Bom dia from São Paulo where Day 2 of the COP30 Business and Finance Forum has kicked off with a focus on connecting climate ambition to business.

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Happening just days before the COP30 Climate Summit begins in Belém, Brazil, Bloomberg has brought together leaders from government, business, and finance to accelerate sustainable economic solutions.

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Brazil's Minister of Finance, Fernando Haddad, joined the discussion Monday where he highlighted Brazil's advantages in renewable energy, critical minerals, green innovation, and industrial plants powered by cheap, clean energy.

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Starting today in São Paulo, Bloomberg Green at COP30 will explore how business and finance leaders are navigating climate risk, investing in innovation and driving real-world impact at scale.

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And today in Rio de Janeiro, the 2025 Bloomberg Philanthropies Local Leaders Climate Awards will be announced, recognizing the most impactful climate breakthroughs.

Above is a photo of Fernando Haddad, Brazil's Minister of Finance, BloombergNEF's Jon Moore, and Mary Schapiro, Bloomberg's Vice Chair for Public Policy, on a panel at the COP30 Business & Finance Forum on November 3. Below are photos of the BloombergNEF:Bloomberg Philanthropies 2025 Factbook (left) and the COP30 Business & Finance Forum logo (right). 

Today at the COP30 Business and Finance Forum: How Business and Finance Leaders are Driving Real World Impact at Scale (Bloomberg Green)

Ahead of the United Nations Climate Change Conference in Brazil, Bloomberg will bring together top leaders from business, finance, policy, academia and NGOs for candid discussions in São Paulo focused on creating solutions to support the goals set forth at COP30.
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The agenda features sessions on financing Brazil’s green transformation, scaling carbon markets, pricing nature, and advancing corporate resilience — setting the stage for actionable collaboration ahead of COP30 in Belém.

Today in Brazil: Local Leaders Climate Awards to Recognize the Most Impactful Climate Breakthroughs (Bloomberg Philanthropies)

Today's 2025 Bloomberg Philanthropies Local Leaders Climate Awards celebrate the most daring, impactful, and people-centered climate breakthroughs led by cities, states, and regions. In partnership with C40, the Awards recognize exemplary policies, projects, and programs that have effectively addressed climate change over the past three years. 
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This year, the Awards will honor both a Brazilian and a global champion across six categories, underscoring the pivotal role of local governments worldwide. Building on the priorities and themes of COP30, the six Award categories celebrate leadership in:
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1. Energy Transition & Smarter Buildings

2. Clean, Reliable Transportation

3. Safer Infrastructure for a Changing World

4. Healthy Cities, Strong Communities

5. Sustainable Waste Solutions

6. Power of Partnership

The winners will be announced today at the COP30 Local Leaders Forum in Rio de Janeiro. Explore the list of finalists and jurors here.

Meanwhile in Europe: EU Rush to Seal 2040 Climate Deal Faces Dilution Threat (Bloomberg)
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The next stage of Europe’s climate transition hangs in the balance, with ministers meeting today in Brussels to hash out a deal on the emissions cuts they expect to deliver in the next decade.

The aim is to secure backing for a goal to cut emissions by 90% by 2040 relative to 1990 levels, as well as sign off on an updated climate pledge to submit to the United Nations, just days before the COP30 summit is due to kick off in Brazil.

Pushback: Top EU Official Warns Against Submitting to Trump’s ESG Whims (Bloomberg)

Teresa Ribera, one of the European Union’s top officials, warned that succumbing to US pressure on the bloc’s green rules would block companies from receiving the data they need during the transition.

The Trump administration has stepped up its criticism of EU laws that it deems to be overburdensome on American companies, with the bloc’s so-called CSDDD regulation, which aims to clean up company supply chains, coming under particularly harsh scrutiny. Last week, the biggest business associations sent a letter  to White House cabinet members, including Commerce Secretary Howard Lutnick, asking them to block the European Union from moving ahead with the law.

US Economy Showing Cracks

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Equity Reality Check: Wall Street CEOs Flag High Market Valuations, Pullback Risk (Bloomberg)

Among the most read stories on the Bloomberg Terminal this morning: Wall Street chief executives said investors should brace for an equity market drop of more than 10% in the next 12 to 24 months, and that such a correction may be a positive development.

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Concerns about rich valuations have intensified after global equities repeatedly hit new highs this year despite a slowing US economy and a government shutdown.

Factory Fade: US Manufacturing Shrinks for Eighth Month on Sluggish Demand (Bloomberg)
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US factory activity shrank in October for an eighth straight month, driven by a pullback in production and tepid demand.
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The Institute for Supply Management’s manufacturing index eased 0.4 point to 48.7, according to data released Monday. Readings below 50 indicate contraction, and the measure has been stuck in a narrow range for most of this year.

Manufacturers are still concerned about the general lack of clarity about trade policy from the Trump administration, according to Susan Spence, chair of the ISM Manufacturing Business Survey Committee.

Fed Outlook: Federal Reserve Gov. Lisa Cook Says Risk to Labor Market Outweighs Inflation Risk (Bloomberg)

Stats Silent, Jobs Slide: A Wave of US Layoffs Flash Early Warning Sign for Job Market (Bloomberg)
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It’s been harder than normal to get a grasp on the US labor market lately, with several agencies that produce key economic data, including the Bureau of Labor Statistics, going dark during the government shutdown.

Even before that, President Trump’s efforts to downsize the US government left holes in the sprawling federal statistical system. But private datasets have helped fill in some of the gaps.
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A report from outplacement firm Challenger, Gray & Christmas showed almost 950,000 US job cuts this year through September, the highest year-to-date total since 2020—and that was before the heavy October run of announcements. (Excluding that first year of the Covid-19 pandemic, US job cuts in the first nine months have already surpassed full-year layoffs for every year since 2009.)

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When something is almost the worst since the Great Recession, North says, “that’s not a very encouraging number.”

Market Backlash: Kimberly-Clark Shares Tank on Deal to Buy Tylenol Maker Kenvue (Bloomberg)

Today is Election Day in the US

Democrats Seek Winning Message for Midterms in Key 2025 Clashes (Bloomberg)

Today, Nov. 4, effectively marks the unofficial kick-off to the 2026 election season. California, New Jersey, and Virginia, along with New York City, are competing at the polls for the first major ballots since Trump was elected.

In both the Virginia and New Jersey’s governor’s races, Democrats are fielding a pair of veteran Washington lawmakers with center-left voting records and national security backgrounds, whose campaigns have centered on the economy while hoping to court a potential Trump backlash.

In New York City, self-described democratic socialist Zohran Mamdani comes from a different wing of the party entirely, but has likewise focused his campaign on affordability issues. Mamdani holds a double-digit polling lead in the city’s mayoral race over former Governor Andrew Cuomo, a Democrat who lost to Mamdani in the primary and is now running as an independent, and Republican Curtis Sliwa.

Meanwhile in California, Governor Gavin Newsom is asking voters to approve a redrawn congressional map that could net Democrats five extra seats in next year’s US House elections — enough to offset a mid-cycle redraw in Texas where Republicans have sought to ensconce a similar advantage. Polls show the California referendum heavily favored to win.

Be sure you vote today: You can find your ballot location and sample ballot by clicking here. Polls are open until 9:00 PM ET in New York, 8:00 PM ET in New Jersey, 8:00 PM PT in California, and 7:00 PM ET in Virginia, according to USA Today. Look for results of those key races after polls close. 

And click here to read the New York Times election guide which also highlights races for Pennsylvania's Supreme Court and a ballot initiative in Maine that tightens how and when voters can vote. 

What I'm Reading

Latest on Food Aid: Trump Administration Says Food Stamps Will Be Partially Funded (Bloomberg)

The Trump administration told a federal judge on Monday that it will comply with a court order to fund US food aid benefits during the government shutdown, but only at 50% of the amount that eligible households would normally receive.

Stunner from 60 Minutes Interview: Trump "Doesn't Know" Binance Founder He Pardoned (Axios)

In his interview with CBS 60 Minutes, President Trump claimed he didn't know who crypto exchange founder Changpeng Zhao is, less than two weeks after he pardoned him. The pardon sparked bipartisan criticism, aggravated by the reported connections between the Trump family's crypto empire and Zhao's Binance.

Higher Ed Latest: Trump’s University Backlash Drives US Researchers Towards Europe (Financial Times)

The EU has seen a surge in interest from American academics applying for grants, as US researchers increasingly look for options abroad in response to President Trump’s attacks on higher education.

The EU received a record number of applications for its top research and innovation grants this year, including a tripling of US bids for a key fund compared with 2024, according to the Financial Times. 

Trump’s attacks on higher education have included cuts in funding and restrictions on academic freedom, leading to initiatives from other countries to lure researchers abroad.

US-Nigeria Explainer: Why Trump Said He'd Go in 'Guns-a-Blazing to Nigeria (New York Times)
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This weekend, President Trump threatened to take military action against Nigeria, Africa’s most populous country, if the country’s government does not stop the killing of Christians by Islamist militants.
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Trump did not specify which attacks on Christians he was referring to, and did not cite any evidence for the claim, made in recent weeks by several of his political allies, that Christians are being targeted in Nigeria. Sen. Ted Cruz of Texas accused Nigeria of “facilitating the mass murder” of Christians.

Nigeria's president, Bola Ahmed Tinubu, denied the accusations, with a statement saying: "The characterization of Nigeria “as religiously intolerant does not reflect our national reality, nor does it take into consideration the consistent and sincere efforts of the government to safeguard freedom of religion and beliefs for all Nigerians,” according to the New York Times. 

Holiday Travel Alert: Travel Industry and Air Traffic Control Warns of Thanksgiving Devastation Amid the US Shutdown (Politico)

Today's Podcast is Up! Tune in to the Daily Read Podcast to stay ahead with AI-powered news insights every day — streaming now on Spotify and  Apple Podcasts.

In Memoriam: Dick Cheney, Driver of Militant US Response to 9/11, Dies at 84 (Bloomberg)

Dick Cheney, whose campaign for a military response to the 9/11 terror attack cleared the path for an unpopular war in Iraq and established his reputation as one of the most powerful and polarizing vice presidents in US history, has died. He was 84.
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Late Night News: Jon Stewart to Stay With ‘The Daily Show’ Through 2026 (Bloomberg) 
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Comedian Jon Stewart has renewed his contract with Comedy Central’s The Daily Show through December of next year.
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Stewart will continue to host the program every Monday and serve as an executive producer. The long-running political satire show airs weeknights on the Paramount Skydance Corp. cable channel and the following day on the Paramount+ streaming service.

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Best of Late Night

On Republican congresswoman Marjorie Taylor Greene being at odds with her party's leaders in Congress: 
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“I have to say I love this. It feels like ‘Jurassic Park’ when the velociraptors turn on the guys who run the place.”
-- Jimmy Kimmel

“Here’s a woman, Marjorie Taylor Greene, who didn’t just drink the Kool-Aid, she chugged it. I mean, she drank all the Kool-Aid. And not just the regular flavors like Close the Borders and The Election Was Stolen. She drank the obscure, limited-time-only flavors."
-- Jimmy Kimmel

On President Trump praising Treasury Secretary Scott Bessent, noting how effective he is on television:

"Man, that's all he cares about. If Bessent ever steps down, the next Treasury Secretary is going to be the Geico Gecko."
-- Seth Meyers 

From The Daily Show: Jon Stewart returns to the desk, taking aim at Trump’s “big-hearted” image as he skewers the president’s lavish Great Gatsby–style party held the same night SNAP benefits lapsed for millions, his delayed response to court-ordered food stamp funding, and the administration’s willingness to shower billions in bailout money on Argentina instead. Click the photo below to watch.