Oil Tanker Set Ablaze, USA Exits World Cup, 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 Omani 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 Omani 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.
Shares in Samsung have fallen by more than 8% 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 to June. That beat projections by about 6% and it amounts to a roughly 1,800% increase in profits from a year earlier. Bloomberg's Anthony Stevens says that 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.
What happened with the Qatari liquefied natural gas tanker?
Anthony Stevens referring there to increasing market concerns that the AI-driven rally may have run ahead of itself. However, even with the latest sell-off, Samsung's shares are still up around 150% this year.
A decision today from Paris' Court of Appeal could shape the future of French politics. The outcome of Marine Le Pen's appeal against an embezzlement conviction will determine whether she can stand in the next presidential election. Bloomberg's Tiwa Adebayo has more.
Last March, the National Rally Party's Marine Le Pen was sentenced to a five-year election ban and a two-year jail term accused of misusing over 400,000 euros. The verdict of her appeal, due to be given by a three-judge panel today, will decide whether she stands in her fourth presidential election or her 30-year-old protégé Jordan Bardella takes over the reins. While the two share a platform, their backgrounds are strikingly different. Le Pen has spent two decades shifting the party to a more palatable populism, whilst Bardella is known for his pro-business messaging. One could appeal more to the conservative mainstream, whilst the other is popular with the party's traditional supporters. 57-year-old Le Pen says she remains the candidate for now, but is prepared to cede to her millennial colleague.
In London, Tiwa Adebayo, Bloomberg Radio.
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