Annmarie Hordern
@annmarie
Mornings with @bsurveillance, Chief Political Correspondent @BloombergTV, term member @CFR_org, LDN-DC-NY, friends call me AMH.
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Bloomberg: Saudi Arabia told OPEC that its crude oil production climbed by 26% last month to the highest since before the outbreak of the war… The kingdom notified the group it boosted output to 10.56 million barrels a day in October, according to a monthly report seen by Bloomberg from the organization’s secretariat.
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The Information is reporting that a person who knows Alice Huang and her husband, Kang Wei, for over a decade recalls Kang saying that he met Jensen Huang in the 2010s.
The report says the rapport between Jensen Huang and Alice Huang “facilitated the shipment of at least $7.5 billion worth of Nvidia chips through Chinese companies…”
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Yonhap reported yesterday that a planned visit to South Korea by Madison Huang, a senior director at Nvidia and the daughter of Jensen Huang, had been canceled. The trip was called off due to “family issues,” per the report.
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WSJ: By Wednesday morning, senior leaders at OpenAI were discussing whether the results meant the company would have to reset expectations regarding its data center capacity next year, according to a person familiar with the conversation.
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OpenAI says it’s partnering with Cathedral Systems to use its AI models to test and strengthen its defenses.
And ICYMI: This is the same startup that recently told Anthropic its researchers had penetrated sensitive internal data and messaging system, per The Washington Post.
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Fox News Poll:
Trump’s overall job approval is 36%, his lowest ever in a Fox News survey
Lowest job rating is on inflation: 22% approve, a new low
55% say inflation is "not at all" under control
Six in 10 voters say the cost of living is their top economic worry
Majorities rate the economy negatively (74%) and expect it to worsen next year (53%)
18% say their family is better off compared to two years ago
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Goldman Sachs raised its Brent oil price forecast for December by $5/bbl to $90/bbl on risks to Middle Eastern supply, according to a note dated Oct. 11.
Continued adaptation of Mideast supply will eventually reduce crude oil prices, while potential renewed escalation still poses significant net upside risk,” analysts including Daan Struyven said in the note.
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Trump at the Economic Club of New York in September 2024 ahead of the presidential election said, “Reducing mortgage rates is a big factor. We're going to get them back down to, we think, 3%, maybe even lower than that.”
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POTUS In NYC
9:55am delivers remarks at the UN
10:40 Trilateral Signing Event with the Prime Ministers of Denmark and Greenland
11:45 Meeting with UK Prime Minister Andy Burnham
12:30 Meeting with Japan’s Sanae Takaichi
1:15pm Meeting with President Zelenskyy
2:15 Shield of the Americas Event
2:45Meeting with the Gulf Cooperation Council
7:15 UNGA Leaders' Reception
7:40 Pull-Aside with Venezuela's Delcy Rodríguez
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Pentagon investigators have discovered that flawed intelligence, outdated imagery and an overreliance on AI contributed to a missile strike that killed 123 children in Minab.
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CENTCOM Commander Brad Cooper says more than one billion barrels of crude have been shipped through the Strait of Hormuz in the last couple of months.
Axios: Ex-Anthropic researcher Jacob Coxon, Sen. Bernie Sanders (I-Vt.) and former Trump White House adviser Steve Bannon will join forces at an event on Tuesday to push for human-controlled AI.
Bessent: “Look, if some of the Bloomberg Terminal bros are unhappy with what I’m doing, well, that’s too bad.”
WSJ: Top White House advisers have raised privately with President Trump the prospect that the Iran war could drag on through the remainder of his term, U.S. officials said, a message at odds with Trump’s public assurances of a swift victory.
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USS George Washington arrives in the Arabian Sea
U.S. Sailors work on the flight deck of USS George Washington (CVN 73), Aug. 20, as the aircraft carrier transits the Arabian Sea. The George Washington Carrier Strike Group is operating in Middle East during a scheduled deployment after arriving in the CENTCOM theater yesterday.
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24 hours later...
*US 30-YEAR TREASURIES ERASE GAINS FROM BUYBACK ANNOUNCEMENT
And— Happy Birthday @elerianm ! 🥳
Now YCC is far from a free lunch. While it can help bring down longer-end yields in the immediate/short term, thus helping mortgage and other borrowing costs, it risks collateral damage and unintended consequences. Morever, the effects of this financial engineering are short dated unless followed by fundamental policy adjustments.
#economy# #yields# #bonds# #markets#
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FT: Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. Two regime insiders told the FT that Iranian forces have assessed striking US assets in south-eastern European countries such as Bulgaria, which last month approved the use of its Bezmer air base for US refuelling aircraft.
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“Substantial progress has been made, although there is important work still to be done,” Canada’s Mark Carney said in a statement. “While we continue this work, Canada remains focused on building a stronger, more independent, and more competitive economy at home.”
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