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Chapter 1: What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
More than 100 days after the war began in the Middle East, fresh attacks are piling yet more pressure on the fragile ceasefire. Overnight, Israel struck several targets in Iran in retaliation for missiles launched from the Islamic Republic that were intercepted.
A military advisor to Iran's supreme leader told a semi-official Iranian news agency that the missile launch was a warning to cease their hostile actions in Lebanon.
Chapter 2: What recent events have escalated tensions between Israel and Iran?
Over the weekend, Hezbollah attacked targets in northern Israel, prompting an Israeli strike on Beirut's southern suburbs. Anor Ant is Bloomberg's managing editor for the Middle East and North Africa.
Iran has repeatedly made it clear that it just sees one truth, one ceasefire, as one uniform cessation of hostilities across the whole region. It does not want to allow the groups that it supports, such as Hezbollah, to be treated as part of a different conflict or as part of a different diplomatic track. That's where the current flare-up is coming from.
The renewed escalation comes after Axios reported that US President Donald Trump had called Israel's Prime Minister Benjamin Netanyahu to urge him to refrain from retaliatory strikes. Separately, the US President says the Israeli leader will have to accept any deal the US reaches with Iran. Speaking to the Financial Times, Trump said, I call the shots.
The global airline industry is facing a 49% drop in profits as a result of higher fuel costs and escalating tensions in the Middle East. The International Air Transport Association, IATA, now expects airlines to generate a combined net profit of $23 billion in 2026. That's down from $45 billion yesterday. in 2025.
IATA says the industry's fuel bill will rise by almost 40% this year, reaching $350 billion. The group's director general, Willie Walsh, says that's creating significant headwinds for the sector.
With the significant impact to disruption in the Gulf and the very significant impact on oil prices, we're now forecasting lower growth, principally as a result of the negative impact in the Gulf, and then much higher costs for the industry. Fuel bill will be about US$100 billion higher.
Walsh added that while the current situation presents a challenge for airlines, he does not yet view it as a crisis for the industry.
European leaders are calling on Russian President Vladimir Putin to agree to an immediate ceasefire with Ukraine, allowing for talks about a lasting peace deal. Britain, Germany and France made the intervention after a meeting with Ukraine's Vladimir Zelensky in London, hosted by the UK Prime Minister Keir Starmer.
President Zelensky says his country has been forced to respond to Russian aggression.
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Chapter 3: How is the US influencing Israel's response to Iran?
The MSCI Asia-Pacific Index this morning is also down by 3%. NASDAQ futures sinking 4.8%. Oil prices, meanwhile, are climbing. Brent crude futures up by 4.5%. Today, the dollar is gaining. Treasuries continue to decline. yields climbing four basis points today to 4.57%.
This as markets factor in a December rate hike for the central bank in the United States, obviously banking on an ECB hike this week. And Bitcoin has also been climbing 2% today after it fell to the $60,000 mark. So those are the markets. That's news when you want it with Bloomberg News Now. I'm Caroline Hepker.
I'm Stephen Carroll and this is Bloomberg.