CBS: US & Israel Prepare Iran Bombardment, FIFA to Abandon Stake Sale Plans, More
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AI is entering its most consequential phase where scale, safety and sovereignty will determine who leads and who lags. Join Bloomberg Tech in London on November 2nd and 3rd as global leaders across business, finance and policy examine the defining trade-offs shaping the future of AI. Thank you to our presenting sponsor, Salesforce, and supporting sponsors, IDA Ireland and Schneider Electric. Learn more at BloombergLive.com slash TechLondon.
News when you want it with Bloomberg News Now. I'm Ed Kalecki. President Trump says he is losing confidence in Iranian negotiators in the latest sign that the renewal of armed hostilities in the Middle East could drag on. Speaking during a cabinet meeting Friday at Camp David, the president took issue with missile attacks that Iran launched earlier this week against U.S. forces in Jordan that ended a multi-day pause in fighting.
I'm losing faith in them because they do lie. And they do misrepresent.
The president is threatening to rain more destruction on Iran unless its negotiators make a deal. Retired General Wesley Clark, former Allied commander in Europe, talked about it on Bloomberg's Balance of Power.
They've taken the punch, survived it. You could take out oil refineries. You could tear down some bridges. But if the idea is that you would punish them enough that they would say, oh, my gosh, I just can't take one more punch in the nose. Most of the people who really understand it say that's not likely to happen because you're dealing with real zealots.
Retired General Wesley Clark, CBS News is reporting the U.S. and Israel are preparing to bombard energy targets in Iran. The Wall Street Journal reports the president has ordered a fresh attack on Iran aimed at getting Tehran to surrender that could begin as soon as this weekend and would last a few days. Author and diplomat Aaron David Miller also joined Balance of Power and he talked of how Iran may respond to such an attack.
Again, they can't vertically escalate. They can't match missile for missile, drone for drone. It's maximizing their geographic advantage and weaponizing geography. It will most likely be U.S. military bases,
Aaron David Miller. FIFA President Gianni Infantino says the organization has abandoned plans to create a commercial entity that would have opened the door to outside investors for the World Cup. The decision follows intense backlash spanning other international football organizations to FIFA's own executives over the plan. One current executive at the football body said he and staff had been deceived in calling for the proposal to be defeated. The New York Times reports Fed Chairman Kevin Warsh is considering reducing the frequency of the central bank's scheduled policy meetings. Warsh raised the proposal to change the frequency of meetings at this week's gathering of the Federal Open Market Committee.
A Fed spokesperson declined to comment. Currently, Fed policymakers meet eight times a year for a two-day gathering, after which they announce their policy decision.
What are the latest US and Israeli preparations to bombard energy targets in Iran?
Warsh has signaled he intends to bring other changes to the Fed, including potentially reducing the number of press conferences he holds after policy decisions. Oil posted its biggest monthly gain since March as traders grappled with simmering global conflicts and threats to supply from the Persian Gulf to the Black Sea. Brent's most active contract settled up 1.2 percent near $88 a barrel, while West Texas Intermediate rose 1 percent to settle below $85. WTI rose above $86 a barrel in post-settlement trading on Friday afternoon following the CBS report that the U.S. and Israel are preparing to bombard energy targets in Iran. All energy markets surged higher in July with Brent, the global oil benchmark, posting a nearly 24% gain.
Wall Street wraps up the trading month of July with a weekly gain for stocks. That story from Bloomberg's Charlie Pellett.
For the week, the S&P 500 index was up by 1%. For the month of July, the index gained 0.1%. The Bloomberg Mag 7 index jumped 3.2% as a surge in Amazon, up 15.3%, outweighed a slide in Apple, down 7.3%.
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