Global markets face renewed pressure as Iran tensions escalate, oil prices jump and a deepening semiconductor selloff drags Asian stocks lower. The US and Saudi Arabia carried out strikes against Iran-backed weapons sites in Iraq, with Riyadh saying the attacks were conducted in self-defense. The US also said it intercepted a surprise Iranian missile attack.
In markets, SK Hynix shares fell 11% after disappointing earnings and a $31 billion capital spending plan, deepening a global chip rout and pushing the KOSPI toward its worst month on record. The Nasdaq 100 is nearing correction territory, while traders rush into Fed futures as expectations for a possible rate hike add to market anxiety.

President Trump met Israeli Prime Minister Benjamin Netanyahu at the White House, with Netanyahu saying they shared an understanding that Iran cannot have nuclear weapons. Ukrainian President Volodymyr Zelenskyy also described his talks with Trump on Patriot air defenses as positive.

We also cover Standard Chartered and UBS earnings, UBS’s additional $3 billion share buyback plan, concerns over an OpenAI agent allegedly compromising another technology company, and a petition by 1,000 AI workers warning the US government about the pace of AI development.

Elsewhere, Zambia’s kwacha nears parity with the South African rand, Rio Tinto’s CEO in an exclusive interview, discusses resilient Chinese demand and the role of critical minerals in data centers, a Saudi prince takes a 5% stake in Lucid, and Dubai’s financial hub surpasses 10,000 firms despite regional war risks. Guest includes Jeffrey Sexton, Demeter Tactical Investment CEO; Julia Roknifard, Taylor’s University Malaysia Senior Lecturer; and Simon Trott, RIO Tinto CEO.

Chapters:
00:00:00 – Introduction
00:04:36 – Iran Risks Return
00:07:20 – Netanyahu Meets Trump at White House
00:13:00 – SK HYNIX Profit Disappoints, Earmarks $31b Capex
00:15:30 – Jeffrey Sexton, Demeter Tactical Investment CEO
00:29:24 – Julia Roknifard, Taylor’s University Malaysia Senior Lecturer
00:35:15 – Zambia’s Kwacha nears parity with Rand
00:38:38 – Major Tech Companies Set to Report Earnings this Week
00:42:12 – Simon Trott, RIO Tinto CEO
——–
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Blackstone Inc. reported a 26% jump in distributable earnings for the second quarter, buoyed by artificial intelligence-related investments. Blackstone President & COO Jon Gray says the “strategic decision to lean into AI, its infrastructure and compute shortage” is making a big difference for investors. He speaks with Bloomberg’s Dani Burger on Bloomberg Open Interest.
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On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss the latest news from DC. On today’s show, Atlantic Council Nonresident Senior Fellow Melinda Haring, Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino, Republican Main Street Partnership President and CEO Sarah Chamberlain and Center for Strategic and International Studies Senior Fellow Ben Jensen.

00:00 Balance of Power: Early Edition 
00:01 Markets: Oil Drops Ahead of the Fed Decision
00:04 Lindsey Graham Memorial & Global Leaders Gather
00:05 Trump Meets Zelenskyy & Netanyahu at the White House
00:08 Lindsey Graham’s Legacy for Ukraine & Foreign Policy
00:10 Russia Sanctions Bill: What Changes?
00:12 Ukraine’s Battlefield Challenges & Military Aid Needs
00:15 Peace Talks, Patriots & the Path Forward
00:18 Political Panel: Graham’s Legacy & U.S. Foreign Policy
00:21 White House Readout: Ukraine, Israel & Iran Meetings
00:25 Memorial Service: World Leaders Honor Lindsey Graham
00:30 Russia Sanctions, Tariffs & Congressional Debate
00:36 Iran Strategy: Military Options & Munitions Constraints
00:40 Ukraine, Defense Production & Missile Stockpiles
00:44 Iran’s Remaining Missile Capabilities Explained

——–
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US consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed, taking some pressure off the Federal Reserve to raise interest rates. Fed Chair Kevin Warsh said policymakers at the central bank have no tolerance for high inflation in testimony on Tuesday https://bloom.bg/4f3HjZe

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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Edward Jones Head of Investment Strategy Mona Mahajan, Docusign CEO Allan Thygesen, Guggenheim Partners Senior Analyst of Retail & Commerce Simeon Siegel, Sperling Economics President Gene Sperling, Interactive Brokers Chief Strategist Steve Sosnick, Wharton School Professor Emeritus of Finance Jeremy Siegel, KPMG Chief Economist Diane Swank, DVx Ventures Co-Founder & Partner Karim Bousta, & Former Unilever Global Chief Growth & Marketing Officer Esi Eggleston Bracey.

Chapters:
00:00:00 – Bloomberg The Close
00:03:35 – Edward Jones’ Mona Mahajan on Traders Dumping Tech Amid Rate Hike Speculation
00:11:20 – Docusign CEO Allan Thygesen on Company’s Earnings, Full-Year Forecast
00:17:06 – Top Calls
00:18:12 – Guggenheim’s Simeon Siegel on Struggles of Lululemon
00:23:45 – Sperling Economics President Gene Sperling on the Strong Jobs Report
00:32:45 – The Bitcoin Breakdown
00:36:37 – Interactive Brokers Chief Strategist Steve Sosnick on Volatility of the Market
00:43:35 – Closing Bell
00:56:50 – Wharton School’s Jeremy Siegel on S&P 500’s Nine-Week Winning Streak Ending
01:05:31 – KPMG Chief Economist Diane Swank on Today’s Big Selloff
01:11:19 – How Market Cycles Adjust Over Time
01:16:27 – DVx Ventures Co-Founder & Partner Karim Bousta Discusses the SpaceX IPO
01:24:16 – Former Unilever Global Chief Growth & Marketing Officer Esi Eggleston Bracey on Business of Branding
01:31:49 – What to Watch
——–
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