美伊冲突致柴油创四年新高，G20因“非市场”词分歧未发联合公报

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Good morning. I'm Nathan Hager

and I'm Karen Moscow. Here are the stories we're following today.

Karen, we begin this morning with the latest from the Middle East. Iran says it has targeted US bases in the United Arab Emirates and Kuwait this morning. That word from state-run media comes after the US carried out a second wave of attacks on Iran's southern coast Tuesday night. President Trump says the strikes targeted offensive and defensive equipment near the street of Hormuz.

We blew up much more than their radar last night. It was a It was a very heavy attack last night and we're prepared to do another one anytime we want.

The president spoke yesterday from the Oval Office. Now, since then, the US has not announced any new attacks, but the Wall Street Journal is reporting that the Pentagon is extending Middle East deployments that could last into next year to maintain a level of 50,000 personnel and give the president flexibility on military options.

Well, Nathan, we continue to see an impact on the war in the energy markets. US retail diesel prices have hit the highest level since mid 2022, and that tops a peak seen during the early stages of the Iran war. The national average pump price of diesel is now just above $5.78 a gallon.

Karen, we're learning more about the dispute between the US and China at this week's G20 Finance Minister Summit that kept the group from issuing a joint communicate. Sources tell Bloomberg News the disagreement came down to one word, non-market. We're told Chinese officials saw the term as a veiled attack on state-owned companies that are a pillar of their economy. Bloomberg's Jill Dies reports. Treasury Secretary Scott Bessant focused on China's trade surplus in his statement after the meeting.

China had a trade surplus, record trade surplus last year of 1.2 trillion. Again, record largest ever. We've seen uh Besson talk about this multiple times throughout uh the course of the summit.

And Bloomberg's Jill Disus reports China proposed a tweak to the wording that would have addressed trade imbalances without putting a spotlight on its stateowned enterprises. Besson's final statement included a line calling on nations to eliminate non-market policies.

Nathan, Chinese President Xiinping is in Egypt and he's sharpening his rhetoric and urging Middle Eastern nations to pivot away from the US. During a meeting with Egyptian President Abdal Fata Elsisi, she said the people in the Middle East should be the masters of their own affairs. in an a veiled swipe at the US. He also said China would back efforts to reshape the security architecture in the region. This is the Chinese president's first trip to Egypt in a decade and it comes before he heads to Washington for a highly anticipated summit with President Trump at the end of the month.

In New York, Karen Nicolas Maduro is making a new bid to have his criminal case thrown out. Lawyers for the deposed Venezuelan leader submitted a court filing yesterday arguing that he is immune from prosecution as the head of a sovereign state. Federal prosecutors argue Maduro and others partnered with designated foreign terrorist groups and sought to enrich himself while in office. Maduro and his wife face drug trafficking and conspiracy charges after they were captured in a US military raid on Venezuela in January.

They face life in prison if convicted. Trial is set for June of next year.

Nathan, the Trump administration's latest attempt to limit birthright citizenship has been blocked in federal court. A judge in Maryland has temporarily blocked an executive order that President Trump issued last month. The order would deny citizenship to children whose parents took part in a commercial transaction to ensure they gave birth in the US. The judge said the Supreme Court already decided that children in that class are citizens at birth.

The Justice Department could now ask a federal appeals court to lift the judge's order and let officials move ahead with the president's plan while the legal fights play out. In Washington, Karen, now that Congress has passed a stop gap funding bill to keep the government open till seh December 11th, there are more spending bills that need attention. Bloomberg's Amy Morris reports from the nation's capital.

Texas Republican Jody Arrington chairs the House Budget Committee. He tells Balance of Power he wants to get the defense bill passed, but he says the Senate's not cooperating.

Unfortunately, I don't know that the will is there. I don't think there's a more important endeavor for us as Congress to deal with than to support the common defense and back our troops. That's after the election. I just hold very little hope out prior to the election at this point that we'll get a return served from the Senate.

But House Republicans are divided between defense hawks who are holding out for billions more in Pentagon funding and deficit hawks who want spending cuts. In Washington, Amy Morris, Bloomberg Radio.

Amy, thank you. We return to the markets now where futures are higher as they begin a new trading session and shares of Snowflake they are on the rise. They are surging almost 24%. The company is raising its outlook for annual sales titing rapid adoption of its AI assisted coding tool. A maker of software that helps organize and analyze corporate data in the cloud. Snowflake is weaving artificial intelligence through its platform.

We're also watching shares of Broadcom in the pre-market Karen. They're down 2.4%. The chipmaker's results and forecast were seen as underwhelming. But on the company conference call, Broadcom predicted a boom in AI chip sales over the next 2 years and that's helping renew optimism it can challenge Nvidia's dominance in the lucrative market. Kungjan Sabarnney covers Broadcom for Bloomberg Intelligence. Near-term that doesn't seem to be a lot of big upside apparently from the company's perspective.

We still think they are being conservative and they could get higher than that 115. But nevertheless, what was the key positive was that really high guide of 230 billion for the fiscal 28 from AI revenues. Just to perspective, the street is close to somewhere around $180 billion there. So that was a real positive. Bloomberg Intelligence senior semiconductor analyst Kungjan Sabari notes Broadcom's custom AI semiconductor business is thriving as companies like Google, OpenAI, and Meta Platforms look for ways to supplement their NVIDIA chips with additional supply and variation.

Well, staying on the AI theme, Nathan Secretary Howard Lutnik hosted a series of fireside chats yesterday with big tech industry leaders including Nvidia CEO Jensen Wong. Let later spoke with Bloomberg's Joe Matthew and said if chip companies build their factories in the US, they won't pay tariffs.

There'll be shovels in the ground building it to get us to 40 or 50% production of semiconductors. And the idea is very simple and it's been very successful with pharmaceuticals.

Build it here and you won't pay a tariff while you're building. But if you're not willing to put shovels in the ground here, then you should pay to have access to the greatest market in the world.

And Commerce Secretary Howard Ludnick made the comments on Bloomberg's balance of power. Catch the full conversation on the Bloomberg video hub available on Bloomberg.com and the Bloomberg business app.

And Karen, a month of gradual decline in the Japanese yen has reversed sharply over the past 24 hours. The currency is now up about 1 and a4% against the dollar. Investors are speculating Japan could intervene in the currency market again.

Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Bar. Michael, good morning.

Good morning, Karen. A shooting at a downtown Minneapolis apartment building has