Bloomberg

Lead Story

President Donald Trump has dramatically escalated geopolitical tensions by threatening to bomb Oman if it interferes with a US blockade of Iranian shipping in the Strait of Hormuz, coinciding with the expiration of a critical 60-day US-Iran truce. This severe deterioration of peace prospects pushed Brent crude toward $89 a barrel and drove US 30-year Treasury yields to their highest levels since 2007 as global markets brace for war-fueled, long-term inflation.

Markets & Economics

• US Bond Selloff Drives 30-Year Yields to the Highest Since 2007 (Bloomberg): Long-term Treasury yields surged to pre-financial crisis highs, fueled by mounting investor anxiety over sticky inflation, a rapidly expanding national debt, and a relentless flood of high-grade corporate bond sales. The dramatic move reflects growing market concern that the Federal Reserve will maintain a restrictive policy stance far longer than previously anticipated.
• China’s Economic Woes Mount as Growth Weakens Across the Board (Bloomberg): China’s economy began the second half of the year on a sluggish note, with retail sales, industrial output, and investment all undershooting expectations. This broad-based cooling—accompanied by a steep drop in steel production and a faster decline in new-home prices—amplifies pressure on Beijing to introduce more potent stimulus measures.
• Why Jane Street Lost $15 Billion in July (Bloomberg): Electronic trading giant Jane Street recorded its first monthly loss in roughly a decade, dropping approximately $15 billion due to miscalculated bets in Asian equities and its exposure to a specialized “Situational Awareness” investment. In response, the secretive firm is moving to refinance nearly $15 billion of its debt by issuing new bonds to a tightly controlled pool of private investors .
• Japan’s Bond Yields Climb on BOJ Hike Bets, Fiscal Concerns (Bloomberg): Yields on 10-year Japanese government bonds hit their highest point since 1996 as traders increasingly bet the Bank of Japan will raise interest rates in the near term. However, this policy path remains highly complex given that second-quarter economic growth slowed unexpectedly, complicating the BOJ’s currency defense and tightening plans.
• Shorter-Tenor India Bond Yields Surge on Early Dollar Window Close (Bloomberg): Short-term Indian yields surged after the central bank abruptly closed a special dollar deposit window for overseas residents a month ahead of schedule, threatening to squeeze system liquidity. The sudden decision has sown confusion among traders and clouded the Reserve Bank of India’s broader rupee defense strategy .

Business & Industries

• BHP Profit Jumps 30% on Copper Price and Record Iron Ore Output (Bloomberg): BHP reported a 30% surge in full-year profits, bolstered by strong commodity pricing and robust production volumes. Strikingly, copper revenue surpassed iron ore for the first time in company history, underscoring a strategic shift toward metals feeding the clean energy transition and AI infrastructure .
• Anthropic PBC Revenue Surges to Over $11.5B in 2Q (Bloomberg): The artificial intelligence startup posted massive revenue growth for the second quarter, pushing its annualized revenue run rate past $65 billion. This strong commercial momentum has reinvigorated Wall Street’s AI optimism, driving a powerful rally across global technology and chipmaker stocks.
• Brookfield Offers to Buy Reliance Worldwide for $2.9 Billion (Bloomberg): Brookfield Asset Management made an all-cash offer of A$4.1 billion ($2.9 billion) to acquire Australian plumbing supplies manufacturer Reliance Worldwide Corp. The transaction highlights private equity’s ongoing efforts to acquire steady, cash-generative industrial businesses amid shifting global manufacturing dynamics.
• Buss Family Sells Remaining Stake in LA Lakers to Kushner, Iger (Bloomberg): The Buss family is offloading its remaining stake in the Los Angeles Lakers to the franchise’s new controlling owners, Joshua Kushner and Bob Iger. This high-profile sports transaction coincides with a scramble by Guggenheim Partners CEO Mark Walter to pay down loans from his insurance companies amid a DOJ probe into his financial empire.
• AstraZeneca Stops Cancer Drug Trial as Success Seen as Unlikely (Bloomberg): AstraZeneca halted its clinical trial of volrustomig after the experimental drug failed to demonstrate superior efficacy in treating lung cancer compared to existing therapies. This setback stands in contrast to European biotech Argenx SE, which saw its shares soar following a highly successful clinical trial of its blockbuster autoimmune drug Vyvgart.

Policy & World

• DOJ Plans to Deploy 1,000 Monitors to Watch Midterm Elections (Bloomberg): The Department of Justice will deploy a historic 1,000 monitors to secure voting sites during the November midterm elections. The move comes amid a broader DOJ push into domestic administration, which includes launching investigations into Stanford University’s foreign donations and scholarship discrimination at the College of William & Mary.
• Trump Says He’s Curtailing Drills With South Korea (Bloomberg): President Donald Trump ordered the Pentagon to “substantially reduce” joint military exercises with South Korea, citing high costs and expressing frustration that Seoul did not support the US war in Iran. Trump simultaneously revealed that North Korean leader Kim Jong Un had responded to requests for talks, which he termed a “very positive” development.
• Zambia President Cements Vote Lead as Shooting Heightens Tension (Bloomberg): While incumbent President Hakainde Hichilema maintains a commanding lead on election day, security forces raided the home of the main opposition leader, triggering a shootout and 11 arrests. The violent clash has sharply elevated political risk in Zambia, Africa’s second-largest copper producer.
• Hawaii Faces Months of Power Outages After Lala Damages Grid (Bloomberg): More than 113,000 homes and businesses in Hawaii remain without electricity after Storm Lala devastated the state’s transmission infrastructure. Local utility operators warned that some hard-hit customers could face several months of persistent outages before full power is restored.

Opinion & Analysis

• Jane Street’s $15 Billion Debt Swap Is Smart Self-Defense (Bloomberg Opinion): The author argues that Jane Street’s abrupt moves to refinance $15 billion of its debt by selling new bonds to a highly concentrated pool of private investors represents a brilliant defensive maneuver. This private placement allows the highly secretive trading firm to bypass public disclosure and shield itself from market rumors following its massive July trading loss .
• US and Americas Challenge to Middle East Oil Supremacy Won’t Stop (Bloomberg Opinion): This analysis examines a historic milestone where the American continent briefly pumped nearly half of the world’s oil supply, catalyzed by the US-Iran war shutting down Persian Gulf terminals. This structural shift indicates a permanent transition of global oil production dominance away from the Middle East toward the Western Hemisphere .
• Meta, Oracle’s Liabilities Stand Out in Big Tech’s AI Spending (Bloomberg Opinion): Columnist highlights how the transition from software platforms to generative artificial intelligence has permanently ended the “capital-light” model of technology conglomerates. Firms like Meta and Oracle are being forced to accumulate massive capital expenditures and liabilities to finance the intensive physical server farms and advanced chips required to compete .

📊 I can compile these copper-related developments across BHP, Glencore, and Zambia into a detailed supply-chain briefing if you want to drill down on critical metals.