Iran Wants to Bar US Ships, OpenAI’s Doughnut Device, More
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What are the latest geopolitical tensions affecting oil prices in the Strait of Hormuz?
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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 as much as 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 moves followed reports Iran struck hostile targets at the entrance to the strait and is seeking to bar US and Israeli ships from the waterway. Richard Haass, President Emeritus of the Council on Foreign Relations, says Iran is in a strong position.
If the goal is to get the Strait of Hormuz open, which it should be, the idea that Iran would have a larger role now I think is inevitable.
How is the extreme European heat wave impacting public health and NHS preparedness?
Wars of consequences. We'll have to let them sell some oil as long as most of the other sanctions stay in place. I think that's probably as good as we can expect at this point.
Richard Haas speaking on Bloomberg's balance of power. The war has already cut off around a fifth of global LNG, making it harder for Europe to replenish inventories that recently hit their lowest seasonal level since 2009.
Extreme heat has killed more than 25,000 people across Europe this year, according to data compiled by Bloomberg. Germany recorded the highest toll, with an estimated 11,900 excess deaths linked to heat since April. Here in the UK, Health Secretary Yvette Cooper says thousands of excess deaths occurred over May and June.
The NHS now has to work to prepare for summer pressures in the way that we have long had to do for winter pressures. That means 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.
Yvette 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 34 degrees in London and 38 degrees in Paris.
The United States 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 the 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.
What are the recent developments in the US‑Euro currency market and ECB intervention?
Bloomberg's David Finnerty says traders have no consensus on where the currency goes from here.
The fact that Dollyann 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, or a question whether intervention is 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 going to be higher, but we're very wary that you're going to try and push it lower.
Finity points to US jobs data later today as the next big test for the currency pair. The renewed slide raises the prospect of further intervention with both US and Japanese officials warning this week they are prepared to act again if needed.
The UK government has declined to rule out increasing bank taxes in its upcoming budget. Bumper profits among lenders are sparking speculation that the new administration will target the financial industry.
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Chapters
7 chapters
1
What are the latest geopolitical tensions affecting oil prices in the Strait of Hormuz?
0:01–1:17
2
How is the extreme European heat wave impacting public health and NHS preparedness?
1:17–2:57
3
What are the recent developments in the US‑Euro currency market and ECB intervention?
2:57–4:23
4
Why is the UK government considering a new bank tax and how might it affect lenders?
4:23–5:48
5
What is OpenAI’s upcoming ‘donut‑shaped’ smart speaker and when will it launch?
5:48–7:24
6
How is FIFA planning to keep World Cup water‑break ads in its next media rights deal?
7:24–8:03
7
What are today’s key market moves for oil, stocks and the upcoming US jobs report?
8:03–9:11
Speakers
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