Morning Briefing: Americas
Bloomberg Morning Briefing Americas

Good morning. The outlook for the economy is bright, according to the head of Goldman Sachs. Chinese companies are getting a helping hand from clean-energy tax breaks—in the US. And the presidential battle royale hits FortniteListen to the day’s top stories.

David Solomon Source: FII

The chief executive officer of Goldman Sachs gave a big thumbs up to USA Inc. “The US economy is proving to be incredibly resilient,” David Solomon told a gathering of top financiers in Saudi Arabia. He’s also optimistic on the outlook for dealmaking, he said, with AI providing a tailwind. Ken Griffin, another big name on Wall Street, said markets expect Donald Trump to win the US election, though the race is “almost a coin toss.”

Bitcoin topped $71,000 for the first time since June. It’s viewed by some as a so-called Trump trade because the Republican presidential nominee has embraced digital assets during his campaign. But options traders have increased bets Bitcoin will reach $80,000 by the end of November regardless of who wins the election.

Apple’s iPhone exports from India jumped by a third, to almost $6 billion in the six months through September, people familiar said. The company started rolling out its first set of Apple Intelligence features, heralding a “new era” for its devices. Watch out for more announcements from Apple today. Also coming up: Google owner Alphabet reports earnings.

Jeff Bezos said the Washington Post’s heavily criticized decision to stop endorsing presidential candidates addresses a “credibility gap” afflicting the media industry. The decision was unrelated to Trump meeting with Blue Origin execs the same day, Bezos said.

Years of aircraft delays from crisis-hit Boeing and Airbus are forcing airlines to curb expansion plans and keep old and inefficient jets going. Some 3,700 single-aisle planes that were expected between 2019 and 2028 now won’t be built within that period, Visual Approach Analytics estimates, leading to years of knock-on problems.

Deep Dive: Climate and Politics

People working at the Illuminate USA plant in Pataskala, Ohio. Photographer: Maddie McGarvey/Bloomberg

The Inflation Reduction Act added thousands of clean energy manufacturing jobs in the US, but with an unintended consequence: big tax breaks for the Chinese companies already dominating green technologies.

The Big Take

Buyers of top-rated commercial mortgage-backed securities are suffering losses for the first time since the financial crisis. The pain is most acute in a new breed of bonds called SASBs, with creditors in office deals from New York to LA on track to get only a portion of their investment back.

Opinion

Photographer: Bloomberg Creative Photos

America’s growing and dynamic economy means that global demand for the US currency will continue to be strong, Tyler Cowen writes. AI may also help boost the dollar’s strength as AI services become a major US export item.

Before You Go

The Freedom Town USA map in Fortnite. Source: The Kamala Harris Campaign

Tax breaks and exploding footballs feature in a new virtual world created by Democratic presidential candidate Kamala Harris’ campaign. In Freedom Town, USA, on the Fortnite platform, there are campaign signs for Harris and her running mate, Tim Walz, as well as construction supplies to build new homes.