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

SPEAKER_1 (0:02)

Bloomberg Audio Studios, Podcasts, Radio, News.

Nathan Hager (0:10)

Good morning, I'm Nathan Hager.

Karen Moskow (0:11)

And I'm Karen Moskow. Here are the stories we're following today.

Nathan Hager (0:15)

Karen, we begin with a widening rift between the US 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 Hirskovits.

John Hirskovits (0:40)

The idea would be that Russia wants to take care of the better relations it has with the US now, get a settlement that's on its terms, and leave Ukraine out of the process. It would be very much the detriment of Zelenskyy 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 played that we saw during World War II, for the carving up of Europe after the war.

Nathan Hager (1:07)

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

Karen Moskow (1:16)

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

Volodymyr Zelenskyy (1:27)

If the United States will support Putin, I mean, it's unbelievable. It's tragedy. It's historic mistake and big tragedy.

Karen Moskow (1:36)

Ukrainian President Volodymyr Zelenskyy 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 US. Zelenskyy says relations with Washington may improve after the midterm elections.

Nathan Hager (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.

SPEAKER_6 (2:05)

We'll continue to do everything we can to help facilitate the end of that war. No one's winning that war.

Nathan Hager (2:10)

People are dying every day. Things are being blown up every day. Things are being destroyed every day.

SPEAKER_6 (2:14)

And he's talked about it. He's talked about the death toll.

Nathan Hager (2:17)

The Secretary of State Rubio also addressed President Trump's sanctions waiver on Russia shortly after the deal on diesel exports. He says it's important to take the US other bilateral relationships into account when it comes to that 60-day waiver.

Karen Moskow (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.

SPEAKER_7 (2:47)

Both gasoline and diesel prices peaked a few weeks ago. They've pulled back only slightly.

Karen Moskow (2:53)

We'd like them to pull back a lot more than they have. 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, or Sundays on Bloomberg Radio.

Nathan Hager (3:09)

Now, Karen, 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, Macron called for order to be restored and for those responsible to face punishment.

SPEAKER_8 (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.

Nathan Hager (3:46)

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.

Karen Moskow (4:00)

Well, I'm in 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 freeing 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.