Brent crude reaches $100 a barrel for the first time since July as the US and Iran keep up attacks on each other. Trade tensions escalate as the Trump administration blocks imports of some Canadian products and imposes fresh levies. Treasury Secretary Scott Bessent dares the market to bet against the Japanese yen. President Trump gears up to speak at the Republican National Convention in Dallas, Texas. Isabelle Scemama, BNP Paribas Global Head of AM Alternatives, and Blair Jacobson, Ares Management Co-President, joins Bloomberg’s Guy Johnson on “Bloomberg Brief” from the IPEM Global conference in Paris, France.

Chapters:
00:00:00 – Bloomberg Brief Begins
00:00:18 – Oil, Trade and Global Markets Headlines
00:00:46 – Global Market Check: Asian Markets Rally on Tech and AI Optimism
00:02:14 – European Markets, Energy Prices and ECB Outlook
00:03:31 – Oil Tops $100 as Treasury Yields Rise
00:04:50 – First Look Movers: Software, Lithium and AI
00:06:11 – Iran Conflict Escalates and Pressures Oil Markets, Houthi Attacks Raise Risks for Saudi Arabia
00:09:54 – US-Canada Trade Tensions Escalate
00:12:45 – Trending on the Terminal
00:14:35 – Isabelle Scemama, BNP Paribas Asset Management Global Head of AM Alternatives, on Private Markets and Europe
00:23:15 – Front Page News
00:26:41 – Bessent’s Yen Intervention and Treasury Buybacks
00:29:54 – US-Canada Trade War and Economic Risks
00:31:39 – Oil Prices Become a Midterm Election Issue, Trump and Republicans Prepare for Dallas Midterm Convention
00:36:21 – Blair Jacobson, Co-President of Ares Management, on Rates, Geopolitics and Private Markets, & AI’s Impact on Software and Private Credit
00:44:57 – What to Watch
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Bloomberg has learned 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.

Donald Trump’s summit with China’s Xi Jinping has produced few substantive announcements so far. Anticipated agreements on tariff cuts and a new line of communication on artificial intelligence have yet to be announced. Trump repeatedly cast Xi as a friend despite intensifying competition on AI and divides over trade.

The early exit of Isabel Schnabel from the European Central Bank is set to intensify the contest for top jobs there including that of President Christine Lagarde. The announcement on Thursday that Germany’s Executive Board member will leave in January, one year before her term expires, creates a vacancy within the institution’s top echelon in little more than three months.

Today’s guests: Mark Haefele, UBS Global Wealth Management CIO; Diana Choyleva, Enodo Economics Chief Economist; Steve Tsang, SOAS University of London Director of the China Institute

—
“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 with Francine Lacqua
00:00:34 – US, Iran said to be exploring phased deal to open Hormuz
00:03:45 – Trump-Xi summit low on substance
00:07:57 – Mark Haefele, UBS Global Wealth Management CIO
00:18:04 – NATO’s Rutte: Europe is ready for hybrid attacks
00:21:39 – Friday top stories
00:23:43 – Friday headlines
00:24:54 – US-China roundtable: SOAS’ Steve Tsang & Enodo Economics’ Diana Choyleva
00:38:51 – UBS mulls merger with foreign bank: Semafor
00:42:11 – ECB succession race heats up
00:45:41 – Wall St reckons with ‘new normal’ 5% yield
——–
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President Donald Trump says that he expects the US will reach an agreement with Iran after the midterms, while addressing the United Nations General Assembly. He also says that the US rejects the globalist “scheme” to control AI and reiterated that he believes Cuba will “fall.”
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Hyderabad has spent decades building the talent, infrastructure and business climate to compete with Bangalore, attracting major tech firms while becoming a hub for life sciences. But AI now threatens some of the lower-cost IT work that helped fuel its rise. The test is whether Hyderabad can use its talent base to move from supporting global innovation to creating more of its own. This version corrects a map of India.
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Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Sally Bakewell, Carol Massar and Tim Stenovec.
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