Paxton Crushes in Texas Runoff, Memory Chip Frenzy, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
And I'm Caroline Hepke in London. We're the hosts of the Bloomberg Daybreak Europe podcast.
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News when you want it with Bloomberg News Now. I'm Karen Moscow. The Republican Senate runoff in Texas was a runaway victory for Ken Paxton, but nearly all the votes counted. The state attorney general defeated four-term incumbent John Cornyn 63.8% to 36.2%. Paxton is crediting President Trump's late endorsement for his win.
When everyone in Washington told him to abandon me and abandon the people of Texas, he didn't listen. Instead, he gave his complete and total endorsement.
Ken Paxton, in his victory speech last night, Bloomberg, Texas, Bureau Chief Julie Fine reports Senator Cornyn's loss will leave a mark on Capitol Hill. There are going to be some Senate Republicans that are very upset about this. I mean, John Thune backed him. The Senate leadership opposed. financed him, you know, spent a lot of money in this race, there's obviously going to be people that are very upset that really thought that John Cornyn not only was a good senator, but also felt that he was a much better candidate against James Tallarico in November. And that's Bloomberg's Julie Fine reporting, and James Tallarico is already gearing up for his new opponent.
Something just happened in Texas. The most corrupt politician in America just became the Republican nominee for the United States Senate.
Democrat James Tallarico posted that video on YouTube last night. A University of Texas poll last month gave Tallarico an eight-point lead over Paxton. That was before President Trump's endorsement. In some other key Texas races, longtime Democratic Congressman Al Green is out. The 78-year-old lost to 38-year-old Christian Menefee in a redrawn district under Republican redistricting efforts, 69.6 percent to 30.5 percent. Former Congressman Colin Allred defeated first-term Democrat Julie Johnson in the district he left to run for Senate in 2024, 53.9 to 46.1 percent. And State Senator Mays Middleton beat Congressman Chip Roy in the Republican runoff for state attorney general, 55.2 to 44.8 percent.
In the Middle East, the U.S. is touting progress on a peace deal with Iran, even after new fighting this week in and around the Strait of Hormuz. Bloomberg Middle East correspondent Paul Wallace reports reopening the strait is a key sticking point in the negotiations.
Lebanon is another one. Iran is insisting on a ceasefire there as well as in Iran. Israel will be reluctant to accept that. And then they also have issues to agree to, such as Iran's frozen funds. How many of them will be unfrozen? How many billions worth of them will be unfrozen? And how quickly?
Bloomberg's Paul Wallace reports Iran wants half of its $24 billion in frozen assets to be released as soon as a deal is signed. Iran hawks in Washington are concerned that could be too big a concession. Israel stepped up attacks on Lebanon and said its ground forces would move further into the country, potentially complicating U.S.-Iran talks on an interim peace deal. Israeli forces are fighting Iran-backed Hezbollah militants, Israel has stepped up strikes elsewhere in the country and killed the new head of the military wing of Hamas, another group allied with Tehran in Gaza.
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