Summers on the Fed, Aramco Evolution, Future of AI, Themed Entertainment Industry
This week, Former Treasury Secretary Lawrence H. Summers on the recent Fed decision and the economic implications of uncertainty in the Middle East. And, how is Saudi giant Aramco diversifying in a tech-driven world? Plus, an interview with Robinhood's Vlad Tenev on artificial intelligence solutions for nuanced needs. Later, Netflix is entering the themed entertainment business with Netflix House, further intensifying its competition with traditional media players. (Source: Bloomberg)
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Yahoo
an hour ago
- Yahoo
Shares dip in Asia, oil up as world awaits Iran response
By Wayne Cole SYDNEY (Reuters) -Wall Street share futures slipped on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate to U.S. attacks on its nuclear sites, with resulting risks to global activity and inflation. Early moves were contained, with the dollar getting only a minor safe-haven bid and no sign of panic selling across markets. Oil prices were up around 2%, but already well off their initial peaks. Optimists were hoping Iran might back down now its nuclear ambitions had been curtailed, or even that regime change might bring a less hostile government to power there. Analysts at JPMorgan, however, cautioned that past episodes of regime change in the region typically resulted in oil prices spiking by as much as 76% and averaging a 30% rise over time. Key will be access through the Strait of Hormuz, which is only about 33 km (21 miles) wide at its narrowest point and sees around 20% of the world's daily oil consumption. "With the U.S. becoming involved, the risk of Iran retaliating by disrupting the flows of oil from the Middle East has risen significantly," warned analysts at ANZ. "Prices in the $90–95/bbl range would be the likely outcome." For now, Brent was up a relatively restrained 1.9% at $78.46 a barrel, while U.S. crude rose 2% to $75.30. Elsewhere in commodity markets, gold edged up 0.2% to $3,375 an ounce. [GOL/] Share markets were proving resilient so far, with S&P 500 futures off 0.3% and Nasdaq futures down 0.5%, having both started with losses near 1%. Nikkei futures were just a fraction lower at 38,380, pointing to a small opening fall for the cash index. The dollar edged up 0.2% on the Japanese yen to 146.36 yen, while the euro dipped 0.3% to $1.1485. The dollar index firmed 0.25% to 99.008. There was also no sign of a rush to the traditional safety of Treasuries, with futures up only 1 tick. Futures for Federal Reserve interest rates were a tick lower, likely reflecting concerns a sustained rise in oil prices would add to inflationary pressures at a time when tariffs were just being felt in U.S. prices. Markets are still pricing a slim chance the Fed will cut at its next meeting on July 30, even after Fed Governor Christopher Waller broke ranks and argued for a July easing. Most other Fed members, including Chair Jerome Powell, have been more cautious on policy leading markets to wager a cut is far more likely in September. At least 15 Fed officials are speaking this week, and Powell faces two days of questions from lawmakers, which is certain to cover the potential impact of President Donald Trump's tariffs and the attack on Iran. The Middle East will be high on the agenda at a NATO leaders meeting at the Hague this week, where most members have agreed to commit to a sharp rise in defence spending. Among the economic data due are figures on U.S. core inflation and weekly jobless claims, along with early readings on June factory activity from across the globe. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
an hour ago
- Bloomberg
Markets React Sharply to US Airstrikes on Iran
Crude oil futures are surging in early Monday trading, as widely expected, with US equity futures gapping lower after the US launched strikes against Iran over the weekend. Bloomberg's Romaine Bostick reports. (Source: Bloomberg)
Bloomberg
an hour ago
- Bloomberg
Iran Has Options to 'Play the Oil Card,' McNally Says
Bob McNally, Rapidan Energy Group founder and president, says it would be "suicidal" for Iran to completely close the Strait of Hormuz, but he says the country can disrupt the flow of oil in other ways. He is on "Balance of Power." (Source: Bloomberg)
