Business
Iran War: Stocks sink to start the week as oil prices rise
Lori Calvasina, Head of US Equity Strategy at RBC Capital Markets, discusses elevated geopolitical uncertainty and its impact on the markets.
Wall Street’s worries about an inflation resurgence sent bonds slumping as oil surged amid an escalating war in the Middle East, with traders trimming bets on rate cuts. The dollar and gold climbed. Stocks pared losses.
Also weighing on Treasuries were figures showing manufacturing expanded, with input prices soaring at the fastest pace since 2022. Ten-year yields headed toward their biggest advance since October. The S&P 500 pared most of a slide that earlier topped 1% as energy and defense firms rallied while the software group bounced. Airlines tumbled.
As tanker traffic all but halted through the Strait of Hormuz and a big refinery in Saudi Arabia stopped, West Texas Intermediate crude soared 6.5%. Diesel futures jumped more than fifth at one point. In Europe, liquefied natural gas surged after Qatar halted output.
Uncertainty about oil prices may play a big role in determining broader market sentiment, according to Chris Larkin at E*Trade from Morgan Stanley.
“There are more questions than answers right now, but a stabilizing energy picture could have a positive ripple effect, while concerns about a longer-term disruption could have the opposite,” he said.
US-Israeli strikes on Iran quickly escalated into a broader conflict, extending a flight away from riskier assets. President Donald Trump said the attacks could last for weeks and called on the nation’s leaders to capitulate, while the Islamic Republic’s security chief ruled out negotiations.
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Jul.13 — Bloomberg Surveillance: Early Edition, live from London, Berlin and New York. Francine Lacqua, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. DNB CEO Kjerstin Braathen says the shipping industry will have to undergo restructuring to achieve net zero carbon emissions by 2050. Goldman Sachs Managing Director of Portfolio Strategy and Asset Allocation Christian Mueller-Glissmann and Fidelity International Global Head of Macro and Strategic Asset Allocation Salman Ahmed discuss outlook for the markets ahead of earnings and inflation data. Dr. Amesh Adalja, Johns Hopkins Center for Health Security senior scholar, discusses the warning added to Johnson & Johnson’s Covid-19 vaccine and the potential need for a third vaccine booster dose.
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Olives were a low-stress crop for millennia, but climate change has made the harvest much less predictable. Now, thefts are on the rise — which makes growing regions increasingly desperate.
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AI developers including Anthropic and OpenAI are clashing with the Trump administration over their calls for an industrywide slowdown in AI development. Bloomberg News Senior Editor of Technology & Strategic Industries Mike Shepard explains the increasing tensions. It comes as President Trump continues to clash with Canada’s Mark Carney. Bloomberg News Executive Editor for Canada Derek Decloet breaks down the latest news. Then, Vertical Aerospace CEO Stuart Simpson talks about growing the eclectic aviation industry to become more commercialized. Plus, Bloomberg’s Mike Mckee breaks down why the 10-year yield is breaching 5% and what is means for the FOMC meeting this week. Finally, Bloomberg’s Dani Burger interviews Bank of America CEO Brian Moynihan as shares drop on news that trading revenue will be “relatively flat” in the third quarter compared to last year. All on the latest episode of “Bloomberg Businessweek Daily.
Chapters
00:00:00 Bloomberg Businessweek Daily
00:02:42 Markets: Chip Stocks Fall, Oil Rises
00:04:47 AI Leaders Call for Slower Development
00:05:35 Trump, AI Safety & the Race With China
00:08:32 Microsoft Joins the Push for AI Guardrails
00:10:21 Mark Carney on the U.S.-Canada Trade War
00:13:17 Can the U.S. and Canada Reach a Deal?
00:15:44 Canada’s $1 Trillion Investment Push
00:21:07 The Future of Electric Flying Taxis
00:22:29 Manhattan to JFK by Air Taxi
00:26:45 Vertical Aerospace’s Funding Challenge
00:31:19 Treasury Yields Break Above 5%
00:33:51 What to Expect From the Fed
00:35:03 Bank of England & Bank of Japan Rate Decisions
00:39:50 Bank of America CEO Brian Moynihan
00:43:43 Moynihan on AI Safety & Regulation
00:51:34 How an AI Slowdown Could Impact Wall Street
00:54:08 Moynihan on Rates, Inflation & the Economy
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Bloomberg Surveillance: Early Edition, live from London and New York. Francine Lacqua, Anna Edwards, Matt Miller, and Kailey Leinz deliver the latest news and analysis on the markets with leaders in global finance and economics. Swetha Ramachandran, Investment Director for Luxury Equities at GAM, says a weaker euro has aided earnings for many luxury companies. Luke Hickmore, Investment Director at abrdn, says peak dollar strength will be reached soon. Kateryna Pishchikova, Associate Research Fellow at the Institute for International Political Studies, says gas trade is the most important weapon.
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Carlyle Global Head of Aerospace, Defense and Government Ian Fujiyama spoke with Bloomberg’s Dani Burger from the sidelines of Carlyle’s Global Investor Conference in Washington. He discussed the wave of investor excitement in defense tech, investing at the edge of innovation, supply-chain resilience, AI in defense, and more.
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