October 29, 2025 • 6 mins
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Speaker 1 (00:00):
News when you wanted with Bloomberg News. Now I'm Doug Prisoner.
We begin in South Korea, where President Trump and Chinese
President chi Jinping our meeting at this hour. Both leaders
are expected to hammer out details on a trade framework agreement,
and that would include China pausing its export controls on
rare earth minerals and at the same time resuming the
(00:22):
purchase of US soybeans, all of this in exchange for
lower tariffs. Before the meeting, President Trump praised President She.
Speaker 2 (00:30):
It's a great honor to be with a friend of
mine really for a long time now, if you think
about it, the very very distinguished and respected president of China,
and we will be having some discussions. I think we've
already agreed to a lot of things, and we'll agree
to some more right now. But President She is a
(00:54):
great leader of a great country.
Speaker 1 (00:56):
Trump went on to say that the two sides have
already agreed on a lot of things, and from the
China side, President She said he was again ready to
work with President Trump to build a foundation for US
China relations. We move next to the Federal Reserve. Today,
as expected, policymakers cut their key interest rate by a
quarter point. Fedchair Jay Powell said risk to inflation are
(01:18):
tilted to the upside, while risk to employment tilted to
the downside.
Speaker 3 (01:23):
Although official employment data for September are delayed, available evidence
suggests that both layoffs and hiring remain low, and that
both household's perceptions of job availability and firm's perceptions of
hiring difficulty continue to decline.
Speaker 1 (01:38):
Importantly, Powell also cautioned against assuming the FED would cut
rates again in December.
Speaker 3 (01:43):
In the committee's discussions at this meeting, there were strongly
differing views about how to proceed in December. A further
reduction in the policy rate at the December meeting is
not a foregone conclusion. Far from it. Policy is not
on precent course now.
Speaker 1 (02:01):
Two FED members dissented. We had Governor Stephen Myron favoring
a larger half point cut, while the head of the
Kansas City FED, Jeff Schmid, preferred not to cut at all.
We got reaction from Diane Swank, chief economist at KPMG, well.
Speaker 4 (02:16):
Instead of a dual mandate, we have a dueling mandate,
and that's what you saw. We had seven people that
had on their dots either no cuts or only the
one cut. That we had, and descents are rarely done
in a vacuum. And I think Schmid's descent was also
in line with another six of those nineteen participants that
did not think we needed any additional cuts right now,
(02:38):
and I think that's what was important.
Speaker 1 (02:40):
That is, Diane Swank from KPMG open Ai is reportedly
preparing for an initial public offering. Reuter says the IPO
could value the company at as much as a trillion dollars.
After the bell, we had a flood of earnings news.
Microsoft reported a steeper increase in spending than Wall Street
had expected. That's due to building out those data centers. Now,
(03:02):
for the latest quarter, Microsoft's Azure cloud computing unit posted
an increase in revenue of thirty nine percent, beating Wall
Street estimates. We got reaction from Bloomberg analyst on a
rag Rana.
Speaker 5 (03:14):
You look at Azure growth of thirty nine percent, I mean,
given that size, that's pretty good. The margins actually stood
outa way higher than what we were anticipating. We thought
there was going to be pressure on margins because of
all the spending, and then the last leg when you
look at the capex number substantially higher than the thirty
billion that they talked about now in You know, to
(03:34):
some people, maybe that's a disappointment, but for us, that's
a good thing because I think they have so much
demand coming in.
Speaker 1 (03:40):
Honorag Rana there, he is senior tech analyst at Bloomberg Intelligence.
Shares and Microsoft were down by more than two percent
in late trading. We also heard from Meta Platforms. The
company reported third quarter earnings above expectations. However, net income
fell short forecast because of a one time non cash
charge for income tax. Perhaps more worrisome, Meta is expecting
(04:03):
total expenses to significantly increase in twenty twenty six. Now
that's due to spending on AI data centers and other equipment.
We got reaction from Ivan Findeseth. He is Research director
and chief investment officer at Tigris Financial Partners.
Speaker 6 (04:19):
We have seen investors make a mistake consistently in selling
Mata Meta Platforms on capital investment increases, they continue to
invest in driving their AI capabilities, which drives increased user engagement,
it drives increase return on AdSpend investment. So I like
when they continue to invest, and we've seen this multiple times.
Speaker 1 (04:42):
Ivan findest There from Tigris Financial Partners shares and Meta
were down as much as nine percent in late US trading.
We also heard from Alphabet. The company reported quarterly sales
above estimates tied to its cloud unit. Alphabet is investing
record amounts to push more aias into popular products like
Google Search. We got reaction from brook May, managing partner
(05:06):
at Evans May Wealth.
Speaker 7 (05:08):
Alphabet is the horse that I would put my money
on right now. You know, they've blown their earnings out
of the water. You know, not only did they have
good earnings growth, but you know the cloud growth was
very strong. You know, Search is strong.
Speaker 1 (05:22):
Brook May there, managing partner at Evans May Wealth. Shares
in Alphabet were up nearly five percent in late US trading.
President Trump is planning to nominate Ryan Bash for a
slot on the Federal Trade Commission. He is currently serving
as a staffer at the National Economic Council, and we
are told that Bash would replace Melissa Holyoake. She is
(05:42):
expected to be nominated to serve as US Attorney for Utah.
If confirmed, Bash would fill one of three Republican spots
on the five member FTC. In sports, Game five of
the World Series is wrapped up. The Toronto Blue Jays
defeated the Los Angeles Dodgers by a score of six
to one. The Blue Jays now lead the series three
(06:04):
games to two. Game six will be played Friday in Toronto.
And that is news when you want it with Bloomberg News. Now,
I'm Doug Prisoner and this is Bloomberg
News when you wanted with Bloomberg News. Now I'm Doug Prisoner.
We begin in South Korea, where President Trump and Chinese
President chi Jinping our meeting at this hour. Both leaders
are expected to hammer out details on a trade framework agreement,
and that would include China pausing its export controls on
rare earth minerals and at the same time resuming the
(00:22):
purchase of US soybeans, all of this in exchange for
lower tariffs. Before the meeting, President Trump praised President She.
Speaker 2 (00:30):
It's a great honor to be with a friend of
mine really for a long time now, if you think
about it, the very very distinguished and respected president of China,
and we will be having some discussions. I think we've
already agreed to a lot of things, and we'll agree
to some more right now. But President She is a
(00:54):
great leader of a great country.
Speaker 1 (00:56):
Trump went on to say that the two sides have
already agreed on a lot of things, and from the
China side, President She said he was again ready to
work with President Trump to build a foundation for US
China relations. We move next to the Federal Reserve. Today,
as expected, policymakers cut their key interest rate by a
quarter point. Fedchair Jay Powell said risk to inflation are
(01:18):
tilted to the upside, while risk to employment tilted to
the downside.
Speaker 3 (01:23):
Although official employment data for September are delayed, available evidence
suggests that both layoffs and hiring remain low, and that
both household's perceptions of job availability and firm's perceptions of
hiring difficulty continue to decline.
Speaker 1 (01:38):
Importantly, Powell also cautioned against assuming the FED would cut
rates again in December.
Speaker 3 (01:43):
In the committee's discussions at this meeting, there were strongly
differing views about how to proceed in December. A further
reduction in the policy rate at the December meeting is
not a foregone conclusion. Far from it. Policy is not
on precent course now.
Speaker 1 (02:01):
Two FED members dissented. We had Governor Stephen Myron favoring
a larger half point cut, while the head of the
Kansas City FED, Jeff Schmid, preferred not to cut at all.
We got reaction from Diane Swank, chief economist at KPMG, well.
Speaker 4 (02:16):
Instead of a dual mandate, we have a dueling mandate,
and that's what you saw. We had seven people that
had on their dots either no cuts or only the
one cut. That we had, and descents are rarely done
in a vacuum. And I think Schmid's descent was also
in line with another six of those nineteen participants that
did not think we needed any additional cuts right now,
(02:38):
and I think that's what was important.
Speaker 1 (02:40):
That is, Diane Swank from KPMG open Ai is reportedly
preparing for an initial public offering. Reuter says the IPO
could value the company at as much as a trillion dollars.
After the bell, we had a flood of earnings news.
Microsoft reported a steeper increase in spending than Wall Street
had expected. That's due to building out those data centers. Now,
(03:02):
for the latest quarter, Microsoft's Azure cloud computing unit posted
an increase in revenue of thirty nine percent, beating Wall
Street estimates. We got reaction from Bloomberg analyst on a
rag Rana.
Speaker 5 (03:14):
You look at Azure growth of thirty nine percent, I mean,
given that size, that's pretty good. The margins actually stood
outa way higher than what we were anticipating. We thought
there was going to be pressure on margins because of
all the spending, and then the last leg when you
look at the capex number substantially higher than the thirty
billion that they talked about now in You know, to
(03:34):
some people, maybe that's a disappointment, but for us, that's
a good thing because I think they have so much
demand coming in.
Speaker 1 (03:40):
Honorag Rana there, he is senior tech analyst at Bloomberg Intelligence.
Shares and Microsoft were down by more than two percent
in late trading. We also heard from Meta Platforms. The
company reported third quarter earnings above expectations. However, net income
fell short forecast because of a one time non cash
charge for income tax. Perhaps more worrisome, Meta is expecting
(04:03):
total expenses to significantly increase in twenty twenty six. Now
that's due to spending on AI data centers and other equipment.
We got reaction from Ivan Findeseth. He is Research director
and chief investment officer at Tigris Financial Partners.
Speaker 6 (04:19):
We have seen investors make a mistake consistently in selling
Mata Meta Platforms on capital investment increases, they continue to
invest in driving their AI capabilities, which drives increased user engagement,
it drives increase return on AdSpend investment. So I like
when they continue to invest, and we've seen this multiple times.
Speaker 1 (04:42):
Ivan findest There from Tigris Financial Partners shares and Meta
were down as much as nine percent in late US trading.
We also heard from Alphabet. The company reported quarterly sales
above estimates tied to its cloud unit. Alphabet is investing
record amounts to push more aias into popular products like
Google Search. We got reaction from brook May, managing partner
(05:06):
at Evans May Wealth.
Speaker 7 (05:08):
Alphabet is the horse that I would put my money
on right now. You know, they've blown their earnings out
of the water. You know, not only did they have
good earnings growth, but you know the cloud growth was
very strong. You know, Search is strong.
Speaker 1 (05:22):
Brook May there, managing partner at Evans May Wealth. Shares
in Alphabet were up nearly five percent in late US trading.
President Trump is planning to nominate Ryan Bash for a
slot on the Federal Trade Commission. He is currently serving
as a staffer at the National Economic Council, and we
are told that Bash would replace Melissa Holyoake. She is
(05:42):
expected to be nominated to serve as US Attorney for Utah.
If confirmed, Bash would fill one of three Republican spots
on the five member FTC. In sports, Game five of
the World Series is wrapped up. The Toronto Blue Jays
defeated the Los Angeles Dodgers by a score of six
to one. The Blue Jays now lead the series three
(06:04):
games to two. Game six will be played Friday in Toronto.
And that is news when you want it with Bloomberg News. Now,
I'm Doug Prisoner and this is Bloomberg
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