On the early edition of Balance of Power, Bloomberg Washington Correspondent Kailey Leinz is in Dallas for the Republican midterm convention. On today’s show, convention co-chair Ray Washburne, Lone Star Project Founder Matt Angle, Republican Strategist Vinny Minchillo and US Agriculture Secretary Brooke Rollins.

Chapters
00:00:00 Radio Balance of Power: Early Edition
00:00:46 Markets: Oil Tops $100, Stocks Fall
00:02:30 GOP Midterm Convention & Texas Senate Race
00:07:31 Trump, Oil Prices & the Republican Midterm Strategy
00:09:21 Data Centers & Texas Voters
00:13:37 Apple Unveils New iPhones
00:16:00 Apple’s $2,000 Foldable iPhone
00:20:08 Trump Heads to the Dallas Convention
00:21:05 Wendy Davis on the Texas Senate Race
00:25:14 Political Panel: Data Centers & the Midterms
00:28:00 New Hampshire Senate Race
00:30:13 Redistricting & the Battle for the House
00:33:50 Trump’s Midterm Convention Strategy
00:35:34 Iran, Tariffs & Republican Messaging
00:38:28 Brooke Rollins on Affordability & the Midterms
00:43:27 Record Diesel Prices & Iran Escalation
00:46:11 Market Update: Oil, Gold & Apple
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On this episode of the Odd Lots podcast, Richmond Fed President Tom Barkin joins Joe Weisenthal and Tracy Alloway in Jackson Hole, Wyoming, to discuss why he thinks the current waves of inflationary shocks are normal and what the Fed needs to do to weather the storm.
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China Evergrande’s founder Hui Ka Yan has been sentenced to life in prison — cementing the downfall of a property tycoon who exemplified the country’s real estate boom and bust.

Nicole Sy explains.
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Olivier Blanchard, PIIE Economist explains why we are obsessed with high rates and his timeline for inflation.
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Oil climbs above $100 a barrel as the war with Iran escalates and Tehran says it has no intention of backing down. President Donald Trump says the US will win the war with Iran and suggests the Strait of Hormuz should be renamed the “Trump Strait,” while an Iranian official says Iran is ready to escalate the conflict.
Brent crude rallies as the war disrupts energy supplies and fuels renewed inflation concerns. OPEC output slumps as the conflict curbs Saudi flows, with Saudi production plunging by more than 1 million barrels. Iraq, meanwhile, is seeking a significant increase in its OPEC production quota.
Asian stocks fall as surging oil prices revive inflation fears, while the dollar hovers near seven-month lows. Investors are also weighing higher crude prices against the US Treasury’s buyback plans.
US Treasury Secretary Scott Bessent’s $6 billion buyback plan disappoints investors. His comments on Japan are also raising expectations around monetary policy that the Bank of Japan may struggle to meet, while BOJ official Masu says further rate hikes are needed to complete policy normalization.
The European Central Bank is expected to raise interest rates today as policymakers confront renewed inflation pressures.
Apple enters the foldable-phone market with prices starting at $1,999 as the company positions the iPhone as a personal intelligence hub. Apple’s new iPhone duo reaches $3,199, setting an industry record, as the company prepares for a broader run of product releases.
President Trump floats a $5,000 payment to US adults if Republicans win the midterm elections.
SoftBank plans to repay a $40 billion bridge loan tied to its OpenAI stake.
Shipping nations sound the alarm over an increasingly fragmented global trading system as geopolitical tensions disrupt shipping routes and international commerce.
Dow is weighing an exit from its $20 billion Saudi chemicals venture, while Mubadala backs Luckin Coffee.
Dangote refinery cuts its debt to $5.7 billion ahead of its planned IPO, while Mozambique’s dollar bonds climb to their highest level in six years. Guests includes Carole Nakhle, Crystol Energy CEO, Deepak Mehra, Commercial Bank of Dubai Chief Economist and Richard Windsor, Radio Free Mobile Founder.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg.

Chapters:
00:00:00 – Introduction
00:05:13 – Iran Says It’s Ready to Escalate the War
00:08:23 – Carole Nakhle, Crystol Energy CEO
00:14:43 – Deepak Mehra, Commercial Bank of Dubai Chief Economist
00:27:33 – OPEC Output Slumps as War Curbs Saudi Oil Flows
00:32:21 – Apple Enters Foldable Phone Market
00:35:45 – Richard Windsor, Radio Free Mobile Founder
00:41:14 – ECB Expected to Raise Interest Rates
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