Bloomberg Surveillance: Early Edition, live from London 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. Filippo Alloatti, Head of Financials at Federated Hermes, says there were few options left on the table for Credit Suisse. Pooja Kumra, TD Securities Senior European Rates Strategist, says ECB hiking will last longer than the Fed.

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Yemen says its forces have retaken the strategic Red Sea port of Mocha as the military launches a broader campaign to capture territory.
Oil markets remain in focus after the G7 released as much as 100 million barrels of emergency oil and diesel. Saudi Aramco issues a warning as the kingdom’s East-West oil link operates normally. Kuwait’s oil output recovers to 75% of prewar levels as Hormuz transits rise, while Iraq seeks more tankers to control its oil shipments through the strait.
Global bonds extend their selloff, pushing long-end US yields to their highest levels since 2002. Asian bonds track Treasury losses, while French debt faces further Japanese selling. European bonds diverge as investors unload French and Italian debt, sending the euro to a 17-month low amid France’s fiscal concerns. Ray Dalio warns of the possibility of a US debt crisis within three years.
Stocks hover near records, while a US tech rally and cheaper oil lift Japanese equities. Japan’s 10-year bond sale draws solid demand.
AI firms testify at an Australian inquiry as OpenAI apologizes over a breach and holds funding talks with UAE investors and BlackRock. Australia’s Jim Chalmers says AI can deliver a productivity dividend if handled correctly. Kuaishou’s Kling AI is said to be selecting banks for a $1 billion-plus IPO, while Moonshot AI is reportedly closing a funding round at a $50 billion valuation and considering a Hong Kong IPO in early 2027.
Elsewhere, US-India trade talks remain at an impasse, Germany and France push a new trade tool to counter China, and Spain’s Pedro Sánchez calls a snap election amid a housing crisis. Qualcomm and Huawei sign a patent cross-license agreement.
Ebola spreads to seven Congolese provinces as health experts battle exhaustion, while Ethiopia rejects efforts by regional powers to block its Red Sea ambitions. South Africa may also revise its Road Accident Fund levy. Guests includes Gene Tannuzzo, Columbia Threadneedle Fixed Income Global Head.

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 – Introdcution
00:04:02 – Yemen Says It’s Retaken Red Sea Port of Mocha
00:08:21 – Gene Tannuzzo, Columbia Threadneedle Fixed Income Global Head
00:17:50 – OpenAI Apologizes for Breach at Australian Inquiry
00:27:31 – OpenAI Holds Funding Talks With UAE Funds
00:30:45 – Moonshot Eyes Early IPO
00:34:21 – Ebola Spreads as Experts Battle Exhaustion
00:41:02 – Ray Dalio, Bridgewater Associates Founder
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More on Bloomberg Television and Markets

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Oil rose after a report that the Trump administration asked the Pentagon to draw up strike options against Iran that could be executed before the midterm elections, and as a hurricane forced some US output to shut. Bloomberg’s Stephen Stapczynski has more.
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Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern speak daily with leaders and decision makers from Wall Street to Washington and beyond. No other program better positions investors and executives for the trading day than “Bloomberg Surveillance.”

Chapters:
00:00 AI Debt Binge, Iran Escalation and Rising Yields
04:46 Bond Yields Are Heading Toward the ‘Danger Zone’ — Edward Yardeni, Yardeni Research
19:18 White House Has Few Levers Left on Fuel Costs — Brian Gardner, Stifel
31:44 AI Chip Boom Has at Least Two More Years to Run — Joseph Moore, Morgan Stanley
41:44 Higher Yields Let Bond Investors Be Choosy — Kay Herr, JPMorgan Asset Management
54:05 Falling Inflation Could Reignite the Stock Rally — Barbara Reinhard, Voya Investment Management
1:03:53 5% May Be Fair Value for the 10-Year Treasury — Daleep Singh, PGIM
1:20:06 Cracks Are Emerging in the AI Credit Boom — Winnie Cisar, CreditSights
1:29:13 Fed Risks Falling Behind Inflation by Waiting to Hike — Edward Al-Hussainy, Columbia Threadneedle
1:42:10 Front End of Yield Curve Is ‘Still Very Attractive’ — Rick Rieder, BlackRock
2:01:15 Jobless Claims Fall to Lowest Level Since July — Michael McKee
2:03:36 Labor Market Is Hotter Than People Think — Nela Richardson, ADP
2:16:10 Trump Faces No Easy Option on Iran — Amos Hochstein, TWG Global
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Rep. Debbie Wasserman Schultz (D-FL) says President Trump’s deal with Russia to release diesel supplies is a “desperate political move” designed to help Republicans ahead of the midterms and argues he cares more about his party’s political outcome than addressing the cost of living. Robert Post, professor and former dean at Yale Law School, says allowing the Trump administration to decide which members of the press can access the White House could “deform the press coverage of the president” and leave the public without complete coverage.

Chapters:

00:01:47 Bloomberg Economics’ Chris Kennedy on Trump Turns to Putin to Ease Diesel Prices
00:05:01 Rep. Debbie Wasserman Schultz (D-FL) on Russia Deal and Midterms
00:08:04 Rep. Debbie Wasserman Schultz (D-FL) on Hurricane Isaias Threatens Florida
00:09:29 Rep. Debbie Wasserman Schultz (D-FL) on Florida Elections and Democratic Momentum
00:13:33 Rep. Debbie Wasserman Schultz (D-FL) on Debate Over Public Military Execution
00:15:49 Power Moves: Top Financial Moves
00:19:55 Bloomberg Opinion’s Ron Brownstein on Democrats Expanding the Electoral Map
00:25:33 Bloomberg’s Myles Miller on NYC and ICE Clash After Immigration Shooting
00:28:59 Robert Post, Professor and Former Dean at Yale Law School, on Trump, the Courts and Press Access
00:33:15 Robert Post on White House Investigation of Fed Governor Lisa Cook
00:35:25 Bloomberg’s Lisa Abramowicz on Affordability Takes Center Stage in Midterms
00:38:15 Political Panel Reacts: Trump Praises Putin Over Russia Diesel Deal, Political Fallout Over Proposed Public Execution, Trump Announces New White House Press Secretary
——–
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