特朗普接机习近平，AI竞争成焦点，美伊探讨重开霍尔木兹海峡

This is Bloomberg Businessweek daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy, plus global business, finance and tech news as it happens. Bloomberg Businessweek daily with Carol Massar and Tim Stent event live on Bloomberg Radio, Television and Bloomberg Originals. And a very good afternoon. Everybody across Bloomberg platforms radio, TV, YouTube, Bloomberg Originals.

This is Bloomberg Businessweek daily for this Thursday, September 24th, 2026. And what's interesting go to about 1215, 1216 today. And you did see stocks and bonds paring losses following, uh, headline from Reuters shortly. Um, as I said after 12 noon today, that the U.S. and Iran are exploring a phased deal to reopen the Strait of Hormuz. So some optimism that maybe we were seeing the end or moving closer to the end of this war.

Yeah, it was funny. You were looking at a real time chart of the markets and you're like, what happened? I mean, the headline like, just came through. So yeah. Responding instantly we saw the oil market too. It was at 08 a barrel. It dropped to 105. Yeah. Now it's up to one of seven. Yeah. So that's Brent. So I think we're kind of back at least on commodities equities, uh, have recovered more so. Yeah. But still read across the screen.

Right. And if I take a look what's really been such an important story. Certainly the bond story here in the United States, the global bond story. So we're going to dig into some of that over the next 60 minutes. We've seen the 30 year yield to its highest in more than two decades. Yeah. That makes us sit up a little bit straighter and try to figure out what's going on. And does it nice this week, don't you worry. Sit up straight.

I'm a slaughter. Um, but we're going to go to Jersey. And just these longer term trends, whether it's worries over inflation, higher energy prices, how does all of this ultimately lots of folks tapping the credit market in general. Does it mean we are just in a higher rate environment for much longer? Yeah, he's going to be joining us in just a few minutes. Also, uh, US and China relationship I mean certainly in focus right now.

Fierce competition in eye. Uh, the fierce competition on just about everything else when it comes to the leaders of the two largest economies in the world. Yeah. Did you see the ceremony last night? I kind of I looked for it because I wanted to see President Trump went. It's not something that is done every day by the tarmac. Yeah. To meet President XI and his wife. First lady was there, too. Yeah. He, uh. And he also he also sent a message out on social media this morning.

Said they looked great. Never been better. Some pandas coming to. I know Paul Sweeney told me that a little earlier. Excited to hear that. We're going to talk about that. Also, uh, we love checking in with the CCP. We're going to do it again, actually, the CFO suite. Uh, Eric Mannheim, he is, uh, the CFO over at Mozilla. We're gonna talk about ie warnings, costs and the impact on his workforce. If we can do that coming your way.

All right, that's over the next hour right here on Bloomberg Businessweek daily. First up, though, checking the day's trade and top business stories. Charlie Pallett is standing by. Charlie, thank you very much, Tim. And Carol, here's what's going on. We've got the Dow the S&P Nasdaq in the red. But the key takeaway we're off session lows 12 point drop on the S&P now stands at 7693 down by about 2/10 of 1%. The industrials Dow industrials down 4/10 of 1%.

Nasdaq Composite down 3/10 of 1%. Read on the screen across the board here. Nasdaq 100 index retreating from a record this week, down by about 4/10 of 1%. The VIX holding just below 16. The two year 4.90%. The five year 5.03%. The ten year 5.17% right now on the ten and the 35.46% spot goal, down $28 to 4258. Drop there of 7/10 of 1%. West Texas Intermediate crude 9514 a barrel, up by 3.2%. Barrel of Brent 106 91, now up 3.7%.

Oil prices swinging amid renewed optimism for diplomatic progress toward reopening the Strait of Hormuz. Oil majors they are advancing ExxonMobil case in point up 7/10 of 1%. Chevron up by about 6/10 of 1%. Also a big move higher today for a lot of the refining stocks. Valero up 4.2%. Marathon petroleum up 2.5%. Phillips 66 up by 2.3%. Recapping stocks lower, little changed. Right now the S&P down 2/10 of 1%. Carolyn Tim.

That's a Bloomberg Businessweek Charlie by a barrel of oil. Yet I haven't bought a barrel of oil yet. I'm still trying to figure out how to go see and how to hang out with the pandas. I'm excited about that. There's nothing like seeing a panda in person with, uh, a little bit of offensiveness. With a little bit. How and when did that happen? Carol? Let me check. Years ago, Washington Zoo took our daughter. She was into pandas, and we went there.

And it was pretty cool because you can't always see them. And sometimes they're mating and doing different things, which you don't necessarily. Okay. The experience I've had is going to see the pandas and you can't see them. That hidden somewhere in the back. That's exactly. We were lucky they actually came out to play, so it was a lot of fun. They are big and they look so cuddly and cozy. But like I said, kind of good to have some fun to be doing.

I was going to I'm not going to say, speaking of cuddly and cozy, I'm going to say it's time to talk about treasures. Yeah, I don't know. Yeah, exactly. Nice transition. I mean, we talk about stocks so much, but it really is, I think, safe to say right now, when you look at the market, certainly here in the United States, what's going on on bond matters. Check this out everybody. Average yield on government debt worldwide now stands within a whisker of 4%, the highest since 2007.

This according to Bloomberg's Global Aggregate Treasuries Index. Another reminder of, uh, kind of the end of that low yield era. Yeah. Market's contending with a lot inflationary aspect of the war in Iran, a robust U.S. economy and a torrent of bond sales from governments and from tech companies. We got IRA Jersey with us. We do indeed sending us a story just as we're coming to air. So we're so glad he's with us. I re jersey, he is the chief U.S. interest rate strategist at Bloomberg Intelligence.

He is out there in our Bloomberg Princeton News bureau. Uh, bureau. Um, I guess we should start with the auctions. Today's auctions better than what we saw with the five year. Yeah, today's auction was definitely better than than, uh, than yesterday. Yesterday was the worst five year auction that we've had in at least four years. And probably really six, uh, the way that I kind of grade them, um, and, you know, today still.

So a weak ish demand, but certainly better than yesterday. Um, I think the big thing is right now, Carol, is we have a buyer strike going on. And, you know, people just don't know where the high end yield is going to be. So it's hard for people to jump in and kind of nibble, especially this late in the year. Um, until we get some kind of clarity as to, you know, what's going to drive interest rates, uh, significantly lower, particularly at that long end of the curve.

That's what I was going to say. That five year mark, I feel like is a really tricky one. Right? We kind of have an idea of what's happening now and maybe ten, I don't know, but it's really tricky at that. Certain uh, in that mark. Yeah. Well, the five year tends to do bad when the market's selling off and tends to do well when the market is rallying. And part of the reason for that is anticipation of what the Federal Reserve is going to do.

Right. So the so so basically if if the market thinks that the Federal Reserve is going to, uh, raise interest rates another 100 basis points, which is being priced, and then hold them there, well, it's hard to really like the five year then, especially if you don't think that the Fed's going to be