Putin Wants Summit with US and China; Protests Flare Across Europe

0:02 Bloomberg Audio Studios.

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0:10 Good morning. I'm Nathan Hager.

0:11 And I'm Karen Moscow. Here are the stories we're following today.

0:15 Karen, we begin with a widening rift between the U.S. and Ukraine. Russian President Vladimir Putin is reportedly proposing a three-way summit with President Trump and China's Xi Jinping on ending the war that began nearly five years ago. The Wall Street Journal reports Putin raised the idea during an October 9th phone call with President Trump that led to their deal to bring more Russian diesel fuel to the global market. We get more from Bloomberg's John Herskovitz.

0:40 The idea would be that Russia wants to take care of the better relations it has with the U.S. now, get a settlement that's on its terms, and leave Ukraine out of the process. It would be very much to the detriment of Zelensky, to the Ukrainian people, and very much to Putin's favor. And to have this with Xi Jinping, it's kind of like the big powers play that we saw during World War II for the carving up of Europe.

1:06 After the war.

1:07 Bloomberg's John Herskovitz says this Wall Street Journal report comes as President Trump posted on social media that he is negotiating peace between Russia and Ukraine.

1:16 Meanwhile, Nathan, President Trump claims Ukraine's Volodymyr Zelensky does not want to end the war, but the Ukrainian leader is accusing the president of trying to pressure him into surrendering to Russia.

1:27 If the United States will support Putin, I mean, it's unbelievable.

1:31 It's tragedy.

1:33 It's historic mistake and big tragedy.

1:36 Ukrainian President Volodymyr Zelensky spoke on NBC's Meet the Press. Heard Sundays on Bloomberg Radio, he's offering a new proposal to stop targeting Russian refineries in exchange for more Patriot air defense missiles from the U.S. Zelensky says relations with Washington may improve after the midterm elections.

1:53 Well, Secretary of State Marco Rubio, Karen, is headed to Asia for a state visit to Uzbekistan, and he is confirming discussions of a three-way meeting with Putin and Xi. Rubio says President Trump is open to anything to end the war.

2:05 We'll continue to.

2:06 Do everything we can to help facilitate the end of that war. No one's winning that war. People are dying every day. Things are being blown up every day. Things are being destroyed every day. And he's talked about it. He's talked about the death toll.

2:17 Secretary of State Rubio also addressed President Trump's sanctions waiver on Russia shortly after the deal on diesel exports.

2:23 He says it's important to take the U.S.

2:25 's other bilateral relationships into account when it comes to that 60-day waiver.

2:30 Well, Nathan, amid the geopolitical uncertainty, oil is sliding from a five-month high as traders weigh signs of Middle Eastern supply holding near pre-war levels, even with flare-ups in fighting. Energy Secretary Chris Wright says prices at the pump are also moving in the right direction.

2:47 Both gasoline and diesel prices peaked a few weeks ago.

2:50 They've pulled back only slightly.

2:53 We'd like them to pull back a lot more than they have.

2:55 Energy Secretary Chris Wright says oil flows through the Persian Gulf are back to about 80% of their pre-war level, though refined products are still constrained. Wright appeared on ABC's This Week, heard Sundays on Bloomberg Radio.

3:09 Now carrying to a turbulent situation in Europe, French President Emmanuel Macron says his country feels anger and shame after widespread violence over the weekend. Officials estimate more than a half million people joined protests on Saturday and more than 2,000 were arrested. In a televised address, McCrone called for order to be restored and for those responsible to face punishment.

3:32 Whenever offenses are committed, they must lead to appropriate legal proceedings. Those who have destroyed must pay. Those who have looted must reimburse. Those who have sought to bring down the republic will have to answer for it.

3:45 It was French President Emmanuel Macron speaking through an interpreter. Protesters are voicing anger over schools, public services and the cost of living with strained government finances limiting the response. Violence is also hitting Italy, Belgium and Portugal under similar pressures.

4:00 Well, amid the uproar in Europe, Nathan, Bloomberg's Francine Lacroix will sit down with German Chancellor Friedrich Merz today to discuss political instability in the continent and his own fraying government coalition. The conversation will air on Bloomberg's Balance of Power at 1.30 p.m. Wall Street time on Bloomberg Radio and Television and the Bloomberg Business App.

4:21 Well, back in this country, Karen, midterm elections are just 15 days away, and the landscape is looking tough for Republicans. A new Washington Post-ABC News Ipsos poll shows President Trump with just a 33 percent approval rating among registered voters. Fifty-eight percent say they would prefer a Democratic Congress compared to 39 percent supporting Republicans. Texas Democratic Congressman Mark Vesey says Congress needs to act as more of a check on the president.

4:46 I think that there needs to be investigations into Trump's ties with Russia. And it's not only coming from people like me that are Democrats. You probably saw this weekend at the National Review that one of their columnists said that there's something there.

5:01 But Democrats need a net gain of four seats to take control of the Senate. The party's aiming at several Republican-leaning states. But New Hampshire Democratic nominee Chris Papa says they can't ignore swing states like his.

5:12 We still need more help to be able to close the deal. I mean, the fact is, this is a very purple state. These are elections here in New Hampshire that often go down to the wire. Our Senate race in 2016 was decided by about 1,000 votes. So politics is a game of inches in New Hampshire.

5:27 Democrats Chris Pappas and Mark Vesey were both guests on Bloomberg this weekend. Catch the show Saturdays and Sundays at 7 a.m. Wall Street time on Bloomberg Radio and Television and the Bloomberg Business app.

5:38 As the midterm elections approach, Nathan, check out Bloomberg's Washington Edition, the newsletter about money, power, and politics in the nation's capital. Our reporters provide reporting and insights through the lens of business, markets, government, and the economy. Sign up now for free at Bloomberg.com slash newsletters.

5:56 Now to a tragic situation north of the U.S. border, Karen.

5:59 Four Canadian soldiers were killed and dozens more seriously wounded in a fire that tore through an army base during a live-fire training exercise on Saturday. Here's Canadian Prime Minister Mark Carney.

6:10 A violent, fast-moving fire swept through Canadian Armed Forces Base in Wainwright, Alberta. And what followed was one of the worst tragedies for the forces on Canadian soil in peacetime.

6:25 Canadian Prime Minister Mark Carney's ordered Canadian flags lowered to half staff on federal buildings. Earlier, the Canadian Broadcasting Corporation reported that seven people had died.

6:35 Let's turn to.

6:35 Markets now, Nathan, and a surprise pledge from Elon Musk, the world's richest man, posted on social media overnight that he will give one of his SpaceX shares to every kid in America next year. The SpaceX founder says it will be the first of many. Bloomberg data showed Elon Musk's Rocket AI company has about 8.1 billion shares outstanding, and in the pre-market SpaceX shares, they're up almost 1%.

7:02 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 John Tucker. John, good morning.

7:08 And good morning, Karen. Pope Leo back at the Vatican. It has been clear to travel to Latin America next month after lung cancer surgery. NPR host Scott Dutro has been following the latest on the Ponto's health and says he's in great shape for a 71-year-old.

7:23 He's been a pretty healthy guy. He's active. He plays tennis regularly.

7:26 He exercises regularly. The only hospital stay that we know of is that he got typhoid fever in his first few months in Peru in the mid-1980s. So this was a shock. He does have cancer in his family. His mother and father both died of cancer.

7:38 Scott Dutro was on Bloomberg this weekend. We told you about that deadly fire in Alberta, Canada. There's also a big separation referendum today. As we hear from Bloomberg's Monica Ricks, support for Alberta remaining in Canada has gathered pace.

7:52 Millions of voters in Alberta will be deciding on a referendum today on whether the province should begin a legal process to separate from the country. Former Foreign and Deputy Prime Minister Chrystia Freeland tells Bloomberg she's against it.

8:05 This referendum a little bit is trying to get people to get mad at immigrants.

8:11 And I think that's wrong and really dangerous and divisive.

8:15 Freeland likened it to Brexit in the UK. And a poll from Abacus Data finds that 68% of Albertans are with her, up from 64% last month.

8:24 Monica Ricks, Bloomberg Radio.

8:25 A man was shot and killed inside a subway station several blocks from Times Square in Midtown on Saturday afternoon. He was on the platform of the 7th Avenue station on 53rd Street just after midday. Police say he was in a dispute with another man. They're still looking for the gunman. And President Trump formally announcing creation of a new golf course in Washington, D.C. It comes despite legal challenges and anger over the loss of an affordable and family-accessible golf spot. The president announcing on Truth Social the existing East Potomac Golf Links will now become a world-class championship golf course. The case escalated last week after the government, at the direction of the White House, cut down more

9:04 than 400 trees at the chorus. Global News, 24 hours a day and whenever you want it with Bloomberg News Now. I'm John Tucker.

9:11 This is Bloomberg.

9:12 Karen.

9:13 Thanks, John. Time now for our Bloomberg Sports Update. And for that, we bring in John Staschauer. Thanks, Karen.

9:19 This has been Game 5 of the ALCS in Cleveland. The Tampa Bay Rays scored in each of the first three innings, and that was enough for a 3-1 victory behind the pitching of Drew Rasmussen. Tampa Bay goes home. leading the Guardians three games to two, can win the pennant tonight at home. Sunday night football in Green Bay.

9:36 The Packers beat the Cowboys 23-13. The Chiefs beat the Chargers 22-6. Kansas City is 5-0. The Chargers are 0-6. Arizona, with six field goals, upset the Rams 18-16. That's your Bloomberg Sports Update.

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10:09 I'm Nathan Hager. The rift between the U.S. and Ukraine appears to be getting wider this morning. Ukrainian President Volodymyr Zelensky is accusing the U.S. President Donald Trump of pressuring him to surrender to Russia. As the Wall Street Journal reports, the Russian president, Vladimir Putin, proposed a three-way meeting with the U.S.

10:26 And China on ending the war.

10:28 If the United States will take, officially will take the side of Russia, of course, if these two countries will be together, of course, of course, we will not prevail and we will not be able to stand.

10:41 That was Ukrainian President Volodymyr Zelensky on NBC's Meet the Press, heard Sundays on Bloomberg Radio. For more, we're joined by Bloomberg's Russia economy and government team leader. Tony Halpin. Tony, it's good to speak with you this morning. We've been talking about whether this relationship between the U.S. and Ukraine has devolved to the level that we saw last year in that blow up in the Oval Office back in February of last year.

11:05 Where do things stand this morning?

11:07 Does it look like we're back to that level?

11:09 Good morning. Morning, Nathan.

11:11 Well, it certainly seems as if it's heading that way. The level of tensions is clearly very high. President Zelensky in Kiev has been pretty blunt as well in his criticisms of what he sees as restrictions on Ukraine's ability to defend itself, in particular things like the slowing of the Starlink internet speeds, which are crucial for Ukrainian troops when they're trying to defend against Russian missile and particularly drone attacks. Things like the deal that was done on diesel with Putin, the president's decision to hold back on sanctions against Russia. All of these things I think Ukraine is viewing as means of leveraging pressure on Kyiv to make some sort of concession. And as you've heard, President

11:53 Zelenskyy thinks that Ukraine is basically being pushed to try to capitulate in this war.

11:59 What more do we know about this report in the Wall Street Journal that Russia's president floated a trilateral meeting with the U.S.

12:07 And leaving Ukraine to the side on that?

12:10 Yes.

12:10 I mean, this is basically Ukraine and its European allies' nightmare scenario that Putin and Trump would get together, in this case with Chinese President Xi Jinping, and sort of plot out the fate of Ukraine without Ukraine participating in any way. Certainly, we know that Putin and Xi have discussed the possibility of a trilateral meeting when The Chinese leader hosts the APEC summit next month. We don't yet know if President Trump is going to go to that meeting.

12:37 But clearly, as Secretary of State Marco Rubio said today, there have been some discussions about this. And it will be something that will be very unwelcome in Europe and in Kiev if it goes ahead and that they sit down and talk about Ukraine without Ukraine.

12:51 Well, we've heard Zelensky make this new offer to stop attacking Russian energy, something that he resumed, I presume, last week in exchange for the U.S. speeding deliveries of Patriot air defense missiles. Does that look like something that could sway the U.S.

13:08 President?

13:09 Not at the moment. President Zelensky did say that they made this offer, that they need patriots because Russia is attacking practically daily at the moment and having a lot of success in striking different areas of Ukraine. But his view was that they were simply told, you know, you shouldn't keep striking Russian oil refineries. And if you did continue to do that, then things like intelligence access might be delayed or cut off. So it didn't seem that that was an offer that the U.S. were willing to take up, at least from Kiev's perspective. And, of course, we have to understand that there's great demand around the world at the moment for Patriot missiles, not least because of the war in Iran. So, it's not necessarily an

13:45 easy thing for the U.S. to fulfill.

13:48 Just about 30 seconds left here. We're seeing this fraying relationship between the Ukrainian and U.S.

13:55 Presidents.

13:56 What about the relationship between the Ukrainian president and the U.S.

13:59 Congress?

14:00 Well, I think President Zelensky very pointedly thanked the late Lindsey Graham in a post last week for the work that he'd done on behalf of Ukraine. I think that's one of Ukraine's hopes, that there'll be greater congressional pressure on the White House to roll back some of these decisions.

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