New Strikes in Hormuz, Syria Explosions Near Macron Hotel, More
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A Qatari liquefied natural gas tanker has been attacked as it exited the Strait of Hormuz. A fire broke out on the ship after it was struck near the Umani coast with what is believed to have been a drone or missile. Separately, Axios reports that Iran fired at least two missiles at commercial ships travelling through the strait. According to an unidentified US official, both vessels suffered significant damage, but there were no casualties. Stuart Livingston-Wallace heads our coverage of the Middle East.
I think the big readout from this is that Iran is absolutely determined to enforce its right to control Hormuz. What was interesting about the location of this is that it appeared to be taking the southern route via the Armani coast, which Iran has clearly said is not acceptable as far as it's concerned. All ships must go through Iranian waters or hugging the Iranian coast, and any that don't are subject to attack. So that reinforces that. Again, I think it makes it very difficult for negotiators going forward in terms of trying to get some sort of agreement about what actually happens to Hormuz in the future.
Stuart Livingston Wallace says talks between Washington and Tehran are currently suspended as Iran holds a multi-day funeral ceremony for the late Supreme Leader Ali Khamenei.
Samsung shares fell by as much as 10% after the firm's 19-fold profit increase failed to match lofty expectations. Korea's largest company posted preliminary operating income equivalent to around $58 billion in the three months through June. That beat projections by about 6% and amounts to a roughly 1,800% increase in profits from a year earlier. Bloomberg's markets reporter Anthony Stevens says even with that massive beat, investors are still opting to rotate out of tech stocks.
You're seeing, you know, very high volatility and very high positioning getting unwound here on what is on the face of it a very strong result. And that points to more of like a technical or tactical selling here, which is leading to some rotation. So Samsung is down strongly. So is Kioxia. So is Hynix. And this speaks to the fact that the memory trade has been the big, but also the most liquid way to play the AI hardware infrastructure build out.
Anthony Stevens referring there to increasing market concerns that the AI-driven rally may have run ahead of itself. Even with the latest sell-off, Samsung shares are up almost 150% so far this year. European semiconductor stocks have been the worst performing sector in the stocks 600 this morning.
Explosive devices have detonated in Syria's capital Damascus, near the hotel where French President Emmanuel Macron was due to stay. Reuters reported the blast as Macron became the first European Union leader to visit Syria since the fall of the Assad regime. AFP said Macron had left the hotel earlier on Tuesday morning for talks at the presidential palace.
What recent events occurred in the Strait of Hormuz?
The French president's office has confirmed that Macron is safe. The visit... was intended to showcase the progress of Syria's transitional president, Ahmed al-Shara, a former jihadist who is seeking to end the country's international isolation.
In US politics, main Democrat Graham Plattner is under pressure from party leaders and allies to end his bid for a Senate seat following a sexual assault allegation he has denied. Plattner said in a social media video that he would reflect on the best path forward for his campaign after the allegation was published by Politico.
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