James Woolcock

The U.S.

says it shot down four one-way Iranian attack drones that were fired at a commercial ship and also struck a drone launching unit near the Strait of Hormuz.

The latest flare-up in hostilities comes just hours after President Trump said that no single nation would control the vital waterway as part of any deal with Tehran.

President Trump speaking there as the U.S.

Treasury says it has taken action against Iran's Persian Gulf Strait Authority, accusing it of a new attempt to monetize transit through the strait.

Here in Europe, the outgoing vice president of the European Central Bank says the central bank should consider the impact of the Iran war on the economy when setting rates next month.

Luis de Guindos told Bloomberg that while inflation in the Eurozone responded quickly to surging energy costs, the effect on economic growth is less clear.

De Guindos' dovish tone comes as a number of other ECB policymakers have signalled they are weighing interest rate hikes.

Both Isabel Schnabel and Yanis Stournaras have pointed to the need for higher borrowing costs after inflation hit 3%.

A surge in UK youth unemployment risks creating a, quote, lost generation.

That's the finding of a government commission review carried out by former Labour Health Secretary Alan Milburn.

He says the proportion of 16 to 12 year olds not in work, education or training is set to rise to one in six.

Alan Milburn speaking to Bloomberg Radio earlier today there.

Responding to the report, embattled UK Prime Minister Keir Starmer pledged to get more young Britons into work.

Writing in the Times newspaper, Starmer said, we need a truly national endeavour to deliver this new deal for young people.

That's news when you want it with Bloomberg News Now.

I'm James Walcock.

News when you want it with Bloomberg News Now.

I'm James Woolcock.

The U.S.