5 Things You Need to Know to Start Your Day

Good morning. Joe Biden lands in Israel, the speaker vote is delayed and China’s economy gains momentum. Here’s what’s moving markets.Presid [View in browser]( [Bloomberg]( Good morning. Joe Biden lands in Israel, the speaker vote is delayed and China’s economy gains momentum. Here’s what’s moving markets. Biden lands President Joe Biden has [arrived in Israel]( with the aim of reinforcing the US commitment to Israel and to try to prevent the war with Hamas plunging the Middle East into chaos. Biden’s trip was [thrown into turmoil]( before he landed following an explosion at a hospital in Gaza last night, which Israel and Hamas have blamed on each other. That caused Arab leaders, including from Jordan, Egypt and the Palestinian Authority, to pull out of a meeting that had been planned for the trip. Biden said on his arrival, speaking to Israeli Prime Minister Benjamin Netanyahu, that the hospital explosion appeared to have been “done by the other team.” Vote delay Republicans delayed another vote for House speaker after Jim Jordan [failed to secure enough votes]( in an initial ballot on Tuesday, dragging out the efforts to to fill a leadership vacuum in Congress for a third week. Jordan faced 20 Republican holdouts and the delay of the next vote to 11 a.m. on Wednesday indicates that he struggled to gain momentum since. Chinese growth China’s [economy gained momentum]( in the third quarter with spending increasing on everything from restaurants and alcohol to cars, helping to offset a drag from the property crisis it faces and putting the annual growth target in reach. The woes of the real estate sector continue, however, with developer [Country Garden signaling]( that it is set for its first ever default as a grace period to pay the interest on a dollar-bond ends. Geopolitical risks The dollar is flat, US stock futures are lower and Treasuries and gold are rising amid a risk-off mood. [Oil has gained]( on increased fears around Israel-Hamas and extended its rise after Iran’s foreign minister called for an oil embargo against Israel. United Airlines shares are falling in premarket trading after its [profit missed expectations]( and it flagged the impact from flights suspended due the conflict in Israel. Goldman Sachs strategists said that [geopolitical uncertainty]( could put any equity market rally at risk. Coming Up… The Federal Reserve’s Beige Book on economic conditions is due later and there is a slew of speakers from the central bank on the slate giving speeches and taking part in panels. That includes Christopher Waller, John Williams, Michelle Bowman, Tom Barkin, Patrick Harker and Lisa Cook. Morgan Stanley and Procter & Gamble will report before the market open, while Netflix and Tesla will update after the close. A weak yen has helped Nikkei climb and provided a competitive advantage to Japanese exporters, such as Toyota Motor and Sony Group. But what will happen to the currency and Japan's stocks when its central bank starts increasing interest rates? Share your views in the latest [MLIV Pulse survey](. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - Musk’s X tests out [$1-a-year subscriptions](. - Singapore to [inspect Credit Suisse](. - Brazil embraces the [migrant crisis](. - The FCC revives the [net-neutrality battle](. - Climate change drives a [global water trade](. - France set to take [top winemaking spot](. - Carl Icahn [criticizes short sellers](. And finally, here's what Joe’s interested in this morning A couple of weeks ago, every other headline had some kind of "highest since 2007" superlative, as rates at the long end of the curve kept pushing higher. Of course, while 10-year and 30-year Treasuries get all the attention, the short end keeps moving higher as well. And now we're at levels on the 2-year yield that we haven't seen since 2006. A little bit higher, and we'll be talking about the highest 2-year yields since 2000. Either way, these moves continue to reinforce the higher for longer theme, as traders pull back on bets that rate cuts are coming. Pulling back for a second, this year has seen significantly higher rates, a mini-banking crisis in March, the breakout of multiple major strikes, and of course a seemingly spiraling geopolitical environment. And yet somehow the S&P 500 remains up roughly 14% on the year. Probably not what many people would have guessed. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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