It’s unclear if Tehran is entertaining last-resort options — such as attacking tankers in the Strait of Hormuz, through which Middle East producers ship about a fifth of the world’s daily output. That type of action may draw the US, the world’s most powerful military, into the conflict, a risk Tehran has calculated that it […]
The money manager has been gradually cutting its high-yield bonds and other sub-investment-grade debt over the past two years, Jeffrey Gundlach, chief executive officer, said at the Bloomberg Global Credit Forum in Los Angeles this week. There are myriad risks, including inflation and tariffs, and investors aren’t getting paid for them, he said.
“Given that the strikes appear to have been directed more at the Iranian military general staff, including the head of the IRGC and senior nuclear scientists, and that the US was not involved, that suggests that what we saw today was more of a pre-emptive strike and less of a sustained military conflict,” said Robert […]
Israel closed its airspace until further notice, while Iran halted operations at its main airport in Tehran. The two states, along with neighboring countries including Iraq, have restricted and re-opened their airspaces several times since Oct. 7, 2023, when a Hamas attack on Israel sparked a wider regional conflict.
Israel conducted an air strike on the country, with Defense Minister Israel Katz calling it a “preemptive strike.” The tension weighed on markets: Oil surged, Asian stocks and US equity futures fell, and the dollar reversed earlier losses as traders dumped risk currencies.
China Huadian Corp., one of the country’s biggest power generators, expects total imports to slide to about 400 million tons this year, from the record 543 million tons purchased in 2024, according to Zhang Aipei, deputy director of production. Purer, high-calorie grades should be enough to fill any seasonal or regional gaps in supply, he […]
Policymakers are also concerned about rural incomes. Pig farmers have struggled to make ends meet this year, and are now losing about 70 yuan ($10) on each animal raised. Sow numbers, meanwhile, have climbed to 40.38 million, above the 39 million considered normal and close to levels that might trigger formal intervention.
Inventories contributed 0.6 percentage point to growth, double the preliminary estimate, while personal consumption managed to eke out growth of 0.1%, versus a prior flat reading. The inventory gain is an indication of greater output, but also points to unsold goods and components, a potential sign of weak demand. Business spending gained 1.1%, a little […]
“If the UK meeting continues to signal optimism, it could weaken the negative economic impact of the trade war,” said Gao Mingyu, Beijing-based chief energy analyst at SDIC Essence Futures Co. “After the short-term bearish impact of OPEC+’s July ouptut hike was digested, improving macro sentiment, stronger seasonal demand, and lingering geopolitical risks have all […]
If any credit weakness were to hit, it would likely start with smaller companies, and in leveraged finance or even private credit, said Matthew Mish, UBS’ head of credit strategy. A close look does show some signs of weakness, at least in the smaller firms. Corporate profits for domestic, non-financial companies declined by about 3% […]