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Chapter 1: What is the main topic discussed in this episode?
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News when you want it with Bloomberg News Now. I'm Nathan Hager.
And I'm Karen Moscow.
Karen, we begin with new risk in the Middle East. A ship was attacked in the Strait of Hormuz yesterday, the first reported strike since the interim peace deal between the U.S. and Iran went into effect last week. We get the very latest from Bloomberg Middle East correspondent Abir Abu Omar in Dubai.
What we know from American sources is that they're not pointing the finger just yet at Iran, but that could be very likely the case. And it could be because this ship, the middle-sized ship that had passed through the Strait of Hormuz, passed through the waterway that is closer to the Gulf of Oman, or the part of the strait that hugs the coast of Oman.
While Iran has been trying to maintain the movement through the coasts that are closer to its borders, to be able to sort of maintain the movement in a way that works in accordance with its own rules.
Bloomberg's Abirabu Omar reports the attack has led some ship owners to review their exit plans, but traffic does continue to move in both directions through the strait. President Trump hasn't addressed the episode directly, but he says Iran is focused on the peace process.
They want to make a deal with us very badly. And we probably will. I think we will. But the strait is open.
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Chapter 2: What recent events have escalated tensions in the Middle East?
The airport there is badly damaged, so we'll have to rely on the Department of War to deploy assets there.
Secretary of State Rubio says the U.S. will also assist with Venezuela's longer-term needs. More than a dozen other countries and the U.N. have also pledged aid. Acting Venezuelan President Delcy Rodriguez says more than 250 buildings were damaged in the coastal area near the capital Caracas. where the country's main airport was also heavily impacted.
Venezuela's government is setting up an initial $200 million reconstruction fund with resources from the International Monetary Fund.
Let's turn to the markets now, Nathan, where tech fears are weighing on stocks around the world as we close out the trading week. A sell-off in Samsung Electronics and SK Hynix triggered a second trading suspension in days in South Korea. The KOSPI index dropped nearly 6%. A couple of things concerning investors, including Apple's decision yesterday to raise prices on many products.
That's raising fears rising component costs could eventually curb demand and slow the tech rally. Polka Mishra is a partner at Javelin Wealth Management.
I think the one sort of reality check that market finally got yesterday was Apple increasing prices of its products. That's actually shown how there's not unlimited money in the market. If the chip makers are benefiting, then the product makers are going to suffer. So it's the first sign that it's not an endless rally.
Javelin Wealth Management's Polka Mishra, Nasdaq Futures, they're down 1.3% this morning. Shares of Micron, which soared to a record yesterday, down 5.4% in early trading.
And Karen, markets didn't react kindly to Apple's decision to increase prices to deal with soaring memory chip costs. That stock plunged more than 6% yesterday. Mark Gurman covers Apple for Bloomberg. He says the move appears unprecedented.
Apple has not, at least as long as I've been covering the company, which has been well over 15 years at this point, a broad set of price increases. Mac price increases, iPad, Apple TV, HomePod, HomePod mini, Vision Pro. We're talking about very significant changes here to the starting prices of Macs.
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Chapter 3: How are ship owners responding to the attack in the Strait of Hormuz?
And that's news when you want it with Bloomberg News Now. I'm Karen Moscow.
I'm Nathan Hager, and this is Bloomberg.
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