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US Time Change Alert: This Sunday, Nov. 2 at 2:00 AM ET, the US will turn clocks back one hour as Daylight Savings Time ends. With this change, the time difference between New York and London will return to five hours.
US-China: Trump and Xi Are Competing as Much for Deals as for Friends (Bloomberg - Next China Newsletter)
If you’d like a download on what Trump and Xi agreed to during their powwow, here are a few excellent stories to help you get up to speed.
What’s been fascinating about the past two weeks is the competition between Washington and Beijing for deals and friends. Trump’s swing through Asia these last few days, with stops in Malaysia, Japan and South Korea, especially underscored how the US-China rivalry is no bilateral affair; every nation in the region is involved, according to the Bloomberg Next China newsletter.
Innovation Surge: China Is Building the Future (The Atlantic - Eric Schmidt and Selina Xu)
These days, it’s the foreigners visiting China who often experience future shock, astonished by the towering skyscrapers, high-speed rail, megabridges, and ubiquitous electric cars, super-apps, and trifold smartphones, writes former Google CEO Eric Schmidt and China and technology analyst Selina Xu.
China has become an innovation powerhouse. The country now accounts for 70 percent of the world’s granted AI patents, 75 percent of global patent applications in clean-energy technology, 41 percent of granted patents in the life sciences and biotechnology, and more patent applications in fusion technology than any other country. Eight of the world’s top 10 institutions by research output are in China, according to the Nature Index.
China
is debuting not just pilotless flying taxis but also legions of robots, the Tiangong space station, the world’s largest hydropower project, a leading hypersonic-weapons arsenal, and more. Standing on its streets, as we did on a visit this past July, one can feel the country’s intense desire to leapfrog into the future, Eric and Selina write.
Refugee Rollback: Trump Sets Lowest Refugee Cap in US History, Allocating 7,500 Spots, Mostly for Afrikaners (CBS News)
The Trump administration on Thursday announced it would set the lowest refugee admissions cap in US history, allocating just 7,500 spots for this fiscal year, mostly for Afrikaners who it has claimed are facing racial discrimination in South Africa for being White.
The announcement is the latest effort by Trump
and his top aides to dramatically scale back the decades-old US Refugee Admissions Program, a humanitarian policy for vulnerable people fleeing war and violence across the world that once enjoyed robust bipartisan support.
Capitol Quarters: Trump Officials Move Into Military Residences in DC Area (New York Times)
Defense Secretary Pete Hegseth moved into a home at Fort McNair traditionally reserved for the Army’s vice chief of staff. Secretary of State Marco Rubio and others also now live in military housing.
As Hegseth settled into the home, which an Army history
notes is guarded by two Revolutionary War-era cannons, other Trump officials also took up residence at housing built and designed for senior admirals and generals in the Washington area.
Tariff Backlash: Senate Snubs Trump on Trade in Third Anti-Tariff Vote This Week (Bloomberg)
The Republican-led Senate passed legislation opposing President Donald Trump’s sweeping global tariffs, its third vote this week rebuking the White House’s trade policies.
The 51-47 vote, which included four Republicans, underscores growing economic anxiety over Trump’s often-changing tariff regime. Senators earlier this week narrowly passed bills to end emergency authorities underpinning the tariffs on Canada and Brazil.
Wall Street Warning: Goldman CEO Says US Heading for Debt ‘Reckoning’ If Growth Flags (Bloomberg)
The mounting level of US debt risks a “reckoning” for the economy if the pace of growth doesn’t improve, according to David Solomon, CEO of Goldman Sachs Group Inc.
“If we continue on the current course and we don’t take the growth level up, there will be a reckoning,” Solomon said at a Thursday interview with David Rubenstein hosted by The Economic Club of Washington. “The path out is a growth path.” The Wall Street chief said he saw a “low” chance of a recession in the near-term.
Solomon was echoing widespread concerns that the US and other western economies are becoming addicted to debt-fueled stimulus. That’s grown particularly since measures during the Covid-19 pandemic helped drive up consumer spending.
Tech Rebound: Stocks Rise as Amazon Set for $300 Billion Rally
(Bloomberg)
The S&P 500 is set for a sixth month of gains after Amazon.com Inc.’s blowout results fueled a rebound in stocks following a brief pause in the global rally.
Futures on the US benchmark rose as Amazon jumped 13% in premarket trading, a move set to add about $300 billion to its market value after reporting the fastest cloud-unit growth in nearly three years. Apple Inc. also advanced on a revenue beat and upbeat holiday forecast. Nasdaq 100 contracts advanced 1.2%.
Tune in to the Daily Read Podcast: Stay ahead with AI-powered news insights every day — streaming now on Spotify and Apple Podcasts.
Royal News:
Prince
Andrew Told to Surrender Royal Lodge Lease, Will Move to Sandringham Estate (People)
After weeks of speculation, Prince Andrew is officially vacating Royal Lodge amid renewed scrutiny over his ties to late convicted sex offender Jeffrey Epstein. In an unprecedented statement on Thursday, Buckingham Palace announced that King Charles is stripping Andrew of all his titles and privileges.
What We've All Been Waiting For: Dictionary.com's 2025 Word of the Year Is. . . 67 (Dictionary.com)
Tonight in Baseball:
How to Watch Dodgers vs. Blue Jays in the World Series Game 6 (New York Times - The Athletic)
Halloween on Sixth Ave: NYC's Halloween Village Parade Returns, Follow Tonight's Route and Road Closures (CBS News)
This Weekend in NYC: Your Guide to the 2025 New York City Marathon on Sunday (New York Times)
Sunday is the 54th New York City Marathon.
Fifty thousand runners from all over the globe will be at the starting line, and thousands more New Yorkers will come out along the 26.2 mile course to cheer them as they attempt to finish what many consider the most challenging of the seven major marathons.
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