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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said he’s considering a “massive attack” on Iran to push the nation to negotiate a peace deal. The president told Axios that Iran isn’t ready to make a deal and “they haven’t received enough pain yet,” and that he was “close to making a decision” on attacks that would be “bigger than ever before.” The US has launched strikes intended to degrade Iran’s ability to attack commercial shipping in Hormuz, and Trump has threatened “major military punishment” on Iran and the Houthi militant group it backs in Yemen if they target commercial ships.
2) President Trump is rebuilding his tariff strategy with new levies on 60 economies. The US will collect duties of between 10% and 12.5% on imports from most major trading partners, following an investigation into the alleged failure of around 60 economies to prevent forced labor in their supply chains. Goods from some trading partners deemed to have adopted forced-labor restrictions will be subject to 10% tariffs, including Mexico, the UK, Canada and India, while duties on items from the European Union and Taiwan won’t exceed 10%. The rates under the new authority took effect Friday at 12:01 a.m. New York time, with certain exemptions, such as for products that can’t be produced in the US or where tariffs would cause economy-wide disruptions.
3) Intel delivered a revenue forecast that shattered Wall Street estimates, indicating that booming data center spending is helping fuel a long-awaited turnaround. Sales will be $15.8 billion to $16.8 billion in the third quarter, with the low end of that range easily clearing the $15.1 billion average analyst estimate. The outlook underscores Intel’s gains with data center customers, which are clamoring for chips to satisfy demand for artificial intelligence computing, with sales in that segment soaring 59% last quarter.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The Iran-backed Houthis claimed their first attack on commercial ships in recent months, targeting two Saudi Arabian oil tankers in the Red Sea with missiles and drones. The Saudi government confirmed an attack on one refined-products tanker, called the Encelia, and the British navy said a tanker was struck by a projectile near the Saudi town of Al Shuqaiq. The move could effectively close another maritime chokepoint vital to energy markets, following Iran’s shutdown of the Strait of Hormuz, and oil prices are rising and Brent crude jumping.
2) Alphabet raised its capital spending forecast to a range of $195 billion to $205 billion this year, up from a previous forecast of $190 billion. The company's quarterly cash flow was negative for the first time since going public, with negative free cash flow of $5.9 billion in the period, and its cloud revenue totaled $24.77 billion, up 82% from a year earlier. Alphabet's cloud backlog grew to $514 billion, with over half expected to convert to revenue within 24 months, and the company's net income was $9.11 a share, well above Wall Street's forecasts.
3) Tesla's profit tumbled despite a strong quarter for its automotive business, pressuring Elon Musk's plan to refocus the electric-vehicle maker on artificial intelligence and robots. Spending on ambitious initiatives surged to $5.8 billion in the second quarter, resulting in Tesla's first cash burn in two years, and the company still expects capital expenditures in excess of $25 billion this year. Tesla's shares were down about 5% in pre-market trading in New York on Thursday, after the company reported adjusted earnings that fell short of analyst estimates and negative free cash flow of $1.09 billion.Eric Mollo
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US widened the scope of its airstrikes on Iran overnight, striking a military site near the north-western city of Tabriz. The Iranian government activated air defenses in Tehran and the US struck other areas, with Iran firing on US bases in Kuwait, Bahrain and Jordan. There are no negotiations between the US and Iran, with a spokesman for the Iranian ministry saying "our new message is that the enemy violated the memorandum and should implement it."
2) President Trump said generic drug manufacturers must move production to the US or face a 100% import duty from August 2028. The move aims at “reshoring” generic pharmaceutical production in the US, with companies that don’t build plants onshore facing levies that would then double, to 200%, in August 2029. The planned tariffs would raise costs for manufacturers, risking higher prices and potential shortages for generic treatments that account for more than 90% of US prescriptions.
3) New Jersey Governor Mikie Sherrill said about 6,600 people who identified themselves as noncitizens were registered to vote due to a software error in the state’s motor vehicle system. The applicants answered “no” when asked on a keypad whether they were US citizens while applying for driver’s licenses and identification cards, but the system registered them anyway. A preliminary analysis found that fewer than 400 of the people who were registered cast ballots, and they were registered as Democrats, Republicans and unaffiliated voters, and were spread across the state.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US and Iran exchanged strikes for a 10th consecutive day as mediators sought to revive a truce, with the US targeting military command centers and Iran attacking US military sites in Kuwait and Jordan. The Houthi militant group in Yemen threatened shipping in the Red Sea, and the Saudi-led coalition said it is taking steps to protect ships sailing in the area. Oil prices have surged and US retail gasoline prices have climbed back over $4 a gallon, potentially hurting Trump and his Republican Party before midterm elections.
2) The Trump administration vowed to impose a fresh 50% tariff on some Canadian goods over what it said was unfair treatment of American alcohol, cars and dairy. The items subject to the new tariff include milk, hockey equipment, beer and plywood — but not major resource imports such as energy, potash and critical minerals. The tariffs are being applied under Section 338 of the 1930 Tariff Act, which gives the president the power to impose duties of as much as 50% on countries deemed to discriminate against US commerce.
3) President Trump said he had a “very good conversation” with new UK Prime Minister Andy Burnham and that they would be meeting in the “not too distant future." Trump and Burnham discussed many subjects, including the outstanding relationship between the US and the UK, North Sea oil, trade, and demining the Strait of Hormuz. Burnham's office said the prime minister congratulated Trump on the World Cup tournament and invited the president to visit Manchester in one of his first calls as UK leader.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US conducted a ninth straight day of airstrikes on Iran, targeting military targets and communications networks. Iran continued to attack US bases in several countries, and the standoff shows no sign of easing, with Iran refusing to relent over the Strait of Hormuz. The US-Iran interim peace deal has all but collapsed, and talks over Tehran's nuclear program and a permanent cessation of hostilities have stalled.
2) Andy Burnham is set to become the UK's prime minister with numerous outstanding questions about his cabinet and policy direction. Burnham will pledge to deliver improvements in people's lives and set out his domestic priorities, concluding with a "message of optimism" about Britain's future. The incoming leader will inherit a range of challenging issues, including immigration, welfare, productivity, and social care, as well as navigating global relationships, including with US President Donald Trump.
3) Spain won its second World Cup title, defeating Lionel Messi’s Argentina 1-0 in extra time. The World Cup has been a commercial success, with FIFA increasing its four-year revenue expectations by about $2 billion and more than 15 million people attending stadiums and fan festival areas. The tournament was marred by controversy, including President Donald Trump's intervention on behalf of a suspended American player, which led to criticism of FIFA's obsession with money and power.
See omnystudio.com/listener for privacy information.
Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Donald Trump accused China of interfering with US elections in 2020, threatening to upend ties with the world’s second-biggest economy as he focuses on securing a victory in the midterms in November.
2) Concerns are growing that the US and Iran will intensify hostilities, with the sides clashing for a sixth straight day and Tehran refusing to back down over the Strait of Hormuz. The US hit southern Iran overnight, widening the scope of its targets by striking six road bridges, according to Iranian state media. There were separate reports of attacks on the southern town of Bushehr, which houses the country’s only nuclear power plant, and the western province of Lorestan.
3) SpaceX said it will aim to launch its Starship rocket again in a few days after aborting Thursday’s mission when some of its engines didn’t fire up, sending shares lower.Starship was slated to take off on its 13th major mission from SpaceX’s South Texas launch facility, called Starbase, at 5:45 p.m. local time. But right at the planned liftoff time, plumes of smoke erupted from the launch tower, and the rocket remained in place.
See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The US struck Iran for a fifth straight day and hit a sanctioned oil tanker near the country's main export terminal. Iran responded to the US's barrage by firing upon American bases in Kuwait and Jordan, with the Jordanian government intercepting eight missiles. The US and Iran accuse each other of breaching the terms of a memorandum of understanding, which was meant to reopen the Strait of Hormuz but worded ambiguously as to how fast that would happen. It comes as Fatih Birol, the Executive Director of the International Energy Agency, says the global economy faces a renewed challenge if the conflict that's choked the Strait of Hormuz isn't resolved in a matter of weeks.
2) Acting Attorney General Todd Blanche told senators he would support legislation to foreclose the creation of a $1.8 billion government weaponization fund. Blanche committed to helping craft the legislation during a hearing before the Senate Judiciary Committee on his nomination to be attorney general. Senators questioned whether Blanche can operate independently from President Trump, who he previously represented in criminal cases while in private practice.
3) Federal Reserve Chairman Kevin Warsh said that President Trump hasn’t tried to interfere with the central bank. Warsh stated that he would continue to do his job independently, even if Trump tried to influence the conduct of monetary policy. Trump reiterated his view that he would like to see interest rates go down, saying he would like the country to have the lowest rate anywhere in the world.
See omnystudio.com/listener for privacy information.
Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump said he would intensify the US's bombardment against Iran until it stops attacking ships in the Strait of Hormuz and agrees to open the waterway. A US-Iran interim peace deal signed around a month ago has all but collapsed over the past week as the two sides feud over control of the vital strait. Trump pledged to bomb Iran again and continue until Iran relents, saying energy targets in Iran will be left "for last".
2) The Department of Homeland Security has ordered immigration agents to temporarily halt most vehicle stops during deportation operations after a fatal shooting in Maine. US Immigration and Customs Enforcement agents will suspend vehicle stops except for those targeting serious criminal cases until ICE officers receive new training on vehicle stops. The policy change comes after the second fatal shooting by immigration agents in a week, with the first being the fatal shooting of a Mexican construction worker during a traffic stop in Houston.
3) Acting Attorney General Todd Blanche is set to appear before the US Senate in support of his nomination to lead the Justice Department. A federal judge in Miami issued harsh criticism of Blanche's actions in settling President Donald Trump's lawsuit against the Internal Revenue Service, suggesting his involvement raised conflict of interest concerns. The Justice Department's settlement with the president has faced rare GOP pushback, and Blanche is expected to be grilled about the settlement and other politically explosive matters during his nomination hearing.
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