Middle East Challenges Remain: Trump Urges World Leaders to Seize Momentum for Gaza Peace (Bloomberg)

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President Trump urged nearly three dozen world leaders at a summit on Gaza’s future to turn the US-led Israel-Hamas truce into lasting peace, calling it a “new beginning” for the war-torn region.
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Attending the summit in Egypt’s Sharm El-Sheikh were key figures including Egyptian President Abdel Fattah el-Sisi, French President Emmanuel Macron, German Chancellor Friedrich Merz, Qatar’s Emir Sheikh Tamim bin Hamad al Thani, Italian Premier Giorgia Meloni, UK Prime Minister Keir Starmer, and Palestinian President Mahmoud Abbas — a show of global momentum behind Trump’s peace effort.

Officials at the Egypt summit were expected to discuss thorny issues about Gaza’s future, such as persuading Hamas to disarm and ensuring the militant group agrees to play no part in the governance of the territory, which it’s ruled since 2007. They had also planned to talk about some countries sending peacekeepers to Gaza and how to go about rebuilding the territory after two years of devastating war.

Trump’s whirlwind victory lap of the Middle East gave the president everything he has craved: ownership of a historic diplomatic achievement, the respect of rich and powerful world leaders on a public stage, plaudits even from his political enemies, and wall-to-wall homages in almost every media outlet, according to Politico's Playbook. He even got a Time magazine cover better than the ones he faked. (Sadly, he’s still not happy with the photo.) 

But optimism quickly met reality when Israeli Defense Minister Israel Katz said Hamas had failed to release the remains of all dead hostages, warning that “any delay or deliberate avoidance will be considered a gross violation of the agreement.”
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The setback highlighted how fragile the ceasefire remains, despite Trump’s claim of a “once-in-a-lifetime chance to put the old feuds and bitter hatreds behind us.”

Details Limited: Trump Takes a Victory Lap, but Avoids Questions About What’s Next (New York Times)

President Trump basked in praise during his visit to Israel, declaring the cease-fire with Hamas “the end of the age of terror and death,” while largely sidestepping questions about Gaza’s reconstruction or the future of the Palestinian people.

Except for brief mentions, Trump refused to outline how his 20-point peace plan would be implemented, offering no vision for rebuilding or governance — a silence that left allies and critics alike questioning whether his “new Middle East” has a roadmap beyond the truce itself.

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Interference in Israeli Affairs: Trump Lobbies for Netanyahu Corruption Pardon in Knesset Speech (Bloomberg)
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During a speech at Israel’s Knesset, US President Trump urged Israeli President Isaac Herzog to pardon Prime Minister Benjamin Netanyahu, who is on trial for bribery, fraud, and breach of trust.

However, a pardon would be highly unusual under Israeli law, which limits such powers to convicted felons, and the appeal has reignited debate over foreign interference in Israel’s judicial system.

US Economy Latest

On Wall Street: JPMorgan Traders, Bankers Crush Estimates as Bank Commits $1.5 Trillion to US Security Push (Bloomberg)

JPMorgan Chase beat third-quarter expectations as trading and investment-banking fees surged, fueled by strong dealmaking and underwriting activity amid volatility from President Trump’s tariffs. The bank’s robust performance highlighted resilience in markets despite broader economic uncertainty.

Building on that momentum, JPMorgan Chase announced a $1.5 trillion, decade-long plan to bolster US economic security through investments in defense, energy, rare earth minerals, and advanced manufacturing.

CEO Jamie Dimon said the effort, spurred by rising US-China tensions, will deploy the firm’s capital, research, and talent to reduce America’s dependence on foreign supply chains and reinforce critical industries. “The US is too reliant on unreliable sources — we must act now,” Dimon said.

Record Run: Goldman Dealmakers Drive Bank to Record Third Quarter Revenues, While Warning of Consumer Tariff Impacts (Bloomberg)

Goldman Sachs posted record third-quarter revenues as a surge in global dealmaking lifted its investment banking haul above expectations, marking its strongest performance for the period in history. 

The bank’s record-breaking quarter came amid a rebound in mergers and acquisitions and expanding asset management revenues — even as its economists warned that US consumers will ultimately shoulder most of the costs from rising tariffs, which are expected to push core inflation toward 3% by year’s end.

Shutdown = No Economic Data: How to Measure the Economy When the Government Isn't Doing It (Axios)
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With the Bureau of Labor Statistics largely offline during the US government shutdown, companies and investors are turning to unconventional data — from restaurant reservations and hotel bookings to Broadway attendance — to gauge consumer spending and confidence in real time.
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Private firms like Apollo Global Management and Morning Consult are seeing rising demand for these alternative indicators, though economists warn there’s still no true replacement for the BLS’s gold-standard data.
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Bloomberg’s [WSL ALTE] Terminal function offers one workaround, compiling private proxies for BLS jobs data alongside proprietary measures of inflation and spending.
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The agency still plans to release its crucial Consumer Price Index report, albeit delayed, since it determines annual cost-of-living adjustments for millions of Social Security recipients.

Trade War Escalates: China Shows No Sign of Backing Down While Issuing Call for US to Withdraw Tariff Threat (Associated Press)

What I'm Reading

Kyiv Fights Back: Why Ukraine Is Betting on Strikes Deep Inside Russia (New York Times)

With the war at a stalemate and peace talks frozen, Ukraine is intensifying deep strikes inside Russia—hitting refineries, factories, and transport hubs—to inflict economic damage and pressure the Kremlin to negotiate.

Kyiv’s expanding arsenal of long-range drones and missiles, including the Flamingo and adapted Neptune, underscores its growing self-reliance in weapons production and its strategy to weaken Moscow through sustained pressure.

This Week in Washington: Zelenskiy to Meet With Trump Friday to Discuss Arms and Energy (Bloomberg)

Ukrainian President Volodymyr Zelenskiy will meet US President Donald Trump in Washington on Friday to seek air-defense systems, long-range weapons, and energy support as Russia intensifies strikes on Ukraine’s power grid and the EU advances plans to use frozen Russian assets to sustain aid.

France News: Sarkozy Set to Become France’s First Ever Jailed Ex-President (Bloomberg)

Former French President Nicolas Sarkozy is set to become the first modern-era French leader to serve jail time after being sentenced to five years in prison for conspiring to seek illegal campaign funding from Libya’s Moammar Qaddafi, though he has appealed the ruling.

Under Watch: MI5 Warns UK Politicians of China and Russia Spying Efforts (Bloomberg)

MI5 warned British politicians and staff that spies from China, Russia, and Iran are targeting them through online deception, cyberattacks, and covert financial influence to undermine UK democracy.

The agency urged vigilance against “overt flattery” and suspicious contacts after a collapsed espionage case reignited scrutiny of Prime Minister Keir Starmer’s handling of national security and ties with Beijing.

The warning highlights growing threats to Britain’s political integrity and how foreign powers exploit digital and financial channels to shape UK policy, pressuring Starmer’s government to tighten security and restore public trust.

Axis on Display: North Korea Flaunts New Missiles ​in Parade With Chinese and Russian Officials (New York Times)

North Korea marked the 80th anniversary of its ruling party with a massive military parade showcasing new nuclear-capable missiles, as Kim Jong Un stood alongside top Chinese and Russian officials in a powerful display of unity against the US-led global order.

The event underscored North Korea’s deepening military and political ties with Beijing and Moscow, both of which have softened their stance on denuclearization, elevating Kim’s regime from isolated state to strategic partner in an emerging anti-Western alliance.

Listen to Today's Daily Read Podcast: Tune in for your daily briefing of AI-powered news. Listen now on Spotify and Apple Podcasts, and subscribe to stay up to date on the latest episodes. 

Gun Violence in America: US Approaching 340 Mass Shootings This Year After Deadly Weekend (Axios)

Latest in Higher Ed: Trump Offers All Colleges Preferential Funding Plan Rejected by MIT (Bloomberg)

M.I.T. became the first university to reject the Trump administration’s proposed Compact for Academic Excellence, which would trade support for its higher education agenda in exchange for preferential federal funding. Initially sent to nine universities, the offer has now been extended to all US colleges.

M.I.T. President Sally Kornbluth said its terms—capping international enrollment, freezing tuition, and adopting policies favoring conservative viewpoints—“would restrict freedom of expression and our independence as an institution,” according to the New York Times.

Today in Finance: Bloomberg Hosts Global Regulatory Forum in New York (Bloomberg)
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As global markets adapt to rapid transformation, today's Bloomberg Global Regulatory Forum brings together leaders to shape the future of financial resilience.

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Speakers and participants include Adrienne Harris, Superintendent, New York State Department for Financial Services; Rob Kaplan, Vice Chairman, Goldman Sachs, Mary-Elizabeth McMunn Deputy Governor, Central Bank of Ireland, François Villeroy de Galhau Governor, Banque de France, Mike Bloomberg and more.  

Bloomberg terminal users can stream the event via LIVE <GO> on the Terminal and can follow the latest regulatory development at REGS <GO> on the Terminal.  

Nobel Fallout: Venezuela Shuts Embassy in Norway After Machado Wins Nobel Prize (Bloomberg)

Venezuelan President Nicolás Maduro ordered the closure of his country’s embassies in Norway and Australia after opposition leader María Corina Machado won the Nobel Peace Prize, signaling a break with Oslo’s mediation efforts and deepening Venezuela’s diplomatic isolation.

Venezuela said the embassy in Norway’s capital was closed as part of a diplomatic “reorganization,” cutting ties with a nation that has long mediated talks between Maduro and the opposition.

This Weekend in NYC: 300+ Seriously Cool Sites You Can Explore That Are Typically Closed to the Public (Time Out - New York)

Open House New York Weekend kicks off this Friday, Oct. 17, and runs through Sunday, Oct. 19 — your annual chance to explore hundreds of usually off-limits or overlooked spaces across the city.

This year’s festival is the biggest yet, featuring 341 sites across all five boroughs.
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Plan your weekend by browsing the full lineup of sites here.

The 2025 edition is supported by Bloomberg Connects, the free app offering access to exhibitions, collections, and artists at over 1,000 museums and cultural organizations worldwide. Learn more and download the app here.

Brooklyn Army Terminal, NYC Economic Development Corporation and Turnstile Tours in Sunset Park, Brooklyn. Photo: OHNY

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Best of Late Night

On the ceasefire between Israel and Hamas: 

“You know things are crazy when Israel and Hamas are getting along better than Democrats and Republicans. It’s like, ‘When are they going to make that deal?’”
-- Jimmy Fallon

“The last time Trump felt this proud was when he correctly guessed which one was cake.”
-- Jimmy Fallon

On President Trump’s claims of Democrat-led terrorism in US cities:

"I don't know what's scarier, the idea that he's making this all up or that he might actually believe this stuff. It's as if he's getting his intelligence briefings from reruns of The Walking Dead."
-- Jimmy Kimmel

On President Trump's recent annual health checkup:

"It's smart to do this sort of thing before Halloween because if he gets a clean bill of health, he can continue his annual tradition of eating all of Eric's trick-or-treat candy."
-- Jimmy Kimmel

And from The Daily Show: Josh Johnson breaks down Trump’s  Middle East deal between Israel and Hamas — and the president’s growing obsession with a new enemy closer to home: Antifa. As National Guard troops flood Portland, Trump invokes the Antifa bogeyman to justify military deployments, suspend civil liberties, and push a grab bag of unrelated political agendas. Click the photo below to watch.