Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Donald Trump’s fete for China’s Xi Jinping has been heavy on pageantry and platitudes but light on substantive announcements, with the events shadowed by the US president’s preoccupation with construction projects and personal grievances.Through Thursday evening in Washington, the most significant news tied to the gathering was announced before it even began, when Treasury Secretary Scott Bessent said just as Xi’s plane landed that the two sides had extended a trade truce for another two months.

2) US and Iranian negotiators are exploring a phased deal that would see Tehran reopen the Strait of Hormuz and Washington lift its blockade of Iranian ports, according to a person familiar with the discussions.The two countries — which have both refused to make similar agreements in recent months — were making a push for a breakthrough Thursday on the sidelines of the United Nations General Assembly, the person said, declining to be named discussing private matters. Qatari officials are mediating the negotiations.

3) Kathy Hochul warned residents in low-lying areas of New York City and Long Island to prepare for flooding as a powerful storm is set to bring heavy rain and strong winds over the weekend.While New York Governor Hochul said she doesn’t expect widespread damage, even a slight shift in the Nor’easter’s track could worsen conditions, according to a statement late Wednesday. Raging surf will also make it dangerous for any late-season beachgoers, with waves offshore forecast to top 12 feet (3.7 meters) by Thursday.

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Trump-Xi High-Stakes Summit; Possible Deal to Open Hormuz

Bloomberg Daybreak: US Edition

Trump-Xi High-Stakes Summit; Possible Deal to Open Hormuz