Report: Iran Halts US Exchanges, Putin Warned on Spending, More
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Hello, I'm Stephen Carroll. I'm in Brussels, where many of Europe's biggest decisions get made.
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News when you want it with Bloomberg News Now. I'm Nathan Hager. New tensions between the U.S. and Iran are rippling through markets. The semi-official Tasnim News Agency is reporting Iran is halting message exchanges with the U.S. in protest over Israel's escalation in Lebanon over the weekend. That's after President Trump posted on social media overnight that critics should relax and talks will work out. Bloomberg's Tyler Kendall has more from Washington.
We did hear from both sides over the weekend that diplomatic progress continued as President Trump is now urging this patience. But we heard from Iranian officials who did confirm that the two sides continue to trade proposed amendments on the potential memorandum of understanding. But also in the same sentence, they said that there is still this high risk that the talks could collapse.
Bloomberg's Tyler Kendall says this Tosnum report has Iran and its so-called axis of resistance putting a complete closure of the Strait of Hormuz on the agenda. That has Brent crude on the rise by about 6.5%, trading close to $97 a barrel. West Texas Intermediate's up more than 7% at close to $94. Ten-year Treasury yield is up nearly seven basis points to 4.5%. And stocks at the moment are mixed. The S&P 500's little change to the upside. The Dow Jones Industrial Average is down two-tenths of 1%. The Nasdaq Composite is up a tenth percent. There may be new tensions within the Kremlin over the war in Ukraine. Sources and documents reviewed by Bloomberg News show Russian President Vladimir Putin has been warned that spending on the war is on an unaffordable path.
We're told officials in Russia's finance ministry and central bank have proposed new defense spending cuts to keep the deficit from widening dangerously. But others in the Kremlin are arguing cuts could damage the economy. because so many Russian businesses rely on defense contracts. Some sources say Putin's asked the defense ministry to look for spending cuts elsewhere before targeting defense. In the UK, the government's released a vast trove of documents related to Peter Mandelson's appointment as U.S. ambassador, a move that threatens fresh damage to Keir Starmer's faltering premiership. More than 1,500 pages have now been posted, including emails, text messages, and other exchanges with government ministers and aides.
Mandelson was ousted last year. after a Bloomberg News investigation showed his relationship with Jeffrey Epstein was closer than previously known. Back in this country, it's going to be a busy week for the midterm elections. Six states are holding primaries tomorrow, including California, where Democrat Javier Becerra got his last bit of campaigning in in West Hollywood. Democrat Javier Becerra is one of more than five dozen candidates for governor on the ballot. The top two head to the general election in November. The L.A. mayor's race is one to watch as well. Incumbent Karen Bass is facing more than a dozen challengers, including Trump-backed former reality star Spencer Pratt.
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