspected
fraud on loans time to distress property funds and again
more from Bloomberg Finance reporter Jenny Serraine.
Speaker 12 (05:29):
In both of these cases, what they're talking about is
not something that's mission critical or going to actually impact
what these banks have from a capital perspective. But I
think it just speaks to this broader investor fear that
we've been in such a good credit environment for so
long that they're afraid that these banks have gotten a
little bit lazy and that they're not doing what they
should be doing on the underwriting front, on the risk
(05:51):
management front, on the new year customer front. And so
every time you see these kind of you know, fraud
or other issues or high profile bankruptcy, that's why you
see all these investor jitters kind of coming to the fore.
Speaker 2 (06:03):
And Bloombergy Finance reporter Jenny Sarraine says the problems with
the regional banks spread to the entire banking industry. Seventy
four of the biggest US banks shed more than one
hundred billion dollars in market value.
Speaker 3 (06:14):
Well shares of Eli, Lilly and Novo Nordis they're falling.
This is after President Trump said the price of the
blockbuster diabetes drug Ozempic could come down to just one
hundred and fifty dollars a month. The US list price
of ozempic is roughly one thousand dollars for a month's supply.
Trump told reporters that the cost of the drug made
by Novo will soon be much lower. Lily sells similar treatments,
(06:36):
including Goovi end zip Bound.
Speaker 2 (06:41):
And it's time now for 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.
Speaker 10 (06:47):
Michael, Good Morning, Good morning Karen. President Donald Trump is
warning a Moss that we will have no choice but
to go in and kill them if internal bloodshed persists
in gazip The grim warning President Trump came after he
previously downplayed the internal islands in the territory. Since the
ceasefire and hostage deal between Israel and a Moss went
(07:09):
into effect last week, the President hasn't said how he'd
follow through on his threat, posted on his truth social platform. Meanwhile,
some eight trucks are now rolling towards the Gaza Strip.
UN Humanitarian chief Tom Fletcher was on hand to oversee
dozens of trucks loaded up with supplies in Egypt to
head to the Gaza border.
Speaker 12 (07:29):
We know how to do this, We know how to
shift eight a massive scale, and when the politics align,
we can save hundreds of thousands of lives.
Speaker 10 (07:39):
The UN's Tom Fletcher says the United Nations already has
two hundred and fifty trucks of food ready to go.
The same day, a federal grand jury handed down an
indictment against former Trump National security advisor John Bolton, another
adversary of the president is speaking out on her case.
New York Attorney General Latisia James, who was indicted last
(08:02):
week on mortgage fraud charges, says she is totally innocent.
Speaker 4 (08:05):
It's baseless.
Speaker 9 (08:07):
It's nothing more than retribution, retribution for basically doing my job,
for doing my job following a two year investigation in
a congressional hearing. It wasn't political, it was based on
facts and the application of the evidence, and the judgment
was sustained.
Speaker 10 (08:24):
President Trump has railed against James and called for her
arrest after she successfully convicted him, his family, and his
business in a civil fraud case in New York. We've
lost a member of Kiss. Ace Frehley, the original lead
guitarist of the hard rock band, has died after a
(08:44):
recent fall in his home in Morristown, New Jersey. Frehley
was with Kiss from nineteen seventy three to nineteen eighty
two and then from nineteen ninety six to two thousand
and two. Ace Frehley was seventy four Global news twenty
four hours a day and whenever you want it with
the Bloomberg News. Now Michael Barr, and this is Bloomberg Karen.
Thanks Michael.
Speaker 2 (09:04):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 8 (09:09):
If Darren looks like the Dodgers are going back to
the World Series. They beat Milwaukee three to one. They
lead the NLCS three games to none. The Brewers have
only nine hits in three games. The ALCS is tied
to two. The road team has won every game Toronto.
Another one sided win in Seattle eight to two, the
win to forty year old Max Schurzer. The quarterbacks in
(09:29):
Cincinnati both forty years old and Joe Flacco really outplayed
Aaron Rodgers. The Bengals in an upset beat the Steelers
thirty three thirty one. That's your Bloomberg Sports update.
Speaker 4 (09:40):
Stay with us.
Speaker 2 (09:41):
More from Bloomberg day Break coming up after this.
Speaker 1 (09:48):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum, this is Bloomberg Daybreak.
Speaker 3 (09:59):
It is thirteen on Wall Street. Well, President Donald Trump
said he plans to hold a second meeting with Russian
President Vladimir Putin in Budapest to end the war with Ukraine.
Now that announcement comes as the President gets ready to
meet with Ukrainian President Vladimir Zelenski today. Here to tell
us more about this is Bloomberg's Jill Deesis. Jill, thanks
for joining us once again. So President Trump said he
(10:21):
would hold this next meeting with President Putin within two
weeks or so. I mean, it comes after this two
hour phone call yesterday between the leaders. That's a long
phone call, two hours. Do we know anything about what
was discussed?
Speaker 11 (10:34):
Yes, Good morning, Lisa. We do have some sense of
what was ultimately discussed here. I think really what this
ultimately comes down to, though, is it seems quite unusual
that Trump would kind of preempt his meeting that we's
expecting with Zelensky in order to talk with Putin. Obviously,
the war in Ukraine is something that really really frustrates Trump.
(10:55):
This is something that one time, you know, only about
a year ago or so, he was saying that he
would ultimately be able to bring the end to in
a day. What he told reporters in the Oval office
after this meeting was, you know, kind of that you
equivocated a bit on the possibility of sending some long
range Tomahawk missiles as well as the Senate push for
(11:15):
pushing sanctions against Russia. I think, you know, really the
question here is, ultimately, when you look at how Trump
has really behaved when it comes to this conflict, particularly
over the past month or so, he's gotten a lot
colder toward Putin and gotten a bit warmer towards Zelensky,
I think the question is whether or not, you know,
this phone call with Putin indicates that, you know, maybe
(11:36):
there's still some things that are up in the air
when it comes to resolving this conflict.
Speaker 3 (11:40):
Now, when it comes to resolving the conflict, so Trump
said he was optimistic that the second meeting could result
in a ceasefire, but I mean, didn't there August meeting
in Alaska kind of fail to get one. How are
things different this time around?
Speaker 11 (11:52):
Yes, I think yes. I mean, look, you're coming off
of this Alaska meeting where we really didn't see a
whole lot. I mean, if anything continued to see Putin
in Russia, you know, continue to be aggressive. I think
one of the big concerns about you know, first of all,
the fact that Trump has had this call with Putin,
the fact that he's going into this meeting with Zelensky
and then trying to make some kind of a summit
(12:13):
with Putin happen within you know, two weeks or so.
That's really you know, Trump's favored unit of time at
this point. So still a little bit concerning is a
one that actually happens here, But it kind of by
by talking to Putin and then sort of setting up
this summit, kind of removes a little bit of the
pressure that we had seen Trump sort to mount against
(12:33):
Putin to bring an end to this conflicts, you know,
only almost kind of opens the door, you know, for
some kind of continued negotiations here. So I do think
that's what's a little bit different this time around. Now,
whether that actually results in a ceasefire. I think remains
to be seen, really really keen to see what happens
after the Zelensky visit today, because obviously Zelenski's going into
that meeting with them, you know, a lot of his
(12:55):
own aims. But yeah, I think it's again just a
very interesting question is how this ultimately affects the Trump
Putin relationship going into that potential summit here.
Speaker 3 (13:04):
Yeah, and you touched upon this, Jill, So how did
that then, you know, that phone call, that too r
phone call. How does that set the stage for the
meeting today between President Trump and Vladimar Zelensky.
Speaker 11 (13:14):
Well, I think it does raise questions about how much
commitment Trump may have to some of the efforts in
terms of, you know, uh, the Ukraine seeking help from
the US First War efforts. So what we're expecting to
see Zelensky discussing this meeting is the possibility of the
US exporting liquefied natural gas helping with Ukraine's energy needs,
(13:35):
you know, potentially, you know, the idea of Zelensky discussing
with Trump air defense, long range weaponry, urgent energy assistant.
So again, the fact that it seemed like Trump equivocated
on a little bit of that during his talk with Putin.
Does raise that question of how much, you know, the
US might go forward with you know, any of these
concerns that Zelensky has. Again, I think all of this
(13:56):
just really kind of you know, raises a lot of
questions about what a ceasefire ultimately looks like and ultimately
how much momentum you could see the US sort of
building a lot of these discussions with Zelenski and then
ultimately going forward with Putin. I mean, remember, the other
big question in all of this too is where the
EU comes into this, because Trump has been you know,
pretty pretty hard on the idea of the EU needing
to sort of step up and be a really really
(14:18):
central player here. So obviously he loves sort of brokering deals.
But again, it just there's a lot of questions.
Speaker 3 (14:24):
Yeah, and this all of course coming on the heels
of securing that ceasefire between Israel and haw Maas. I mean,
does that provide a little bit more confidence that a
similar result it could happen in Ukraine?
Speaker 11 (14:35):
Yeah, I mean I do think that it does a
little bit, right, you know, obviously, still some questions over
that ceasefire as well. You know, we've seen, you know,
various accusations about how much you know, you know, some
are holding. But you know, that certainly was a significant
breakthrough here, and you know it was a win for Trump.
So again, I think that if you're Donald Trump, you're
probably looking to build on the momentum of that as well.
(14:56):
Certainly gives Trump some confidence going into some of these negotiations.
So you know, we'll see how that tone is reflected.
I think when Trump meets with Selensky later today.
Speaker 3 (15:06):
I'm gonna throw another name in here, Hunger here in
Prime Minister Victor Ormond. He posted his excitement about the
meeting on social media between Trump and Putin. Why did
they chose choose Budapest? I'm just curious.
Speaker 11 (15:19):
Yeah, I think that's you know, also, you know, quite interesting.
I think if you're europe you might be there's some
some European allies of the United States you might view
that particular choice with some skepticism. That idea of you know,
is uh is Putin trying to drive a wedge between
the US and Europe as Putin meets with Trump in particular.
(15:41):
But you know that that mostly because Orbon has really
been the target of a lot of, you know, really
fierce criticism from the EU and from NATO allies for
maintaining close ties with Russia even after the war broke out.
So I do think it's you know, quite an interesting
choice obviously, something that Putin must favor, you know, quite
quite a bit. So again I think, you know, there's
still seems to be a lot of logistics working out.
(16:02):
Trump's also got some you know, other pretty significant international
visits to contend with as well, So we'll see how
things get on.
Speaker 3 (16:10):
And in the last minute we have Jian. What can
we expect moving forward? I mean, has the tone changed
before we get into these talks.
Speaker 11 (16:16):
Yeah, I think that, you know, at this point, certainly
the not a ton of progress being yielded out of Alaska,
this idea. Now that you know, Trump is obviously preempting
this meeting with Zelensky by talking to Putin, you know,
it's it raises some questions about you know, how much
sort of Trump is looking at this in terms of
how to work on negotiation, because again he had been
(16:38):
you know, souring a bit on Putin in favor of
Zelensky actual in Ukraine, and that's really certainly a tonal
shift that we saw from earlier this year. Does the
pendulum swing it all the other way? I think is
one thing. I think you know, ultimately though Trump he
really just wants, you know, another another victory in terms of,
you know, trying to proclaim that he's brought an end
to conflict. So I do think that that's part of
(17:01):
his motivations here in making something happen. Whether he's actually successful,
I think, you know, certainly remains we seen.
Speaker 2 (17:08):
This is Bloomberg Daybreak, your morning podcast on the stories
making news from Wall Street to Washington and beyond.
Speaker 3 (17:14):
Look for us on your podcast feed by six am
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Speaker 2 (17:21):
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Speaker 2 (17:42):
And don't forget to subscribe to Bloomberg and News Now.
It's the latest news, whenever you want it in five
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podcast platform to stay informed all day long. I'm Karen Moscow.
Speaker 3 (17:55):
And I'm Lisa Mateo. Join us again tomorrow morning for
all the news you need to start your day right
here on Bloomberg Daybreak
Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2 (00:10):
Good morning, I'm Lisa Matteo and I'm Karen Moscow. Here
are the stories we're following today.
Speaker 3 (00:16):
Karen, we begin with the latest efforts to end the
warren Ukraine. President Trump is meeting with Ukrainian President Vladimir
Zelensky at the White House to discuss air, defense and
energy assistants. Bloomberg's Amy Morris reports from Washington.
Speaker 4 (00:29):
Ukrainian officials have offered to share expertise in drone technology
and production in exchange for US weapons and energy. Zelensky
is also expected to discuss the possibility of the US
exporting liquefied natural gas to help with Ukraine's energy needs,
and may offer US oil companies use of Ukraine's pipeline infrastructure.
This comes just a day after President Trump and Russian
(00:51):
President Vladimir Putin agreed to meet in Budapest to discuss
an end to the war in Ukraine. White House Press
Secretary Caroline Levitt they.
Speaker 5 (00:58):
Also agreed to of a high level senior staff meeting
convene as early as next week.
Speaker 4 (01:05):
Levitt says President Trump will also talk with Zelensky today
about meeting with Putin. In Washington, Amymore as Bloomberg Radio.
Speaker 2 (01:12):
All Right, Amy, thank you. Canadian Prime Minister Mark Kearney
is weighing in on the Russia Ukrainian War. In an
interview with Bloomberg's Michelle Hussein, Karney says NATO should keep
all options open if Russia violates its airspace and it
does what's necessary to protect the alliance. Carney says Russia's
use of jets and drones over European members of NATO
(01:33):
should be viewed as a sign of weakness, not strength.
Speaker 6 (01:37):
Russia's under pressure. Russia's under pressure. They're trying what they
can to shift, but they're under economic pressure their military situation.
They were making some progress over the course of the summer.
That progress has stopped.
Speaker 2 (01:52):
And you can listen to the full conversation between Michelle
Hussein and the Canadian Prime Minister Mark Kearney. Just searched
the Michelle Hussin Show where wherever you get your podcasts
or on the Bloomberg podcast channel on YouTube.
Speaker 3 (02:04):
All right, Karen. The first New York City mayor Old
Debate is in the books. Bloomberg's John Tucker joined us
now in Manhattan with the very latest John looks like
it was a heated debate.
Speaker 7 (02:13):
Yeah, and one of the more heated issues affordability, with
Democrats socialist frontrunner Zoron Mundani behind a rent freeze on
rent control departments.
Speaker 8 (02:22):
The last Rent Guidelines Board study showed that profits were
up twelve percent for landlords of those units.
Speaker 4 (02:28):
And what do they do? They raised the rent.
Speaker 7 (02:30):
And former governor now independent candidate Andrew Cuomo pointed out
that's unworkable.
Speaker 3 (02:35):
Freeze the rent only postpones the rent because then you
have to have an increase to cover the costs.
Speaker 9 (02:41):
Otherwise the building is going to go bankrupt.
Speaker 7 (02:44):
And Republican Curtis Leewo chimed in, we have twenty five
Empire State buildings full of commercial space that will never
be occupied for office space.
Speaker 8 (02:53):
We should be converting them into affordable apartments. Their indents
areas the infrastructure can shut it.
Speaker 7 (03:00):
Pressed on how they would handle President Trump, mom Donnie,
who walked to the NBC debate venue at thirty Rockefeller
Plaza from Trump Tower accompanied by a brass band, said
he would stand up the president while also being willing
to work with him on lowering costs and affordability. Cuomo
warned if Mom Donnie wins it will be mayor Trump A.
Sliwa also cautioned that taking two contentious atone with the
(03:23):
president would end up hurting the city. A second and
final debates scheduled for next week in New York. I'm
John Tucker, Bloomberg.
Speaker 2 (03:31):
Radio Ray John, thank you. In DC, the government shutdown
enters its third week. Democrats continue to urge the extension
of Affordable Care Act tax credit, so Republicans say they're
not negotiating until the government's reopened. Senate Majority leader Republican
John Thune says he offered Democrats the opportunity to vote
to extend tax credits. Democratic Senate minority leader Chuck Schumer
(03:53):
says he wants to negotiate behind closed doors.
Speaker 10 (03:56):
We're not negotiating in public.
Speaker 8 (03:58):
Plane and simple Boon has not come to me with
any proposal at this point.
Speaker 2 (04:04):
And Chuck Schumer and Democrats remain installed in the Senate
and House majority leader Mike Johnson says Republicans are holding
firm on their position too.
Speaker 3 (04:12):
I don't like being mad, Mike.
Speaker 11 (04:14):
I want to be happy, Mike.
Speaker 7 (04:15):
I want to be the happy warrior.
Speaker 2 (04:16):
But I am so upset about this and Republican House
majority leader Mike Johnson says his party will debate Obamacare
subsidies after the government reopens Karen.
Speaker 3 (04:26):
Former Trump administration National security advisor John Bolton has been
indicted over allegedly mishandling classified documents. Bolton was charged with
eighteen counts by a federal grand jury in Maryland, and
federal prosecutor secured an arrest warrant. Bloomberg's Kate Sullivan has
more from Washington.
Speaker 5 (04:43):
This indictment comes, you know, just weeks after indictments against
Jim Comey and Latitia James. After Comy was indicted, Trump
suggested that there were more people his administration were targeting,
clearly part of a retribution campaign that Trump has been
signaling for a long time now.
Speaker 3 (04:58):
Bloomberg's Kate Sullivan's Bolton has been an outspoken critic of
Donald Trump. He served for more than a year in
the president's first administration.
Speaker 2 (05:07):
Let's turn to the markets now, Lisa, where futures are
lower once again following yesterday sell off on Wall Street,
and the drop comes on concerns over the credit health
of some banks. Two regional banks, Science Bank Corp. And
Western Alliance Bank Corps. Say they were victims of suspected
fraud on loans time to distress property funds and again
more from Bloomberg Finance reporter Jenny Serraine.
Speaker 12 (05:29):
In both of these cases, what they're talking about is
not something that's mission critical or going to actually impact
what these banks have from a capital perspective. But I
think it just speaks to this broader investor fear that
we've been in such a good credit environment for so
long that they're afraid that these banks have gotten a
little bit lazy and that they're not doing what they
should be doing on the underwriting front, on the risk
(05:51):
management front, on the new year customer front. And so
every time you see these kind of you know, fraud
or other issues or high profile bankruptcy, that's why you
see all these investor jitters kind of coming to the fore.
Speaker 2 (06:03):
And Bloombergy Finance reporter Jenny Sarraine says the problems with
the regional banks spread to the entire banking industry. Seventy
four of the biggest US banks shed more than one
hundred billion dollars in market value.
Speaker 3 (06:14):
Well shares of Eli, Lilly and Novo Nordis they're falling.
This is after President Trump said the price of the
blockbuster diabetes drug Ozempic could come down to just one
hundred and fifty dollars a month. The US list price
of ozempic is roughly one thousand dollars for a month's supply.
Trump told reporters that the cost of the drug made
by Novo will soon be much lower. Lily sells similar treatments,
(06:36):
including Goovi end zip Bound.
Speaker 2 (06:41):
And it's time now for 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.
Speaker 10 (06:47):
Michael, Good Morning, Good morning Karen. President Donald Trump is
warning a Moss that we will have no choice but
to go in and kill them if internal bloodshed persists
in gazip The grim warning President Trump came after he
previously downplayed the internal islands in the territory. Since the
ceasefire and hostage deal between Israel and a Moss went
(07:09):
into effect last week, the President hasn't said how he'd
follow through on his threat, posted on his truth social platform. Meanwhile,
some eight trucks are now rolling towards the Gaza Strip.
UN Humanitarian chief Tom Fletcher was on hand to oversee
dozens of trucks loaded up with supplies in Egypt to
head to the Gaza border.
Speaker 12 (07:29):
We know how to do this, We know how to
shift eight a massive scale, and when the politics align,
we can save hundreds of thousands of lives.
Speaker 10 (07:39):
The UN's Tom Fletcher says the United Nations already has
two hundred and fifty trucks of food ready to go.
The same day, a federal grand jury handed down an
indictment against former Trump National security advisor John Bolton, another
adversary of the president is speaking out on her case.
New York Attorney General Latisia James, who was indicted last
(08:02):
week on mortgage fraud charges, says she is totally innocent.
Speaker 4 (08:05):
It's baseless.
Speaker 9 (08:07):
It's nothing more than retribution, retribution for basically doing my job,
for doing my job following a two year investigation in
a congressional hearing. It wasn't political, it was based on
facts and the application of the evidence, and the judgment
was sustained.
Speaker 10 (08:24):
President Trump has railed against James and called for her
arrest after she successfully convicted him, his family, and his
business in a civil fraud case in New York. We've
lost a member of Kiss. Ace Frehley, the original lead
guitarist of the hard rock band, has died after a
(08:44):
recent fall in his home in Morristown, New Jersey. Frehley
was with Kiss from nineteen seventy three to nineteen eighty
two and then from nineteen ninety six to two thousand
and two. Ace Frehley was seventy four Global news twenty
four hours a day and whenever you want it with
the Bloomberg News. Now Michael Barr, and this is Bloomberg Karen.
Thanks Michael.
Speaker 2 (09:04):
Time now for our Bloomberg Sports update, and for that
we bring in John stash Hour.
Speaker 8 (09:09):
If Darren looks like the Dodgers are going back to
the World Series. They beat Milwaukee three to one. They
lead the NLCS three games to none. The Brewers have
only nine hits in three games. The ALCS is tied
to two. The road team has won every game Toronto.
Another one sided win in Seattle eight to two, the
win to forty year old Max Schurzer. The quarterbacks in
(09:29):
Cincinnati both forty years old and Joe Flacco really outplayed
Aaron Rodgers. The Bengals in an upset beat the Steelers
thirty three thirty one. That's your Bloomberg Sports update.
Speaker 4 (09:40):
Stay with us.
Speaker 2 (09:41):
More from Bloomberg day Break coming up after this.
Speaker 1 (09:48):
Coast to coast on Bloomberg Radio, nationwide on Sirius XM,
and around the world on Bloomberg dot Com and the
Bloomberg Business Appum, this is Bloomberg Daybreak.
Speaker 3 (09:59):
It is thirteen on Wall Street. Well, President Donald Trump
said he plans to hold a second meeting with Russian
President Vladimir Putin in Budapest to end the war with Ukraine.
Now that announcement comes as the President gets ready to
meet with Ukrainian President Vladimir Zelenski today. Here to tell
us more about this is Bloomberg's Jill Deesis. Jill, thanks
for joining us once again. So President Trump said he
(10:21):
would hold this next meeting with President Putin within two
weeks or so. I mean, it comes after this two
hour phone call yesterday between the leaders. That's a long
phone call, two hours. Do we know anything about what
was discussed?
Speaker 11 (10:34):
Yes, Good morning, Lisa. We do have some sense of
what was ultimately discussed here. I think really what this
ultimately comes down to, though, is it seems quite unusual
that Trump would kind of preempt his meeting that we's
expecting with Zelensky in order to talk with Putin. Obviously,
the war in Ukraine is something that really really frustrates Trump.
(10:55):
This is something that one time, you know, only about
a year ago or so, he was saying that he
would ultimately be able to bring the end to in
a day. What he told reporters in the Oval office
after this meeting was, you know, kind of that you
equivocated a bit on the possibility of sending some long
range Tomahawk missiles as well as the Senate push for
(11:15):
pushing sanctions against Russia. I think, you know, really the
question here is, ultimately, when you look at how Trump
has really behaved when it comes to this conflict, particularly
over the past month or so, he's gotten a lot
colder toward Putin and gotten a bit warmer towards Zelensky,
I think the question is whether or not, you know,
this phone call with Putin indicates that, you know, maybe
(11:36):
there's still some things that are up in the air
when it comes to resolving this conflict.
Speaker 3 (11:40):
Now, when it comes to resolving the conflict, so Trump
said he was optimistic that the second meeting could result
in a ceasefire, but I mean, didn't there August meeting
in Alaska kind of fail to get one. How are
things different this time around?
Speaker 11 (11:52):
Yes, I think yes. I mean, look, you're coming off
of this Alaska meeting where we really didn't see a
whole lot. I mean, if anything continued to see Putin
in Russia, you know, continue to be aggressive. I think
one of the big concerns about you know, first of all,
the fact that Trump has had this call with Putin,
the fact that he's going into this meeting with Zelensky
and then trying to make some kind of a summit
(12:13):
with Putin happen within you know, two weeks or so.
That's really you know, Trump's favored unit of time at
this point. So still a little bit concerning is a
one that actually happens here, But it kind of by
by talking to Putin and then sort of setting up
this summit, kind of removes a little bit of the
pressure that we had seen Trump sort to mount against
(12:33):
Putin to bring an end to this conflicts, you know,
only almost kind of opens the door, you know, for
some kind of continued negotiations here. So I do think
that's what's a little bit different this time around. Now,
whether that actually results in a ceasefire. I think remains
to be seen, really really keen to see what happens
after the Zelensky visit today, because obviously Zelenski's going into
that meeting with them, you know, a lot of his
(12:55):
own aims. But yeah, I think it's again just a
very interesting question is how this ultimately affects the Trump
Putin relationship going into that potential summit here.
Speaker 3 (13:04):
Yeah, and you touched upon this, Jill, So how did
that then, you know, that phone call, that too r
phone call. How does that set the stage for the
meeting today between President Trump and Vladimar Zelensky.
Speaker 11 (13:14):
Well, I think it does raise questions about how much
commitment Trump may have to some of the efforts in
terms of, you know, uh, the Ukraine seeking help from
the US First War efforts. So what we're expecting to
see Zelensky discussing this meeting is the possibility of the
US exporting liquefied natural gas helping with Ukraine's energy needs,
(13:35):
you know, potentially, you know, the idea of Zelensky discussing
with Trump air defense, long range weaponry, urgent energy assistant.
So again, the fact that it seemed like Trump equivocated
on a little bit of that during his talk with Putin.
Does raise that question of how much, you know, the
US might go forward with you know, any of these
concerns that Zelensky has. Again, I think all of this
(13:56):
just really kind of you know, raises a lot of
questions about what a ceasefire ultimately looks like and ultimately
how much momentum you could see the US sort of
building a lot of these discussions with Zelenski and then
ultimately going forward with Putin. I mean, remember, the other
big question in all of this too is where the
EU comes into this, because Trump has been you know,
pretty pretty hard on the idea of the EU needing
to sort of step up and be a really really
(14:18):
central player here. So obviously he loves sort of brokering deals.
But again, it just there's a lot of questions.
Speaker 3 (14:24):
Yeah, and this all of course coming on the heels
of securing that ceasefire between Israel and haw Maas. I mean,
does that provide a little bit more confidence that a
similar result it could happen in Ukraine?
Speaker 11 (14:35):
Yeah, I mean I do think that it does a
little bit, right, you know, obviously, still some questions over
that ceasefire as well. You know, we've seen, you know,
various accusations about how much you know, you know, some
are holding. But you know, that certainly was a significant
breakthrough here, and you know it was a win for Trump.
So again, I think that if you're Donald Trump, you're
probably looking to build on the momentum of that as well.
(14:56):
Certainly gives Trump some confidence going into some of these negotiations.
So you know, we'll see how that tone is reflected.
I think when Trump meets with Selensky later today.
Speaker 3 (15:06):
I'm gonna throw another name in here, Hunger here in
Prime Minister Victor Ormond. He posted his excitement about the
meeting on social media between Trump and Putin. Why did
they chose choose Budapest? I'm just curious.
Speaker 11 (15:19):
Yeah, I think that's you know, also, you know, quite interesting.
I think if you're europe you might be there's some
some European allies of the United States you might view
that particular choice with some skepticism. That idea of you know,
is uh is Putin trying to drive a wedge between
the US and Europe as Putin meets with Trump in particular.
(15:41):
But you know that that mostly because Orbon has really
been the target of a lot of, you know, really
fierce criticism from the EU and from NATO allies for
maintaining close ties with Russia even after the war broke out.
So I do think it's you know, quite an interesting
choice obviously, something that Putin must favor, you know, quite
quite a bit. So again I think, you know, there's
still seems to be a lot of logistics working out.
(16:02):
Trump's also got some you know, other pretty significant international
visits to contend with as well, So we'll see how
things get on.
Speaker 3 (16:10):
And in the last minute we have Jian. What can
we expect moving forward? I mean, has the tone changed
before we get into these talks.
Speaker 11 (16:16):
Yeah, I think that, you know, at this point, certainly
the not a ton of progress being yielded out of Alaska,
this idea. Now that you know, Trump is obviously preempting
this meeting with Zelensky by talking to Putin, you know,
it's it raises some questions about you know, how much
sort of Trump is looking at this in terms of
how to work on negotiation, because again he had been
(16:38):
you know, souring a bit on Putin in favor of
Zelensky actual in Ukraine, and that's really certainly a tonal
shift that we saw from earlier this year. Does the
pendulum swing it all the other way? I think is
one thing. I think you know, ultimately though Trump he
really just wants, you know, another another victory in terms of,
you know, trying to proclaim that he's brought an end
to conflict. So I do think that that's part of
(17:01):
his motivations here in making something happen. Whether he's actually successful,
I think, you know, certainly remains we seen.
Speaker 2 (17:08):
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