Trump's Eco Squeeze on Iran, USS Washington to Relieve Lincoln, More
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How are Trump’s economic sanctions affecting Iran’s oil exports and economy?
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News when you want it with Bloomberg News Now. I'm Amy Morris. We begin in the Middle East where the Trump administration continues to rely on a steady increase in economic sanctions and a naval blockade to stifle Iran's oil exports. More with Bloomberg News Middle East managing editor Onar Ant.
Why is the U.S. sending the USS George Washington to replace the USS Abraham Lincoln in the Middle East?
It is taking a toll on Iran, combined with the damage from the war on their infrastructure. We're seeing a spike in inflation and a depreciation in the Iranian currency. But is it enough to cause a kind of shift in popular sentiment that Trump is probably hoping to see in a short period of time. I highly doubt it.
Bloomberg's owner-aunt. Crude oil prices are about 1.5% lower. WTI at $82 a barrel and Brent crude more than $87 a barrel. And some relief for the crew of the USS Abraham Lincoln. The U.S. is preparing to send the aircraft carrier USS George Washington to the Middle East to replace the Lincoln. Lawmakers have raised concerns about living conditions on board the Lincoln, which has undergone an extended deployment with just a few port calls, prompting reports of mental health issues and shortages of basic supplies. The Lincoln has been deployed for more than 250 days with no port call in 200 days.
What do the latest oil‑price moves mean for markets and Fed rate‑cut expectations?
Oil prices are lower and traders are paring back bets on a Fed rate hike. That's moved stocks toward new records. We check markets for you all day long here at Bloomberg. The S&P 500 is up 0.5%. NASDAQ up 0.6%. The Dow little changed on the downside. The 10-year Treasury yield at 4.64%. The 2-year yield at 4.14%. The July producer price index report showed inflation, while still above the Fed's 2% target, is showing signs of stabilization. Wholesale inflation decelerated in July by more than estimated, and the PPI rose 4.7% from July of last year. On a month-over-month basis, PPI was unchanged. And jobless claims are going the other way. Bloomberg's Michael McKee.
How are inflation, producer‑price data and jobless claims shaping the Fed’s next move?
A big jump, but only because we've been so low. We go up to 209,000 from a revised 200,000, revised up for 199,000. And then the continuing claims number rises to 1,777,000. That's down from 1,799,000.
Bloomberg's Mike McKee. Cleveland Fed President Beth Hammock says she is not convinced recent signs of a slowdown in inflation will continue, telling the Dayton Area Chamber of Commerce the Fed needs to take action now.
To me, I think that we need to act now because I think we need to bring inflation back down to that 2% objective faster than what a longer-term glide path would say with interest rates at this level. I say that because we've got a labor side of the equation that's holding up pretty well.
Cleveland Fed President Beth Hammock. Robert Kaplan says AI adoption and Chinese overcapacity are pulling in the opposite direction, and that's adding to a disinflationary trend. The former Dallas Fed president and current Goldman Sachs vice chairman says the broad S&P earnings story will continue.
Every company I talk with has got 12 to 15 use cases on AI adoption and is optimistic. that they're going to find ways to improve margins, improve their business, improve productivity.
What is the impact of AI adoption and Chinese overcapacity on the S&P 500 earnings outlook?
And so I think the S&P broad earnings story is alive and well for not just this year, but into the future.
Hear more from Goldman Sachs Vice Chair Robert Kaplan on the Bloomberg Talks podcast. The Philadelphia Semiconductor Index, nearly 2% higher, led by Micron, which is more than 6% higher. Since SpaceX went public in June, Wall Street was worried about August 6th. That's when the first lockup preventing early investors from selling the stock expired and millions of shares flooded the market.
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Chapters
7 chapters
1
How are Trump’s economic sanctions affecting Iran’s oil exports and economy?
0:01–0:47
2
Why is the U.S. sending the USS George Washington to replace the USS Abraham Lincoln in the Middle East?
0:47–1:42
3
What do the latest oil‑price moves mean for markets and Fed rate‑cut expectations?
1:42–2:25
4
How are inflation, producer‑price data and jobless claims shaping the Fed’s next move?
2:25–3:42
5
What is the impact of AI adoption and Chinese overcapacity on the S&P 500 earnings outlook?
3:42–5:00
6
Why is the Trump administration building an AI‑powered border‑security system for trade enforcement?
5:00–6:10
7
How is the Colombian earthquake response evolving and what aid is the U.S. providing?
6:10–6:57
Speakers
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