Bloomberg — 2026-07-13#

Lead Story#

The US and Iran exchanged a fresh wave of strikes overnight, prompting President Donald Trump to announce a reinstated naval blockade and demand a 20% reimbursement—roughly $30 million per supertanker—for all cargo transiting the Strait of Hormuz. The escalating military conflict and uncertainty over the critical shipping lane propelled global oil benchmark Brent above $79 a barrel, raising fears of renewed inflationary pressures across the global economy.

Markets & Economics#

• SK Hynix Plunges in Post-Debut Rout: SK Hynix Inc. shares tumbled by a record 15% in Seoul following their highly anticipated US trading debut, sparking a broader tech selloff as investors question the sustainability of the artificial intelligence spending boom.
• Treasury Two-Year Yields Hit 2025 Highs: Surging energy prices tied to the Middle East conflict pushed the two-year Treasury yield to its highest level since early 2025, fanning speculation that the Federal Reserve may need to hike interest rates to combat sticky inflation.
• Wall Street Braces for Blockbuster Trading Revenue: As second-quarter earnings season kicks off, the biggest US banks are expected to pull in nearly $39 billion from trading, capitalizing on a surge of client action tied to recent market volatility.
• IMF Warns on Europe’s Sovereign Debt: The International Monetary Fund cautioned that Europe’s public finances face an “explosive” trajectory if governments fail to implement robust debt-reduction strategies.

Business & Industries#

• States Sue to Block $110B Paramount-Warner Bros. Merger: A coalition of 12 states sued Paramount Skydance Corp. to halt its massive acquisition of Warner Bros. Discovery Inc., alleging the Hollywood mega-deal would restrict consumer choice and drive up television and movie prices.
• Genesis and Vault Forge Top-Tier Australian Gold Miner: Genesis Minerals Ltd. agreed to merge with Vault Minerals Ltd. to create Australia’s third-largest gold producer, a deal finalized after rival bidder Regis Resources pulled out.
• Nippon Paint Offers $8.6B for Akzo Nobel Unit: Japan’s Nippon Paint Holdings Co. made an $8.6 billion offer to acquire the decorative paints business of Dutch rival Akzo Nobel NV.
• Delta Unfazed by Sticky Oil Prices: Delta Air Lines CEO Ed Bastian stated the carrier expects to weather higher jet fuel costs without issue, citing exceptionally strong demand for premium seating and international corporate travel.

Policy & World#

• Lindsey Graham’s Sister Tapped to Serve Out Senate Term: Following the sudden death of Senator Lindsey Graham, South Carolina Governor Henry McMaster appointed Darline Graham Nordone to fulfill the remainder of his term, a move that was recommended by President Trump.
• Russian Oil Output Plummets Amid Ukrainian Strikes: Persistent Ukrainian attacks on infrastructure have driven Russia’s crude oil production to a two-and-a-half-year low and refinery runs to their lowest point in over two decades, further squeezing global supplies.
• Pentagon Spending on Mexican Border Operations Tops $2.6 Billion: The Defense Department has spent at least $2.64 billion on its southwest border operations, providing the most comprehensive accounting yet of the military’s growing role in US immigration enforcement.

Opinion & Analysis#

• A Chinese Rocket Has Musk’s SpaceX in Its Sights: Despite America’s enduring engineering lead in space exploration, China’s rapid advancements are putting the nation in a position to genuinely rival Elon Musk’s orbital dominance.
• Nigel Farage and Prince Harry Have a Mutual Enemy: In an unlikely alignment, both the Reform UK leader and the Duke of Sussex share a common habit of blaming the press and the establishment for their own entirely avoidable crises.