Clash of generations in presidential debate

Harris and Trump square off in debate [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Presidential debates used to be a bit like reality television shows — entertaining but generally didn’t move the needle. The Hillary Clinton and Donald Trump showdown of 2016 being a case in point. She won on the night but lost the election. Joe Biden changed everything. All the nagging questions about his age and capability at 81 to serve a second term came to a head in 90 excruciating minutes in his debate with Trump. Within weeks he bowed out and Vice President Kamala Harris stepped in. And now the laser focus on mental acuity is on Trump, a convicted felon who at 78 becomes the oldest presidential nominee in US history. Democrats are banking on a very [different outcome to tonight’s debate](. They need Harris the level-headed prosecutor to show up, taking apart with surgical precision Trump’s grandstanding. She will need to be nimble. Her potential weakness is tackling curve balls when things veer off script. Voters also still want to know more about her. Republicans will be praying their volatile candidate can keep his cool and avoid disparaging comments about a female rival when women voters are so critical to determining which way this election will swing. Trump has yet to land a blow, and his frustration has spilled out in public. He insists he’s going to “let her talk.” The momentum has been with 59-year-old Harris, though polls show the two opponents [neck and neck]( after a summer of good vibes for her. But vibes alone won’t win the race. A record number of Americans, well over 100 million, are expected to tune in for the theatrics of it all, but those [looking for policy specifics]( will likely be disappointed. Talking points and slogans will prevail. In the age of social media, it will come down to what were the viral moments, who messed up and who held their nerve. — [Flavia Krause-Jackson]( WATCH: Bloomberg’s EMEA News Director Rosalind Mathieson joins Stephen Carroll and Caroline Hepker to discuss what the candidates hope to achieve. Source: Bloomberg Global Must Reads Russia said it downed 144 drones today, including in the Moscow region, where three airports in the capital temporarily halted flights and a woman died when an apartment building was hit. Ukraine has been [striking deep into Russia]( with drones to try to undermine the Kremlin’s war effort. Russia is targeting Ukraine’s energy infrastructure with large-scale missile and drone attacks as winter approaches. Israeli jets struck a humanitarian zone in Gaza in what its officials said was an attack on a Hamas command and control center, while the Palestinian militant group said [dozens of people were killed]( when tents housing displaced people were hit. The area is a stretch of fields and sand dunes where hundreds of thousands of Gazans have been sheltering for months near Khan Younis. Search and rescue personnel look for survivors following the Israeli airstrike. Photographer: Jehad Alshrafi/Anadolu/Getty Images The European Union landed blows on US big tech as it emerged victorious from twin legal tussles against Apple and Google. The EU’s Court of Justice in Luxembourg today backed a 2016 decision that Ireland broke state-aid law by [giving Apple an unfair advantage]( through beneficial tax arrangements; the iPhone maker must now pay a €13 billion ($14.4 billion) tax bill. Google lost its bid to topple a once-record €2.4 billion fine for [abusing its monopoly power]( to crush rival shopping services. A deepening selloff in Chinese stocks is exacerbating a crisis of confidence in the world’s second-largest economy, piling pressure on policymakers to [halt the downward spiral](. With a property crisis dragging down consumer spending and geopolitical tensions simmering before the US elections, the risk for President Xi Jinping’s government is that the market slump further heightens concern among consumers and businesses. North Korean leader Kim Jong Un vowed to bolster his weapons arsenal and prepare his troops for combat as he accused the US and its allies of expanding a [“nuclear-based military bloc”]( in the region. In a speech marking the 76th founding anniversary of his country, Kim said he’ll get his nuclear force “fully ready for combat,” the official news agency said. The pledge comes as South Korea moved to strengthen its defense partnership with the US and Japan after the three nations signed a pact on military training in July. Chinese and American military commanders overseeing operations in the South China Sea had their first conversation since [such talks were suspended]( after then-US House Speaker Nancy Pelosi visited Taiwan in 2022. Australia’s government will propose new age limits for social media websites, as part of a push to [protect children’s mental health]( and shield them from inappropriate content online. Major US oil and gas companies haven’t cooperated with a congressional investigation into whether Trump made a “quid pro quo” offer to roll back environmental regulations in [exchange for campaign donations]( Democratic lawmakers said, calling the firms’ response to inquiries “woefully inadequate.” Washington Dispatch The US House has passed legislation that [would blacklist]( several Chinese biotech companies, and Speaker Mike Johnson’s office promised he “is not stopping here and is committed to advancing further China-related legislation on investments and other predatory practices.” The measure, approved by wide margins in both parties, comes amid heightened scrutiny of Chinese businesses, with Republicans and Democrats emphasizing a tough-on-China stance in the elections. The companies argue that they don’t pose any threat to national security. Numerous other bills targeting China are set for votes this week, including legislation focusing on the supply chains for electric vehicles as well as other industries. China hawks have already succeeded in setting a deadline for the Beijing-based parent of TikTok, ByteDance, to divest its ownership in the popular video-sharing platform or face a US ban. A recent Pew Research survey, however, found that support for the possible ban has diminished. One thing to watch today: The National Federation of Independent Business will release its survey of small businesses for August. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 1 and 5 p.m. ET weekdays on Bloomberg Television. Chart of the Day Ukraine has been a key player in Europe’s energy markets for decades, but by the end of the year its network of about 22,000 kilometers (13,670 miles) of natural-gas pipelines may be obsolete. An agreement between Moscow and Kyiv to move Russian gas to Europe is [unlikely to be renewed]( before it expires in December. For the continent’s energy markets, it means more uncertainty, while Russia would lose one of two remaining pipeline routes to Europe. Ukraine may have the most at stake, deprived of funds for energy infrastructure and losing its status as a conduit of affordable energy. And Finally The world’s oldest guerrilla force, Colombia’s National Liberation Army, has restarted its war on the oil industry with a wave of pipeline attacks that sent crude spilling into rivers and clouds of black smoke billowing into the sky. The ELN rebels are renewing their [six-decade campaign of sabotage]( after peace talks with the government broke down, raising the stakes for President Gustavo Petro by hitting the sector that produces a third of the nation’s exports. ELN guerrillas patrol a river. Photographer: Ivan Valencia/Bloomberg More from Bloomberg - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa]( a twice-weekly newsletter on where the continent stands now — and where it’s headed - [Economics Daily]( for what the changing landscape means for policymakers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Explore more newsletters at [Bloomberg.com](. 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