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

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“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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US equity futures waver after the Nasdaq 100 closed at its first record high since June, fueled by AI enthusiasm. President Trump says US envoys had “very good” talks with Iranian officials in New York, even as Tehran reported held “firm positions” on the reopening of the Strait of Hormuz. Chinese President Xi Jinping heads to Washington for a summit at the White House with many US tech executives expected to attend. Stefano Scarpetta of the OECD joins “Bloomberg Brief” to discuss the organization’s latest economic forecast. Katrina Dudley of Franklin Templeton weighs in on the tech rally and her outlook for equities.

Chapters:
00:00:00 – Bloomberg Brief Begins
00:00:45 – Global Market Check: Asian Markets Ahead of Trump-Xi Summit
00:02:07 – European Markets & Positive PMI Data
00:03:22 – US Futures, Nasdaq Record & Treasury Yields
00:04:40 – First Look Movers: Six Flags, IonQ & Arcadis
00:06:17 – Trump, Iran & Strait of Hormuz Talks
00:09:23 – Xi Heads to Washington for Trump Summit, AI Emerges on US-China Summit Agenda
00:12:08 – OECD Chief Economist Stefano Scarpetta on OECD Raising Global Inflation Forecasts & Global Economic Resilience & AI Investment
00:20:40 – Front Page News
00:21:36 – Market Update: Markets, Nasdaq Record & Oil Prices
00:23:23 – First Look Movers
00:24:49 – Franklin Templeton Senior Investment Strategist Katrina Dudley on Stocks, Earnings & Valuations, Energy Stocks, Inflation & Market Sentiment
00:32:05 – Trending on the Terminal
00:33:26 – Trump-Iran Talks & Midterm Pressure,
00:36:22 – Trump-Xi Summit: Trade, AI & Taiwan
00:38:11 – Global Trade Deals & South Korean Investment, India Diversifies Trade Beyond the US, Proposed US Fuel Export Ban
00:42:17 – What to Watch
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