Trump-Zelenskyy Set to Meet at NATO Summit, Oil Drops on OPEC Increase, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. President Trump will head to Turkey this week for the NATO summit. And while he is there, he will meet with Ukrainian President Volodymyr Zelensky. Now, this summit comes as tensions between the U.S. and the rest of the alliance are high, given differences over wars in both Iran and Ukraine. Last week, Trump said he was only attending the summit because of a request from Turkey's President Erdogan. Here is Bloomberg's Dan Williams.
Trump is sore at the inconclusive end to that war in Iran, the war waged jointly between the US and Israel. Turkey played that very well in terms of passing messages, being on the sidelines, openly expressing its disapproval. And I think the Turks will be wondering, and the Russians and the Ukrainians, whether Trump is now looking for an easy win in his terms to close the deal in Ukraine so he can at least hold that up when it comes to the midterms a few months hence, or whether he might knuckle down on the U.S. contribution to NATO, given what he's discovered about the limitation of U.S. force in that war in Iran.
That is Bloomberg's Dan Williams. Now, NATO leaders will likely discuss financial burden sharing in defending Europe. This is something President Trump has repeatedly pushed while ordering the Pentagon to cut U.S. troop levels in Europe. Separately, Ukraine said it attacked 16 power substations in Crimea and other Russian-occupied regions over the past 48 hours. In Iran, it is the second day of a massive funeral for the late Supreme Leader Ayatollah Ali Khamenei. This week-long ceremony is expected to draw millions of mourners and serve as a show of strength for the Islamic Republic. Khamenei was killed by an airstrike at the beginning of the Iran war back in February. Oil prices are trading lower after OPEC Plus agreed to another modest increase in its oil quota for the month of August.
Seven nations led by Saudi Arabia and Russia will add 188,000 barrels to their daily output target. Here is Bloomberg's Rongwei Niu.
All these are theoretical targets, I would say, because the ultimate of physical output would actually depend on how much physical oil these producers can actually drill out and load them onto the ships and bring them out of the straits. And as of now, even though traffic is still resuming, some of the producer countries, especially those that are located more inside the Gulf, may struggle when it comes to getting tankers to lift crude out of it.
That is Bloomberg's wrong way, Neo. At the same time, oil and gas shipping along a U.S.-protected corridor in the Strait of Hormuz shows signs of recovery. On Sunday, six oil and gas freighters were observed navigating a route along the Omani coastline.
What are the key details about Trump and Zelenskyy's upcoming NATO summit meeting?
Today in Michigan, State Senator Mallory McMorrow suspended her campaign for an open U.S. Senate seat. This will set up a two-person Democratic primary fight between Representative Haley Stevens and progressive Abdul El-Sayed. This week, South Korean memory chip maker SK Hynix is set to make its U.S. stock market debut. The company will raise more than $29 billion in a U.S. listing in the biggest ever first-time share sale by a foreign company. But it comes as semiconductor stocks struggled last week. Here is Bloomberg's Mike Shepard.
The SOX, as we know it affectionately, is down about 10% over the last five trading days before the holiday break. And when we look at it, we see that investors really are showing concerns that maybe this big run-up in AI infrastructure spending may not have legs to continue much past 2026, at least at the same pace.
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