Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran denied US President Donald Trump’s assertion that it wants ceasefire talks, launching fresh attacks across the Persian Gulf and forcing a suspension of flights at Dubai’s main airport.The United Arab Emirates and Saudi Arabia reported drone and missile attacks overnight into Monday. Dubai halted flights at its main airport following a fire at a fuel tank that it said was caused by an Iranian drone. It announced a gradual resumption a few hours later, though Emirates said some of its scheduled flights for the day would be canceled.
2) As the US-Israeli war on Iran enters its third week, pressure is growing on the person in the best position to end it: Donald Trump. But the US president’s ever-shifting explanations for why he went to war leave friends and adversaries at a loss to forecast when he’ll be ready to stop. And even if he does, Iran has shown little willingness to go along. Trump has gone from declaring the war over soon to calling on European and Gulf allies to help. They’re reluctant, and the likes of Russia are benefiting.
3) President Donald Trump predicted Cuba wants to make a deal with the US, but said he wants to finish the war with Iran before turning his attention to the Communist island nation.“I think we will pretty soon either make a deal or do whatever we have to do,” he told reporters Sunday on Air Force One. “We’re talking to Cuba, but we’re going to do Iran before Cuba.”Under Trump, the US has been tightening the screws on Cuba, imposing an almost total fuel blockade that has exacerbated already hours-long blackouts
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Jeanine Pirro vowed to continue her investigation of Federal Reserve Chair Jerome Powell after a judge rejected subpoenas issued to the central bank, threatening to delay the confirmation of Kevin Warsh as Powell’s successor.
US District Judge James Boasberg said the government had advanced no evidence to justify the subpoenas — relating to renovations to the Fed’s headquarters and Powell’s comments about the project — and said they clearly reflected an “improper motive” of retaliating against Powell over policy differences. Pirro, who leads the US Attorney’s Office for the District of Columbia, called the ruling wrong and said they would appeal the decision.
“This process has been arbitrarily undermined by an activist judge,” Pirro said in a press conference Friday. “The process should have been allowed to run its course, and it wasn’t. And shame on them.”
For instant reaction and analysis, Bloomberg Businessweek Daily cohosts Carol Massar and Tim Stenovec speak with:
June Grasso, Bloomberg legal analyst and host of Bloomberg Law
Michael McKee, Bloomberg International Economics & Policy correspondent
Tim O'Brien, Bloomberg Opinion senior executive editor
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to next week’s monetary policy decision from the Federal Reserve and a focus on 3 stocks for the week ahead.
In the UK – a look ahead to the Bank of England and European Central Bank decisions.
In Asia – a look ahead to Japanese Prime Minister Sanae Takaichi’s meeting with President Donald Trump in Washington.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) US President Donald Trump threatened Iran with further attacks after the Islamic Republic’s new leader signaled defiance and suggested there would be no easing of a war that’s upending energy flows and global markets. “We have unparalleled firepower, unlimited ammunition, and plenty of time,” Trump said on Truth Social. “Watch what happens to these deranged scumbags” on Friday, he said, referring to Iran’s leaders.
2) Stocks extended their declines as investors remained wary of risks from the Iran war heading into the weekend, with oil prices holding above $100 a barrel.
Europe’s Stoxx 600 index slumped 0.9% putting the benchmark on course for a second week of losses. US futures retreated 0.4% after the S&P 500 Index slid to its lowest since November. Brent crude edged higher, trading around $102, after rallying 9.2% on Thursday.
3) Investigators worked Friday to determine the exact reason a man with a rifle crashed into a large Michigan synagogue in what federal officials are saying was an attack carried out by a 41-year-old naturalized U.S. citizen born in Lebanon. Ayman Mohamad Ghazali was killed by security after ramming into Temple Israel in West Bloomfield Township near Detroit, Michigan, and driving down a hallway in a vehicle that then caught fire, according to authorities.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Brent briefly jumped back above $100 a barrel after the Iran war led to more shipping turmoil in the Middle East and China tightened fuel export curbs to cope with the fallout from the conflict. The global oil benchmark surged as much as 10% to $101.59 a barrel, while West Texas Intermediate rose to near $96, before paring gains. Two tankers were struck in Iraqi waters and Oman temporarily cleared ships from its key export terminal outside of the Strait of Hormuz, underscoring the widening threats to energy supply and overshadowing a record reserves release by the IEA to try and cool prices. In further signs of strain, Chinese refiners have begun canceling agreed refined fuel export cargoes, including gasoline and diesel. The country’s top processors were told last week to stop signing new contracts, and the latest directive is a step up from the earlier guidance.
2) Goldman Sachs Group Inc. and Citigroup Inc. have told staffers in Dubai to stay away from their offices as Iran’s attacks on Gulf cities continue. Goldman has instructed employees to seek permission before going into its offices across the Middle East, according to people familiar with the matter. Standard Chartered Plc also asked staff in the Dubai International Financial Centre and nearby areas to leave their offices on Wednesday, the people said, declining to be identified discussing confidential information. Several Wall Street banks have already been allowing employees in the United Arab Emirates to work remotely since the war began. Some lenders have also offered staff the option to temporarily leave the country, Bloomberg News has reported.
3) President Trump’s administration started the first of several sweeping trade investigations that set the stage for new tariffs, the centerpiece of a push to replace levies struck down by the US Supreme Court. US Trade Representative Jamieson Greer announced Wednesday that his office would begin a probe into more than a dozen major economies under Section 301 of the Trade Act focused on alleged excess manufacturing capacity. The investigations, which typically take months to complete, are required for the president to unilaterally place duties on imports from specific countries deemed to employ unfair trading practices. Economies that will be subject to the inquiry include some of the US’s largest trading partners: China, the European Union, Mexico, India, Japan, South Korea and Taiwan.
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