US Launches More Attacks on Iran, Argentina Stuns England, More
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What is the main topic discussed in this episode?
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The US military has struck a supertanker deep inside the Persian Gulf in its first attack on a vessel since reimposing its blockade of Iranian shipping. The strike came as President Trump vowed to intensify the bombardment of Iran until Tehran stops attacking ships in the Strait of Hormuz. But there are no signs that Tehran is backing down. Bloomberg's managing editor for the Middle East, Anna Ant, has the details.
The Islamic Republic responded as expected. There have been retaliatory attacks, especially on Arab states in the Persian Gulf. Bahrain and Kuwait are in front of it, as well as Jordan, which said it intercepted about eight missiles launched by Iran on U.S. bases in the country. So this basically takes up the escalation one step further.
Anna Ant spoke as Iran's army hardened its rhetoric in a statement carried by the semi-official Iranian Students News Agency. It said that the Strait of Hormuz would remain closed until the U.S. accepts what it calls Iran's legal system. Speaking to Bloomberg, 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 restaurant 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 repeated his claim 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 says demand remains so strong it won't be able to meet orders from US customers for years. Neil Campling is our senior strategist.
The key takeaway is that despite high expectations, they still managed to beat those expectations.
What happened in the US strike on an Iranian supertanker in the Persian Gulf?
There's clearly evidence of the AI trade, the momentum, the associated capex spend. All of these incremental information is very positive for the narrative. I think it's quite staggering to think about the size of this company still growing at a 30% plus type of growth rate.
Neil Campling offering his assessment as a US official has told Bloomberg that TSMC plans to spend an additional $100 billion to expand US chipmaking capacity. The move formalises a pledge that's part of a larger deal between Washington and Taipei to bring American semiconductor manufacturing to American soil.
Now to some data. The UK economy unexpectedly returned to growth in May, easing concerns over higher energy prices and political uncertainty. GDP rose by 0.1%, beating expectations after a slight contraction in April. The expansion was driven entirely by the services sector, while production and construction both declined.
The better than expected economic data came after the pound has climbed to a one-year high against other major currencies. 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 Labour MPs who helped put Burnham on the path to Downing Street.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:09
2
What happened in the US strike on an Iranian supertanker in the Persian Gulf?
3:09–6:37
3
How did Iran and regional states respond after US strikes and what escalatory actions followed?
6:37–8:53
4
What are energy experts warning about a prolonged Strait of Hormuz disruption?
8:53–9:03
Speakers
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