Business
Oil Prices Rise as Trump Downplays Iran Peace Talks | Horizons Middle East & Africa 7/22/2026
Global markets opened higher as technology stocks extended their rally, but investors remained focused on the Middle East, where escalating tensions continued to support oil prices. President Trump played down the prospects for renewed nuclear talks with Iran and warned that the US would respond if shipping through the Red Sea were blocked. Secretary of State Marco Rubio also questioned Iran’s willingness to negotiate, while Defense Secretary Pete Hegseth told lawmakers the conflict has already cost the United States more than $37.5 billion.
Energy markets remain on edge as Gulf economies warn that a prolonged conflict could damage investment and economic growth, with regional allies reportedly growing frustrated by the continued escalation. We also examine South Korea’s eighth consecutive trading session with sidecar market controls, Japan’s renewed warnings over the weakening yen after it moved beyond ¥163 per U.S. dollar, and Nigeria’s decision to keep interest rates unchanged at 26.5% because of rising geopolitical risks.
In corporate and technology news, SpaceX is preparing a share sale that could value the company at around $1.16 trillion, Super Micro reported a growing order backlog driven by AI demand, and GE Aerospace CEO Larry Culp discussed the industry’s multi-year growth outlook. We also cover President Trump’s reciprocal trade agreement with Jordan, new tariffs targeting generic drug manufacturers, his meeting with Lebanese President Joseph Aoun, the restoration of direct flights between the US and Lebanon after four decades, Israel’s withdrawal from several Lebanese towns, and comments on Hezbollah.
Elsewhere, political unrest intensified in India as a key rival of Prime Minister Narendra Modi was removed by police during student protests. Gabon plans to raise $1.5 billion through external borrowing to support its budget, and Novo Nordisk announced plans to expand access to its oral weight-loss treatment across Africa. Guests includes Rachel Ziemba, Ziemba Insights Founder; Parisha Saimbi, BNP Paribas FXLM Strategist EM Asia; David Wood, International Crisis Group Lebanon Senior Analyst; and Larry Culp, GE Aerospace Chairman & CEO.
Chapters:
00:00:00 – Introduction
00:05:50 – Rachel Ziemba, Ziemba Insights Founder
00:12:25 – Parisha Saimbi, BNP Paribas FXLM Strategist EM Asia
00:17:25 – Trump’s Tariffs Target Generic Drug Manufacturers
00:27:35 – Trump holds bilateral meeting with Lebanese president
00:31:00 – David Wood, International Crisis Group Lebanon Senior Analyst
00:37:41 – Nigeria Holds Interest rates on Iran war risks
00:42:16 – Larry Culp, GE Aerospace Chairman & CEO
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Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Scarlet Fu, Kristine Aquino, Carol Massar and Tim Stenovec.
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“Balance of Power” focuses on the intersection of politics and global business. On today’s show, Gen. Ben Hodges (Ret.) says restrictions on Starlink service have dealt a significant blow to Ukraine’s counter-drone capabilities and disrupted an early-warning system for incoming ballistic missiles. Carlos Gutierrez, former Commerce Secretary and CEO of Kellogg and author of Sheer Will, says trade under the Trump administration has become all-encompassing and can be used as part of geopolitical and political negotiations beyond trade itself.
Chapters:
00:02:00 Bloomberg’s Jeff Mason on Trump Says He Ordered DOJ Lawsuit Over Alaska Senate Race
00:04:39 Bloomberg’s Anna Edgerton on Alaska Senate Race and Election Lawsuit
00:07:05 Bloomberg Intelligence’s Mike McGlone on Oil Prices Surge on Middle East Tensions
00:10:08 Gen. Ben Hodges (Ret.) on Ukraine, Starlink Restrictions and Elon Musk
00:14:22 Gen. Ben Hodges (Ret.) on Ukraine Civilian Evacuations and the First Lady
00:15:50 Gen. Ben Hodges (Ret.) on Expectations of Renewed US-Israel Strikes on Iran
00:19:44 Bloomberg Mark Niquette on Ohio Governor’s Race Turns Personal
00:21:26 Bloomberg’s David Welch on Obama, Trump Stump for Senate Candidates in Michigan
00:25:10 Carlos Gutierrez, Former Commerce Secretary and CEO of Kellogg and Author of Sheer Will, on Tariffs, Canada and Trade
00:27:50 Carlos Gutierrez on US Competitiveness, Inflation and the Future of Free Trade
00:30:07 Carlos Gutierrez on Government Intervention, Cuba and US Economic Policy
00:32:54 Carlos Gutierrez on the American Dream
00:33:43 Bloomberg’s Simone Iglesias on Brazil’s Closely Divided Presidential Runoff
00:37:22 Political Panel Reacts: Obama and Trump Hit the Midterm Campaign Trail, Ramaswamy’s Controversial Ohio Attack Ad, Alaska Election Lawsuit and DOJ Intervention
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Nscale, the AI cloud computing firm, is in talks to sell computing power to Anthropic in a deal that could be worth about $45 billion. Brody Ford, Bloomberg News Tech Reporter, has the details on the possible deal. Plus, Bloomberg News Senior Editor for Equities Eric Weiner previews tech earnings expected after the close, including Netflix. As out US Equities Reporter Carmen Reinecke reports, the media company needs blockbuster hits to reverse its $135B wipeout. Plus, Washington Correspondent Tyler Kendall helps examine the possible geopolitical fallout of President Trump’s rift with Ukrainian President Zelenskyy.
Chapters:
00:00:00 Bloomberg Businessweek Daily
00:02:01 Markets: Banks, Health Care & GM
00:04:00 Earnings Lift Stocks Ahead of Big Tech
00:08:07 AI Spending, Revenue & Investor Expectations
00:11:48 Salesforce Deal & AI Dealmaking
00:14:51 Nscale, Anthropic & the $45 Billion AI Deal
00:18:07 Markets Await SpaceX & Netflix Earnings
00:21:06 Netflix Earnings & Turnaround Pressure
00:25:12 AI Spending & the Hyperscalers
00:27:20 GM, GE & a High Bar for Earnings
00:29:27 Tech Earnings, CapEx & ROI
00:34:28 Trump, Zelenskyy & Ukraine
00:36:21 Iran Escalates Attacks in the Strait of Hormuz
00:38:56 Hegseth, Netanyahu & Israel’s Election
00:40:08 Trump’s Final Midterm Push
00:44:29 Stock Movers: GM, GE & Hasbro
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US stocks fell on Wednesday, with chipmakers leading declines after stronger than expected consumer price data raised concerns that the Federal Reserve may need to lift interest rates more aggressively than expected in coming months. Bank of America CEO Brian Moynihan joins to discuss the bank’s latest earnings. MWAG CEO Meredith Whitney examines the state of the US consumer. Mandeep Singh of Bloomberg Intelligence reacts to Anthropic’s pre-IPO investor day and the latest comments from Nvidia CEO Jensen Huang. Plus – Allspring’s Nate Miles shares the findings from the firm’s 2026 retirement study. All on the latest episode of Bloomberg Businessweek Daily.
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On Bloomberg This Weekend, Bloomberg News Federal Reserve reporter Maria Eloisa Capurro previews the Fed’s upcoming rate decision, with policymakers widely expected to pause after September’s first rate increase since 2023 despite inflation remaining above target. Speaking with hosts David Gura and Christina Ruffini, Capurro explains why investors will scrutinize Chair Kevin Warsh’s language for clues about another potential rate increase and his efforts to reshape how the central bank approaches monetary policy.
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