Bloomberg - Evening Briefing - Managed competition

President Joe Biden told corporate leaders that the world expects the US and China to better manage their competition, making the case for sustained American involvement in the Asia-Pacific region a day after his high-profile meeting with Chinese leader Xi Jinping. “A stable relationship between the world’s two largest economies is not only good for the two economies but for the world,” Biden said Thursday at the CEO session of the Asia-Pacific Economic Cooperation summit in San Francisco. Biden called his discussion with Xi “candid and constructive” and said he emphasized to his Chinese counterpart that the “United States does not seek conflict.” At the same time, Biden cited his recent visit to Vietnam and efforts to increase US engagement with Pacific island nations that have bristled at what they say is American neglect of the region as China looks to expand its economic influence. —David E. Rovella

China is a Leninist state run by a party that believes the struggle for power is unceasing and unforgiving, Hal Brands writes in Bloomberg Opinion. Know that, and you’ll know what yesterday’s meeting between Biden and Xi does and doesn’t mean, he says. Brands writes that it does mean that Xi—like Biden—has good tactical reasons for talking. It doesn’t mean that China is any less determined to overtake the US as the country that sets the terms of global order—or that any amount of dialogue can change that fact.

Xi Jinping Photographer: Kevin Frayer/Getty Images AsiaPac

Apple has fallen further behind in its multibillion-dollar attempt to make a modem chip for its iPhone. The gadget company has been stymied by the complexity of replacing an intricate Qualcomm component. Now, after having already delayed a plan to have an in-house chip by next year, Apple is said to be likely to miss a goal to ship the component by the spring of 2025. That would postpone the release until at least the end of 2025 or early 2026. Meanwhile, in a major reversal, Apple plans to adopt a technological standard next year that will allow text messaging to operate more smoothly between iPhones and Android devices.

Treasuries climbed after the latest economic figures underscored a gradual US slowdown, reinforcing speculation the Federal Reserve is done raising interest rates. Ten-year yields fell eight basis points to around 4.45%. Following a rally that sent stocks near “overbought” levels, the S&P 500 was little changed. Here’s your markets wrap.

The US and its European allies are said to be pushing to deploy an international peacekeeping force in the Gaza Strip after the war, raising pressure on Israel to bring its military operation, which local authorities report has killed more than 11,000 Palestinians, to an end. US and European officials concede big questions remain about whether such an operation would be workable, but they said even discussing the idea may help push Israel to think more about ending its assault in the densely packed strip. For its part, Israel seems intent on tracking down top members of Hamas responsible for the Oct. 7 attacks that it says killed 1,200 Israelis.

People mourn as they collect the bodies of Palestinians killed by Israeli attacks in Khan Yunis, in the southern Gaza Strip, on Nov. 15. Photographer: Ahmad Hasaballah/Getty Images Europe

As the US and Europe funnel weapons to Israel for use in Gaza, a key beneficiary of the war in the Middle East appears to be Vladimir Putin. Ukraine President Volodymyr Zelenskiy warned on Thursday that the delivery of artillery shells to Kyiv has slowed, undermining its effort to push back Russia in a 20-month war estimated to have killed close to 200,000 people.

Applied Materials, the largest US maker of chipmaking machinery, slid in late trading following a report that it faces a US criminal investigation for violating export restrictions to China. The company is reportedly being probed by the Justice Department over dealings with China’s biggest chipmaker, Semiconductor Manufacturing International Corp.  

For the US, the news when it comes to semiconductor technology has gone from bad to worse. Washington has long tried to limit Beijing’s capabilities, particularly when it comes to the components that underpin it all—semiconductors. China contends the US is trying to kneecap its economy. The US says it’s trying to restrict tech that its adversary could use to defeat it on the battlefield. In When Huawei Shocked America With a Smartphone, Bloomberg Originals reveals how—regardless of the reasons behind it—the US effort appears to be falling short.

Watch the Bloomberg Originals mini documentary When Huawei Shocked America With a Smartphone

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• Elon Musk appears to have a tight relationship with Xi Jinping.
• Billionaire owner of Aston Martin F1 team sells it for $1.2 billion.
• How to turn chicken fingers into a $7.6 billion fortune.
• Infuriated by those locked-up items at the drugstore? You’re not alone.
• Meet the secret hedge fund king of deep sea-treasure hunters.

By now, most people have heard of “forever chemicals,” the more memorable name for per- and polyfluoroalkyl substances—or PFAS. They’re found all across the consumer spectrum, from non-stick pans to waterproof raincoats and even medical devices. Their durability, however, has made them insidious. And they have been linked to cancer. In the mini-documentary The ‘Forever’ Threat, Bloomberg Originals introduces us to Kyla Bennett, an environmental expert whose personal journey through illness informed a dogged search for the reasons behind what happened to her. What she discovered, however, affects everyone.

Watch The ‘Forever’ Threat by Bloomberg Originals Photographer: SeongJoon Cho/Bloomberg

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Bloomberg New Economy Forum on Demand: The sixth annual Bloomberg New Economy Forum returned to Singapore this month, where the world’s most influential leaders addressed the most critical issues facing the global economy. This year’s theme, “Embracing Instability,” focused on opportunities to better understand underlying economic issues such as persistent inflation, geopolitical tensions, the rise of artificial intelligence and the precarious state of the world’s climate. Now you can watch sessions from the Forum on demand.