US & Iran Hold Fire For Now, Three Shot Dead In Seattle

Bloomberg Audio Studios, Podcasts, radio News.
Good morning.
I'm Karen Moscow and I'm Alexis christopherus. Here are the
stories we're following.
Today, Alexis. We do begin with that big decline in oil.
The move comes after the US paused an almost two
week run of strikes against Iran, after thirteen straight nights
of strikes seemed at degrading Iran's ability to attack commercial shipping.
The US is apparently held off since late Friday. Iran
has halted its retaliation as a result. And begin more
from Bloomberg Middle East Breaking News editor Patrick Sykes.
The US seems to have reached the conclusion that daily
strategy of strikes, particularly around Iran's southern coast on the
Persian Gulf, hasn't been leading to the results it was
hoping for, and the diplomacy needs to be the way forward.
What exactly that might look like is also fairly unclear
at the moment. Of course, the Pakistanis remain the main
mediators in all of this, and I think it's a
note that Iran's Interior minister was in Pakistan is Lava
but around this time last week, and.
As Boomberg's Patrick sikes. Mike Waltz, Washington's ambassador to the
United Nations, said President Trump is giving diplomacy quotes some space.
This morning, an Iranian Foreign Ministry a spokesman said Iran
will not allow the US to determine the timing of
the war.
The latest pause in fighting comes as Israeli Prime Minister
in Benjamin nettan Yahoo, prepares to go to the White
House this week. Net Yaho says he plans to press
President Trump to keep a constant watch on Iran's nuclear program.
Bloomberg's Monica Ritz has details.
Israeli Prime Minister Benjamin Netanyahu says the US and Israel
have set back Iran's nuclear abilities a good few years,
but cautions Tehran could still try to reconstruct what's been destroyed.
Are Intel services and yours are working so close together
that it's not that I'm going to present new information,
But I think it's a good thing to have the
opportunity to sit with our good friend President Trump and
to hear what he has in mind, because I think
in many ways it's his decision.
Net Yahoo on Fox News. Trump has also said the
US is locked and loaded for major strikes on Iran.
But suggested he'd wait for diplomatic talks to play out.
Monica Ricks Bloomberg Radio.
All right, Monica, thank you. And Seattle police say three
people were killed and at least five others injured after
gunfire erupted at a crowded food festival beneath the Space Needle.
One person has been arrested. The shooting happened around six
pm Sunday at the annual Bite of Seattle Festival. Mayor
Katie Wilson said Sunday night, her heart is with the victims.
What happened here today at the Seattle Center was an
unbelievable tragedy, a horrific act of violence, and here's Assistant
Seattle Police Chief Tyrone Davis Pumps.
Has responded and addressed one of the shooters. That person
gave up and was taken into custody. There was another
person that we believe I was also involved and fled
the scene.
Seattle Police Assistant Chief Tyrone and Davis says, for now,
detectives did not have any description of the outstanding suspect.
Investigators believe the two were shooting at each other and
there is no ongoing threat to the public.
And Karen in Europe. French and Spanish firefighters are battling
wildfires for a sixth day. More than three hundred thousand
people have been evacuated as fires threatened cities including Madrid
and Bordeaux. We get the latest from Bloomberg Managing editor Bensils.
In Madrid, where I am. The situation is somewhat better.
The authorities are reporting that the main fire to the
west Madrid is now more or less contained. That said,
it's been an extremely nervy weekend. I was watching last
night as the firefighting planes were kind of flying over,
moving out to the west, quite near to where I live,
and you know, at times over the weekend the sky
was filled with kind of thick brown smoke those ash all.
Over the streets the place where I live.
So it seems like it's contained, but it's been a
really strange and quite scary weekend.
Bloomberg's Ben Sils's Spain's fires were fueled by a combination
of heat waves and depleting soil moisture. Similar reasons are
being cited in France.
Well, we turn to the markets now Alexis, where the
pause in fighting in the Middle East is giving stocks
a lift. S and P futures up nine tenths of
a percent this morning. It'll be another key week for earnings. Megacap,
tech names, Amazon, Apple, Meta Platforms, and Microsoft all report
I being get more with Bloomberg's Shirley Pellett.
The focus will be very much on capex and return
on investment. Kara Murphy is president of Kestra Investment Management.
I mean, I think the CEOs at these companies should
be more cautious. They need to listen to what the
market is telling them. The market is saying, you can't
just keep spending money like that.
Also reporting this week Boeing, Coca Cola, Visa, MasterCard, Qualcomm, Starbucks,
and then Friday Oil, Major's, ex Mobile, and Chevron in
New York. Charlie Pellett Bloomberg Radio.
All right, thanks Charlie. The economy will also be in
focus this week. The Fed makes a policy decision on Wednesday.
We get a preview now from Bloomberg's Michael McGee.
A month after a surprisingly benign CPI inflation report, investors
are now pricing in a growing chance the Fed raises
interest rates this week. It's still less than fifty percent,
but it's a remarkable turnabout in sediment. Trump's re escalation
in Iran has energy prices rising sharply again. Tech companies
are reporting very high demand for AI components, and the
administration has reimposed tariffs. The combination sets the stage for
a re acceleration of inflation. On the other side of
the argument, a rate hike wouldn't open the strait of Hormuz,
nor would it likely damp AI enthusiasm. Wednesday's decision will
be a much closer call than first thought, and as always,
what the Fed Chairman has to say will be just
as important to Wall Street bets on their September meeting.
Michael McKee Bloomberg Radio.
All right, Michael, thank you. In company news and videos
and talks to provide financing to help open AI's Big
Data Center project, Beget the details with Bloomberg's John Tucker,
John good Morning, and Coom.
Morton Karen Ian video is in discussions to help the
creator of chat Ept lease a five hundred billion dollar
ten gigawatt hub in Ohio, a financing guarantee by Nvidio.
It would highlight the increasingly circular financing behind the AI boom,
as tech giants fund ever larger projects that ultimately generate
business for themselves. In an exclusive interview with Bloomberg and
Vidia's Jensen Wang, who spoke more broadly about demand for
all of this, my.
Guess is that that the semiconductor industry is probably going
to have to be ten times larger than it is
today over the next decade or so.
Jenson Wang has directed billions of dollars into companies throughout
the AI supply chain. He's aiming to accelerate the uptake
of his products. But investors, having recent weeks, of course,
begin to cool on lofty tech stock valueations. They're worried
that there's more capacity of the construction than future AI
services will actually require. You knoww York count John Tucker,
Bloomberg Radio.
Thanks John, and in deal news this morning, shares of
Forte Biosciences are up about forty percent in early trading.
The Dallas space company is being bought by the Netherlands
r Jenks for about two point two billion dollars in cash.
Forte is developing a promising drug for treating videligo and
celiac disease that could be used to address multiple autoimmune conditions.
While the rally and Forte shares. Alexis pales in comparison
to the Shanghai stock market debut of China's biggest memory
chip maker, CXMT, searched four hundred and sixty six percent
to become China's largest onshore listed company. The blockbuster debut
follows the second largest initial public offering in China's history.
Analysa at underscores investor appetite for a company viewed as
central Debajing's ambitions to build a self sufficient semic inductor industry.
Five o nine on Wall Street Time Now for a
look at some of the other stories making news in
New York and around the world. For that were joined
by Bloomberg's Michael bar Good Morning, Michael.
Good Morning, and Alexis. German authorities say the suspect in
the deadly Berlin Pride attack that killed one person and
left twenty nine others injured was shot and killed by
police during a confrontation in a suburb of the city.
Abdual Ballout, a German citizen with Lebanese roots, was killed
Sunday evening following a search that lasted nearly twenty four
hours after the attack in downtown Berlin. Police say it
started on Saturday, when the suspect drove a vehicle into
a crowd of people attending a gay Pride celebration. Berlin's
Pride Festival is one of Europe's largest LGBTQ plus celebrations.
Israeli Prime Minister Benjamin at Yahoo says he still plans
to attend the UN General Assembly in New York City
despite Mayor Zorim Mundani's threats to arrest him. The Nan
Yahoo on Fox New Sunday.
He's formitting hate. He's supposed to be the of all
New Yorkers, Jews, Christians, Muslims, everyone, but he's trying to
turn one group against the other and he's forcing hate
and fear.
Mayor Mamdanie has called Netnawho a war criminal over the
International Criminal Court's warrant for the Prime Minister's arrest. The
mayor also says netnaw Who is not welcome in New York.
Several children attending a YMCA summer camp in East Orange,
New Jersey, were sickened after they allegedly consumed suspected mushroom
laced edibles. This woman rested her twelve year old daughter
to the hospital after getting the call from the camp
that her child was given drug laced chocolate by another camper.
It's about thirteen children. They, for lack of better words,
they look like zombies. It was really sad.
Her daughter made a full recovery. East Orange Police said
the suspect has been identified, no charges have been filed,
and the investigation remains ongoing. Global news twenty four hours
a day and whenever you want it with Bloomberg News Now.
I'm Michael Barr, and this is Bloomberger.
Thanks Michael.
Time now for our Bloomberg Sports update, and for that
we bring in John Staffshauer.
Thanks Karon. Three new inductees in the Baseball Hall of
Fame Jeff can To hit the most home runs of
any second baseman ever, and Drew Jones, who as a
center fielder in Atlanta won ten straight Gold Glove Awards,
And Carlos Beltran who had four hundred career home runs
and had over three hundred stolen bases. Me And while
in Milwaukee's eleven to two rout of Colorado, the Brewers,
Jacob Missowski struck out the first seven batters twelve of
the first thirteen three m golf in Minneapolis twenty one
year Old Jackson Koeboom Shot twenty five hundred part and
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Stay with us. More from Bloomberg day Break coming up after.
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Im a US paused in almost two week run as
sho strikes against Iran for a third a straight night.
This is the Islamic Republic singled that was refraining from
any retaliatory attacks and now talks with Oman over the
strait of horror. Mouz mean while Israeli Prime Minister Benjamin
at Yah who said he will press President Trump to
keep a constant launch on Iran's nuclear program when the
two meet this week. He spoke to Fox News Sunday
Morning Futures.
If you can do so without returning to intense military fighting,
that's fine, why not. But one way or the other,
they have to end their nuclear program, and with a
deal or without a deal, that has to come to.
An end, and that Israeli Prime Minister Benjamin Etnyaho. There
we want to get the very latest on the situation
in the Middle East with Stuart Livingston Wallace, head of
Bloomberg's Middle East coverage, and Stuart, good morning. Well, we
appear to be seeing a legitimate pause in the fighting
here after thirteen straight nights of attacks between the US
and Iran. So have we entered a new phase in
the war?
Yeah, good morning, Karen. I mean, the short ton seris
it's very hard to tell. I mean, I can tell
you anecdotally, for those of us in the region, I
think there's been a great sense of relief over the weekend,
in particular that the sort of fairly relentless thirteen nights
of hostilities seems to be appaused. Whether that will last
as a different matter, I mean, history would suggest probably not.
And it's certainly true to say that the US military
presence in the region is no different today than it
was week ago, that they're not withdrawing any troops or ships.
In particular. However, the I mean, I think in order
to answer that, probably we need to look at two things.
Number one is what is the motivation? At least in
part it seems to be that after thirteen consecutive nights
of attacks on Iran and then these retaliatory attacks. There
was no sense that Iran's ability to threaten and attack
ships in or moves are around or moose had diminished
in any sense. And then there's a more speculator development
that you know, the cost not just the dollar cost,
but in terms of the munitions was getting very very steep.
And there you know, we know that they're having to
take munitions out of stock pas in Europe and in Asia,
and I think the big concern is around the defect
of munitions because they're having to use an awful lot
of those just because of the scale of the drones
and the missiles coming across from Iran. So all of
that combined suggests that they're going to try the diplomatic
track again. But there we don't have a great dealivisibility
about just what is being discussed.
Yeah, and Mike Waltz, the US Ambassador to the UN,
seem to deny that there is any problem with the
stockpiles of air defenses like the Patriot missile when we
heard him speak, But he also said the President was
really giving diplomacy quote some space. So does that mean
there is hope that talks are making some progress.
Yeah, I mean, I think so they have some sort
of framework there in terms of this memory and understanding
that they signed in June, and okay, fair enough that
fell apart pretty fast, but that is at least the
basis of what the red lines for other side are.
I mean, I think in terms of the priorities, particularly
for the region itself, it is Hormos. Yes, the nuclear
file is very important, along with the proxies and the
missile programs on and so forth. But the short term,
and particularly for the global economy, it's all about hor
Moves and getting had all at. And now you have
the second front that's opened along the Red Sea that
you know, the Babel Mendeb Strait, which is rather like
horn Moves. But the other side of the Raven Peninsula
that is still another resolved question, although again there we've
not seen any hostilities since sasday. Forty eight hours is
not a great deal of time to say it's all ended.
We suspect it probably hasn't ended there either. But again
the pressure is on, I think, to get some sort
of resolution and get that oil and gas flowing again.
And there's still not seeing necessarily a free flow through
the Strait of Horror moves. Despite this pause in fighting,
there's still a bit of a backup there, some ships
being turned around. Still.
Yeah, I think a great deal of nervousness about transitting
through there, because again so many ships have been attacked
over the last couple of weeks or so, and no
sense that Iran's ability to continue attacking if it wants
to has gone away. But now there's the additional complication
of the other strait, as were the Baba Mendeb stra
and again that really constrainship his ability to navigate stuff.
So if you want to get, for instance, oil out
of the western bit of Saudi Arabia on the Red
Sea off to Asia, pretty much you're either going to
go through that straight and then you risk an attack
from the Hooties, or you go noll through sewers along
the Mediterranean and then around the southern tip of Africa.
Now that adds weeks and weeks and weeks to each journey,
so the costs increase, the delivery time increases, and the
effective capacity of the global shipping fleet shrinks.
Yeah, and just because there's a pause between Iran and
the US, does I mean the Hoopies are going to
and whatever they have going on with Saudi Arabia, and
there was a little bit of skirmish over the weekend.
Yeah, exactly. I mean, the one potential glimmer of hope
there is that the Hooties seems to be framing it
in terms of a more localized issue that they have
with Saudi Arabia over Saudi Arabia's attacks on Signa, the capital.
So in theory, if you can resolve that, it's not
necessarily at least as far as the Hooties are saying
it publicly linked to the Iran war. Of course we
all know there is an obvious link there, but potentially
that could get resolved on a separate track. But again,
I don't want to give anyone the sense that you know,
it's completely separate issue. Obviously it's not okay.
And when it comes to any diplomacy tags that are
going on, should we still be looking at Pakistan leading
the way Pakistan and Oman?
Yeah, and I think others probably as well. I mean,
we know Kaso has been involved on and off. I'm
sure there are others because again, the priority for the
region is to get that oil and gas flowing because
it's so important for their revenue, and as you know,
they're all trying to transform their economies. That is, you know,
a multi trillion dollar program that's going to take place
over several years and already has been going on. If
they haven't got the revenue coming in, that makes it
much more difficult for them to do that. Now. They
have very deep pockets and very big reserves, so there's
no sense that you know, is crisis right now, but
clearly it makes their lives far more difficult if they
don't have that steady stream of revenue.
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