TSMC Beats Lofty Estimates, UK Economy Grows 0.1% M/M
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The United States launched yet more airstrikes on Iran after President Trump pledged to intensify the bombardment until Tehran stops attacking ships in the Strait of Hormuz. An interim peace deal signed just a month ago has also all but collapsed as the two sides feud over control of the vital waterway. Speaking to Bloomberg, the International Energy Agency Executive Director Fatih Birol warned the global economy will be in peril if the crisis isn't resolved within weeks.
If the Hormuz state is not open end of July, then the travel season starts, which means the demand goes up. We may be entering the red zone for global economy. Thanks God there was a ceasefire and some oil went through the state of Hormuz. It is good news. But if the current situation lasts longer and the state of Hormuz is quasi-closed, then we may again have some difficult days for the global economy.
Fatih Birol spoke to Bloomberg as Trump reiterated his claims that Iran wants to resume negotiations after US strikes degraded its missile and drone capabilities. The US president also announced that Iran had released an American woman detained since December 2024, calling it a gesture of goodwill.
TSMC has beaten profit forecasts as booming demand for artificial intelligence chips continues to fuel growth. The world's biggest contract chipmaker reported a 36% rise in revenue and quarterly net income equivalent to $22 billion. US dollars. TSMC supplies advanced chips to companies including NVIDIA and Apple, making it a key barometer for global AI spending. The company says demand remains so strong it won't be able to meet orders from US customers for years. A US official, meanwhile, has told Bloomberg that TSMC plans to spend an additional $100 billion to expand US chip-making capacity, formalising a pledge that's part of a larger deal between Washington and Taipei to bring semiconductor manufacturing to American soil.
In breaking news this morning for the UK economy, GDP for May rose by 0.1% month-on-month. The estimate had been for no growth. Meanwhile, the pound has climbed to a one-year high against other major currencies.
How is the Strait of Hormuz crisis affecting global oil and economy?
This on reports that the incoming Prime Minister Andy Burnham will appoint Shabana Mahmood as UK Chancellor. Bloomberg's Chris Pitt reports that the prospect is causing unease among the very Labour MPs who helped put Burnham on the path to Downing Street.
Andy Burnham becomes Labour leader tomorrow and is due to become Prime Minister on Monday. The Financial Times and iNewspapers both report that he'll appoint Home Secretary Shabana Mahmood as Chancellor. She's seen by investors as a more market-friendly choice than the previous frontrunner, Energy Secretary Ed Miliband. But while Burnham's team has told Bloomberg that no final decision has been made, the apparent shift away from Miliband has alarmed Labour's soft left, the faction which helped propel the former mayor of Manchester to power. Bloomberg has learned that Miliband's supporters believe passing him over risks alienating key allies before he even enters Downing Street. In London, Chris Pitt, Bloomberg Radio.
The head of the CIA says Ukraine's AI-powered attack drones mean Russian troops survived just 20 to 30 minutes after reaching the battlefield, describing them as low-cost killing machines. John Ratcliffe's remarks come as Western allies move to increase support for Ukraine's drone programme. Yesterday, European Commission President Ursula von der Leyen unveiled a new defence package in Kiev alongside President Volodymyr Zelenskyy.
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