“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Rep. Nicole Malliotakis (R-NY) says China is “in some ways an ally, in some ways an adversary” as the US and China compete over artificial intelligence. Rep. Malliotakis says talks with Beijing over an AI framework are worthwhile, but questions whether China can be trusted to follow one. Anna Ashton, Co-Founder of Ashton Intelligence, says extending the US-China trade truce will likely be a central issue when President Trump meets Chinese President Xi Jinping. Ashton says the length of any extension matters as China retains leverage through restrictions on rare-earth exports.

Chapters:

00:02:58 Bloomberg’s Nick Wadhams on Trump Addresses UN, Weighs Iran Deal
00:05:54 Rep. Nicole Malliotakis (R-NY) on Iran and Diplomacy
00:09:01 Rep. Nicole Malliotakis (R-NY) on Diesel Prices and Potential Export Ban
00:10:23 Rep. Nicole Malliotakis (R-NY) on Trump, Mamdani and New York City
00:12:49 Rep. Nicole Malliotakis (R-NY) on Xi Jinping Visit and US-China AI Competition
00:15:16 Power Moves: Top Financial Moves
00:18:06 Anna Ashton, Co-Founder of Ashton Intelligence, on AI Issue With Trump-Xi Summit
00:20:10 Anna Ashton on Trade Truce, Export Controls and Rare Earths
00:22:21 Anna Ashton on China’s Role in Russia, Ukraine and Iran
00:24:56 Bloomberg’s Bill Faries on Texas and Michigan Senate Races
00:26:42 Political Panel Reacts: Midterm Election Battles, Republicans, Iran War and Rising Energy Costs, GOP Divisions and Trump Jr. Investigation
00:37:59 Helen McEntee, Ireland Minister for Foreign Affairs and Trade, on US-EU Trade and Tariffs, Ireland, China and EU Trade Strategy

——–
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Stocks held gains driven by a rally in the artificial-intelligence trade as oil fell for a fifth day, with investors tracking diplomatic efforts to end the US-Iran war. Early signs of success for Meta’s new personal agent revived optimism over chip demand, bolstering the sector after a recent rough patch driven by calls for slower AI development.

Alibaba is rolling out what it calls China’s most powerful AI chip, an accelerator to compete with Nvidia and underpin a massive expansion of data center capacity in coming years.

President Volodymyr Zelenskyy will meet President Donald Trump in New York today as the embattled Ukrainian leader looks to shore up support to defend against stepped-up Russian attacks. Zelenskyy has so far brushed off Trump’s calls for Ukraine to stop hitting refineries inside Russia which have triggered fuel shortages.

Today’s guests: Mike Bell, RBC BlueBay Head of Market Strategy; Kristina Spohr, London School of Economics Professor; Cristina Caffarra, EuroStack Initiative Founder & Chair

—
“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse
00:01:56 – AI trade roars back on Meta’s personal agent
00:06:03 – Mike Bell, RBC Bluebay Asset Management Head of Market Strategy
00:15:09 – Latvian Foreign Minister: Russian sabotage is ‘serious worry’
00:16:43 – Merz claims party support after election hit
00:17:41 – Kristina Spohr, London School of Economics Professor
00:25:14 – Tuesday headlines
00:26:14 – Tuesday top stories
00:30:38 – Cristina Caffarra, Eurostack Initiative Founder and Chair
00:37:45 – Novo investors seek more robust sales targets
00:42:29 – Ecuadorian President: Cocaine trade worth about $30 billion a year
00:45:07 – China, US discuss AI, investment and trade
00:47:06 – Macron, Trump discuss Kyiv, Moscow halting energy strikes
——–
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US equity futures waver after Meta, Alibaba and Tencent boosted investor optimism around AI with their latest technology. The US and China held a second round of trade talks ahead of the Trump-Xi summit. President Trump is set to speak as the UN General Assembly convenes in New York City. Kallum Pickering of Peel Hunt joins “Bloomberg Brief” to discuss the sustainability of debt-financed growth.
This video has been edited to correct a graphic to show that the latest AI trade faltered in the Asian session. The correction is placed at 01:01

Chapters:
00:00:00 – Bloomberg Brief: AI Rally, Trade Talks & Oil
00:00:48 – Global Market Check: Asian Markets and Chinese Tech Gains
00:02:22 – European Markets React to Oil Reversal
00:03:31 – Oil Retreats on Iran Diplomacy and Saudi Supply
00:04:56 – First Look movers: On, GameStop and Pharma
00:06:24 – Trump, Xi and the UN General Assembly
00:09:02 – US-China Trade Talks and Rare Earth Leverage
00:12:50 – Oil Markets and the Strait of Hormuz
00:15:41 – Trending on the Terminal
00:16:59 – Alibaba’s New AI Chip Takes Aim at Nvidia, Meta’s AI Momentum and the Chip Rally
00:20:45 – Front Page News
00:21:33 – Market Check: Stocks, Bonds and Crude Oil
00:24:25 – Kallum Pickering, Peel Hunt Chief Economist, on US Debt, Fed Policy and AI Investment Risks, Inflation Risks and the Fed’s Balancing Act
00:32:20 – Trending on the Terminal
00:33:42 – Trump-Xi Talks and UN Diplomacy
00:37:42 – Alibaba, Meta and SoftBank’s AI Financing Boom, Meta AI Adoption and Investor Optimism
00:42:30 – What to Watch
——–
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Bloomberg Surveillance: Early Edition, live from London, Berlin and New York. Francine Lacqua, Anna Edwards, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. ECB Governing Council member Klaas Knot says new restrictions in parts of the euro area to battle record Covid-19 infections are unlikely to change the planned wind-down of monetary stimulus. Amundi Group CIO Pascal Blanque warns of a tech bubble. Julie Norman, Lecturer in Politics & International Relations at University College London, says Russia is the biggest geopolitical challenge for Biden.

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Markets weigh renewed US-Iran diplomacy after President Donald Trump hailed talks following his “annihilation” threat, while Iran says the discussions were aimed at relaying its demands. Trump also said at the UN he believes a deal with Iran could be reached after the midterms.
Saudi Arabia is making progress on restarting its East-West pipeline and eyes a return of oil exports from Yanbu, helping push oil lower alongside Hormuz diplomacy.
Xi Jinping heads to the US as Trump prepares a red-carpet welcome amid a media boycott. The Trump-Xi talks are expected to cover the Iran war, Taiwan, trade and AI, while Xi is unlikely to bring CEOs to the summit. The US and Canada, meanwhile, remain divided over an extension of their trade truce.
Asian stocks rise following a US tech rally, with the Nasdaq 100 closing at a record high on AI optimism, while oil falls. Alibaba shares decline on reports surrounding an LLM probe and Xi’s entourage. The Kospi erases gains ahead of a holiday, and the PBOC sets a weaker yuan fixing for the first time since Sept. 8.
XRG eyes another global energy deal with a potential stake in Shell-backed LNG Canada. Aramco plans to create a gas unit with a view to a potential listing, while the US and Gulf back Todd Boehly’s bid for Lukoil assets.
Trump plans Greenland bases after a deal was signed and rejects an international push to manage AI risks. Anthropic unveils its Opus 5.5 model.
In Africa, Nigeria delivers its deepest rate cut in almost two decades, lowering rates to 23% from 26.5%, while South African rates are seen rising to 7.25%. Africa’s ETG Group weighs a $500 million Eurobond.
Trump also slams the Chagos deal during his first meeting with the UK prime minister. Guests includes Jun Bei Liu, Ten Cap Founder and Mekala Krishnan, McKinsey Global Institute Partner.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:04:36 – Trump Hails Iran Talks After ‘Annihilation’ Threat
00:09:39 – Xi to Arrive in US as Trump Faces Media Boycott
00:15:02 – Jun Bei Liu, Ten Cap Founder
00:27:44 – XRG Eyes Stake in LNG Canada
00:31:14 – Mekala Krishnan, McKinsey Global Institute Partner
00:37:08 – Trump Rejects International Push to Manage AI Risk
00:41:20 – Nigeria Surprises Market With Deep Rate Cut
——–
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