Hormuz Prospects Unclear, Meta Ordered To Pay $567 million, More
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What is the current situation in the Strait of Hormuz and why does it matter?
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European natural gas prices are jumping as renewed tensions around the Strait of Hormuz add to concerns over winter supplies. Benchmark futures surged by over 10% across two sessions, with prices now around double their January levels. Brent crude also rose above $83 a barrel after gaining almost 4% in the previous session. The move follows reports Iran struck hostile targets at the entrance to the strait and is seeking to bar US and Israeli ships from the waterway. Richard Haas, President Emeritus of the Council on Foreign Relations, says Iran is in a strong position.
The goal is to get the Strait of Hormuz open, which it should be. The idea that Iran would have a larger role now and I think's inevitable. Wars have consequences. We'll have to let them sell some oil as long as most of the other sanctions stay in place.
How are extreme heat waves affecting European mortality and economies?
I think that's probably as good as we can expect at this point.
Richard Haas speaking there on Bloomberg's balance of power. The war has already cut off about a fifth of global LNG, making it harder for Europe to replenish inventories that recently hit their lowest seasonal level since two thousand and nine.
Now extreme heat has killed more than twenty-five thousand people across Europe this year. That's according to data compiled by Bloomberg. Germany recorded the highest toll with an estimated eleven thousand nine hundred excess deaths linked to heat since April. Here in the UK, the Health Secretary Yvette Cooper says that thousands of excess deaths occurred in May and June.
has to work to prepare for summer pressures in the way that we have long had to do for winter pressures. That means uh trusts having to have plans in place to deal with higher levels of demand, people coming through the door, maybe because of the heat wave.
Evett Cooper was speaking as heat waves across Europe have shattered records and dented economic output. The heat is also set to build again next week with temperatures forecast to reach thirty-four degrees in London and thirty-eight degrees in Paris.
The US is said to have blindsided the European Central Bank by selling euros as part of last week's intervention to prop up the Yen. The Financial Times reports ECB officials in Frankfurt were only informed after the trade, with some senior figures viewing the move as an unprecedented breach of long standing conventions. The Yen has since surrendered nearly half of its intervention driven gains. Bloomberg's David Finn. Says traders have no consensus on where the currency goes from here.
The fact that Dolly Ann is back above 158, it just says a lot to the fundamentals. You can say it shouldn't be there. The market's going, but it is. And it is there because we think it should be there. So I think whatever tools they use, and rhetoric obviously is not enough, we're questioning whether intervention's even enough. The reality is that the market is so big and deep. You are fighting this wave of basically sentiment saying, well, we do think it's gonna be higher, but we're very wary that you're
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Chapters
7 chapters
1
What is the current situation in the Strait of Hormuz and why does it matter?
0:00–1:58
2
How are extreme heat waves affecting European mortality and economies?
1:58–4:23
3
Why did the U.S. intervene in the euro market and what does it mean for the ECB?
4:23–5:44
4
Will the UK consider new bank taxes in the upcoming budget?
5:44–7:18
5
What are the details of the $567 million Meta judgment and its implications?
7:18–8:28
6
What is OpenAI’s new doughnut‑shaped smart speaker and when will it launch?
8:28–9:14
7
How are oil, gas, and currency markets reacting to these geopolitical events?
9:14–9:20
Speakers
6 identifiedMore from Bloomberg News Now
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