Crypto News: Defying Trump

Good morning. India cozies up to Russia and China in a challenge to Donald Trump. Silver is on a tear (we'll tell you why). And Sin City is still the best-value luxury destination in the US. Listen to the day's top stories.

— Marc Perrier and Hellmuth Tromm

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Indian Prime Minister Narendra Modi met with Russian President Vladimir Putin today, in a defiant show of ties at a time of tense relations with the US. Modi said the two countries share a "special" relationship and stand by each other in difficult times. Modi also met Chinese President Xi Jinping at a summit in Tianjin, as he seeks to improve relations with China after his falling out with Donald Trump.

Why Rivals China and India Need Each Other Right Now

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Silver is on a streak, trading above $40 an ounce for the first time since 2011 as expectations for a Federal Reserve interest-rate cut this month boost investor appetite for precious metals. Markets are closed in the US today for Labor Day but not so in Europe where stocks staged a rebound from the technology-driven slump. Meanwhile, the next few weeks will give Wall Street a clearer reading on whether the recent rally will continue or get derailed.

OpenAI is seeking to build a massive new data center in India, people familiar said, a move that would be a big step in pushing its Stargate-branded AI infrastructure in Asia. Speaking of the AI boom, Alibaba's market value jumped by more than $50 billion after reporting a surge in revenue from the technology late last week.

In world politics, French Prime Minister Francois Bayrou struck a combative tone in his effort to gain support for a Sept. 8 confidence vote, while acknowledging that coming talks with political parties may fail to save his government from being ousted. German Chancellor Friedrich Merz said he hasn't given up hope that a ceasefire can be secured in Ukraine, but he's "not under any illusions either." And protests in Indonesia have exposed underlying tensions over persistent inequality.

Rudy Giuliani Photographer: Chris Kleponis/Polaris

Former New York Mayor Rudolph Giuliani has been hospitalized for injuries suffered in a car crash in New Hampshire. Giuliani's car was hit from behind at high speed on Saturday. He suffered a fractured thoracic vertebrae, injuries to his left arm and a lower leg as well as multiple cuts and bruises.

Bloomberg Green New York: Join us on Sept. 25 for a solutions-focused look into a new era of climate action during Climate Week NYC. We'll hear how top leaders in business, finance and government are approaching climate issues during times of geopolitical uncertainty. Learn more.

Deep Dive: Crime Watch

A Metropolitan Police Department officer searches a vehicle during a traffic stop in Washington. Photographer: Eric Lee/Bloomberg

Trump claims his deployment of the National Guard and other federal resources in Washington has turned around the city's crime levels. That's welcome news to many in DC, but court dockets tell a different story.

While violent crime in the capital dropped 45%, analysis of the dockets shows that the impact of the federal effort in the decline isn't as clear as the Trump administration claims.
In Chicago, Mayor Brandon Johnson signed an executive order Saturday aimed at banning federal law-enforcement officers from wearing masks or disguises as he tries to head off a threat from Trump to expand his crime crackdown to the city.
It's a similar story in California, where lawmakers and Los Angeles County officials are considering new rules to ban law enforcement officers, including federal immigration agents, from wearing masks.
Here's a look at why the president's use of the military in the US is so controversial.

Opinion

Donald Trump at a cabinet meeting at the White House on Aug. 26 Photographer: Aaron Schwartz/CNP

Trump's efforts to undermine the Federal Reserve's independence and oust senior officials like the head of the Defense Intelligence Agency reflect a pattern of punishing dissent, Matthew Yglesias writes. Such moves, though not always illegal, risk corrupting information and producing dangerous decisions.

More Opinions

Max Hastings

Putin Sees Only US Weakness in Ukraine

Mary Ellen Klas

Just Call It the Department of Male Labor

Before You Go

A night out on the Las Vegas Strip. Photographer: Ryan Young for Bloomberg Pursuits

Sin City. Visitor numbers are way down and critics say it's lost its shine. Yet when you crunch the numbers and consider its offerings, Las Vegas may still be America's best value luxury getaway.

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