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Subscribe today on Apple, Spotify or anywhere you listen. Bloomberg Audio Studios, podcasts, radio, news. Good morning, I'm Karen Moscow. And I'm Alexis Christophorus. Here are the stories we're following today. All right, Alexis, and what we're seeing in oil comes as fighting escalates in the Middle East. U.S. Central Command says it had completed a ninth straight evening of attacks targeting Iranian command centers, maritime capabilities, missile and drone launch sites and communications networks. President Trump spoke to reporters at Joint Base Andrews. This is a far bigger job that we're doing. We were doing a little job of stopping them from having a certain capability. Now we're just ending it. So it's really not the same thing. What we're doing now is we're ending any chance where they can have a nuclear missile. Iranian strikes have killed two more U.S. service members in Jordan, bringing the U.S. death toll to 17 since the war began. And Bloomberg's Stephen Stapchinski says there's fear that the conflict will escalate even more. So before it was really with the tit-for-tat attacks, you saw the U.S. and Iran targeting military assets. But now you're seeing them start to target energy assets. Kuwaitia facilities have been targeted over the weekend. There's also more countries are having to intercept drones as well. And so there is this fear that this could spiral into a wider regional conflict like we saw in March where Iran was targeting and succeeding in attacking and damaging oil refineries, liquefied natural gas plants. And if that happens, it's no longer a question as to how long it takes for who moves traffic to get back to normal. It is a question for how long does it take for some of these really important assets and production facilities to get repaired and to come back online because that could take more time. And Bloomberg's Stephen Tepschinski notes that the conflict is now in its 21st week. And gas prices are once again over $4. AAA says the average price is now $4.03. Energy Secretary Christopher Wright says the Trump administration is trying to bring down prices. Gasoline prices today are more than a dollar a gallon cheaper than they were four years ago under the Biden administration. And we'll do everything we can to drive them further down in the weeks and months ahead. Energy Secretary Christopher Wright made those comments on ABC's This Week. You can catch the program Sunday afternoons right here on Bloomberg Radio. In Europe, Alexis, it's yet another changing of the guard in the UK. Andy Burnham will take over as Britain's new prime minister today. And we go to London and get the very latest at Bloomberg's UN Potts. UN, good morning. Karen and Alexis, a new prime minister for the United Kingdom. Andy Burnham will meet King Charles at Buckingham Palace later this morning to ask his permission to form a government. It's a ceremonial protest that has become all too familiar to Brits in recent years, with the UK getting its seventh prime minister in just over a decade. The former mayor of Manchester in the north of England has so far been tight-lipped about his cabinet appointments. We'll start to get the first of those as the day goes on. Live in London, I'm Ewan Potts, Bloomberg Radio. All right, thanks, Ewan. Secretary of State Marco Rubio says President Xi Jinping's trip to America remains on track for September. Rubio spoke to reporters yesterday before departing for a foreign minister's meeting in Manila. We anticipate that the trip is happening in September. They've continued to send over their teams to prepare for it. I've heard nothing otherwise. I have no reason to believe that they won't be coming. It's important. There will always be, when you have two big, powerful countries like the United States and China, there are always going to be irritants. There are always going to be things we don't agree on. But I think it's incumbent on powerful, important countries like ours to continue to talk and have a relationship. We owe it to each other and to our people and to the world. The meeting comes amid heightened tensions between the two countries. Last week, President Trump accused the Chinese government of interfering with U.S. elections in 2020. Let's turn now to the world of sports, Alexis. Fans in Madrid they been celebrating overnight after Spain became the World Cup Soccer Champions once again Bloomberg's John Stashauer joins us live with the latest. John, good morning. Good morning, Karen. The World Cup played over these last five weeks in three North American nations. Vastly successful, never an empty seat, plenty of star power, so many great games. The final at MetLife Stadium cannot be called that. It was so one-sided as Spain outshot Argentina 20-1, but it stayed tied until Spain finally scored in the 106th minute to win 1-0, and Spain won the World Cup for the second time ever, denying Argentina a second in a row, denying Lionel Messi the storybook finish in his almost certain final World Cup game. Karen Alexis? Well, John, soccer was not the only big event that captured the attention of sports fans yesterday. That was the Open Championship golf, not decided until the final hole. For Ryan Fox, birdie to win the Open. NBC had the call. Fox, a relative unknown, but he shot a 62 Saturday, birdied four of his last six holes yesterday to win by one shot. More on both the golf and the World Cup coming up in sports. John Stashauer, Bloomberg Radio. All right, looking forward to that. Thanks, John. In company news, the CEO of Boeing says the aircraft maker is, quote, turning a corner, and President Trump has been, quote, very helpful. Kelly Ortberg spoke with Bloomberg's Guy Johnson from the Farm Bro Air Show. He argues the market is super resilient despite the current global uncertainties. We're turning the corner. I tell my team we haven't quite finished turning the corner. We've got more work to do, but I am pleased with the progress so far. We're ramping up production across many of our product lines. Markets are very strong. Our backlog is very, very strong. So our story is really focusing on executing that backlog. Boeing CEO Kelly Ortberg speaking with Bloomberg's Guy Johnson at the Farm Bro Air Show in England. You can catch the full conversation on the Bloomberg Video Hub on Bloomberg.com and on the Bloomberg Business App. Karen? Well, let's turn to the markets now, Alexis, where futures are higher. following last week's tech sell-off on Wall Street. In fact, Shipmaker's closed in a bear market, down 20% from its all-time high. And Rob Williams is chief investment strategist at Sage Advisory. We knew this last couple of years' earnings in the CapEx has been the big tailwind. And what we've been saying is prepare for some volatility, right? We're primed for some overreaction. There's going to be a lot of questions and a lot of volatility, and the valuations are priced unforgivingly. So I think fundamentally we've got some good backing, But I think the upside here is a little bit capped in the back half. And Sage Advisories' Rob Williams says earnings will be key this week. On Wednesday, Alphabet will kick off reporting from AI hyperscalers for the second quarter. And Karen, Moonshot AI's surprise release of a new artificial intelligence model has sent a jolt through the markets, forcing investors to reassess some of the biggest assumptions behind the global tech rally. The Chinese startup unveiled a model on Friday that it says delivers performance that rivals top-tier offerings from OpenAI and Anthropic at a fraction of the cost. As investors drew comparisons with last year's DeepSeek moment, more than $300 billion has been wiped out from the company's valuation estimates for the two unlisted U.S. firms. And Alexis, Jeff Bezos is backing a British AI startup. The Amazon founder is putting his money behind Cusp AI. The two-year-old British startup has raised nearly half a billion dollars. The company's goal is to reduce or eliminate the use of rare metals with supply chain risks in shipmaking. It also wants to develop software that can help researchers develop new materials at a faster pace and for a lower cost than today's methods. 5.09 on Wall Street. Time for a look at some of the other stories making news in New York and around the world. For that, we're joined by Bloomberg's Michael Barr. Morning, Michael. Good morning, Alexis. New York City's health commissioner says a third person has died in connection with an outbreak of Legionnaire's disease on Manhattan's Upper East Side. The city has identified 74 cases associated with the outbreak. Eight people remain hospitalized, though no new cases have been reported in more than a week. Health officials say the source of the exposure likely has been eliminated after aggressive cleaning of cooling towers where the bacteria can grow in warm water. Meanwhile, relatives of those who died are planning lawsuits. Attorney Ron Catter represents the family of an 88-year-old man who is an Air Force veteran who recently died. I blame the property owner who failed to maintain their cooling tower. City officials say they ordered dozens of buildings in Manhattan to clean their cooling towers to contain the outbreak. Taylor Fresh Foods says it has voluntarily removed all iceberg lettuce sourced from central Mexico from the U market amid an ongoing cyclosporiasis outbreak More than 1 people have been sickened This woman in Raleigh North Carolina says her family is taking additional precautions at home We've really just started washing our vegetables in vinegar, water, and just trying to be a little bit more cognizant. The FDA says the shredded lettuce was sold in 27 states between June 29th and July 16th. Andrew Tate and his brother Tristan are expected to face a Miami court today as UK police seek their extradition over an investigation into alleged sexual offenses. The Crown Prosecution Service said it was bringing further charges against the social media influencers. They were arrested by US marshals in relation to the allegations from four additional victims. Assistant Chief Constable at Bedfordshire Police, Karina Thomas. 38 new charges in total have now been authorized against Andrew and Tristan Tate, bringing the total number of charges faced to 59. The pair have previously denied any wrongdoing, and their attorneys said the brothers were two innocent men. Global News 24 hours a day and whenever you want it with Bloomberg News Now. I'm Michael Barr, and this is Bloomberg. Alexis. Thanks, Michael. Time now for our Bloomberg Sports Update, brought to you by Flushing Bank, a division of Ocean First Bank. For that, let's bring in John Stash Hour. Good morning, John. Good morning, Alexis. This World Cup final was billed as Argentina's ability to score against Spain's lockdown defense. Argentina came into yesterday's game of MetLife having scored 19 goals, the third most ever. But Spain had allowed only one, and Spain dominated. Possession time had it 65%, had more than double the number of accurate passes. Spain did everything but score until the start of the second extra time. crossing past Nico Williams, and he headed it to his teammate, Farron Torres, two players who had subbed in. Torres the only one all day to put the ball in the net, although Spain did it two other times. There was a foul on one, an offside on the other. Spain's only other World Cup title was in 2010. This Spanish team outscored the opposition 14-1, had seven shutouts, never trailed in a game. A New Zealander, for only the third time ever, won a major golf championship. 39-year-old Ryan Fox won the Open Championship at Royal Birkdale, won it with a birdie on the final hole, which was the toughest hole on the course. Yankees and Dodgers, double-letter at the stadium, game one, All-L.A., 8-2. Complete game win for last year's World Series hitter, Yashinobo Yalamoto. Game two, Yanks scored first inning, stayed 1-0 until a Tommy Edmond home run on the eighth. Yanks came up bottom of the eighth. Jess Chisholm, could use a moment from him on one game. Here we go, 1-0. Pitch. Swing on a high fly ball. Hit pretty well. Left center field. Got carry. Giddy up. Gone! Home run, Jack Tizzo, 2-1 Yankee. On WFAN, that final, the Mets won 6-1 in Philadelphia. Francisco, the door three hits, including a homer, drove in three. Red Sox stays sizzling hot. 6-1 win at Fenway over Tampa Bay. That's 13 wins in a row. It's the Red Sox' longest winning streak since 1948. Stay with us. More from Bloomberg Daybreak coming up after this. Coast to coast on Bloomberg Radio, nationwide on Sirius XM, and around the world on Bloomberg.com and the Bloomberg Business app. This is Bloomberg Daybreak. And good morning. I'm Karen Moskow alongside Alexis Christophorus. and the U.S. conducted a new round of airstrikes targeting Iran after announcing the death of another American service member. According to CENTCOM, the aim was to further diminish Iran's ability to attack commercial vessels transiting the Strait of Hormuz. And President Trump spoke to reporters after attending the World Cup final. We control the Strait. They don't control anything. So we'll see what happens. but we hit them very hard again tonight, and we did that in honor of the probably three, it's probably three as opposed to two, great patriots. And for more, we're joined by Patrick Sykes, Middle East Breaking News editor for Bloomberg News. And Patrick, good morning. Let's start with these service members that have been killed over the last few days. What do we know here? Yes, as the President was saying, several U.S. service members have been killed across these Iranian attacks on the U.S. bases around the region. Those attacks have been continuing for over a week now in countries like Jordan, Syria, Kuwait has been hit particularly hard. And of course, we've seen attacks continue around the Strait of Formos on shipping interests as well. I think those first deaths really marked a bit of an uptick in the tensions on the military side and that why we saw a stronger US response over the weekend and the oil price also starting a lot higher earlier this morning It remains to be seen I think is that the end of it as far as the U is concerned or is that part of a longer retaliation Of course, if there are further casualties, I think we can expect more U.S. response. Does this mean it's really, there's no more ceasefire? Is the ceasefire just completely over now? Can we just expect this to continue? I think the ceasefire has been effectively dead for some weeks now. But we did have some indications out of Iran earlier this morning that there was some movement on the diplomatic front. The foreign ministry spokesman said that Iran had received several proposals from multiple mediators. He didn't say who that was or what those proposals were. But we assume countries like Pakistan, maybe Qatar, taking a role there. And then the other piece was that Iran is sending its interior minister to Pakistan later today. Officially, that visit is to discuss bilateral issues, but I think we can expect them to be discussing the latest messaging and perhaps even those proposals on how to potentially find a diplomatic solution to the impasse. But the talk is still really tough. I mean, Iran's foreign minister said the country's nuclear efforts may be unresolvable. Any controversy there? And we also heard Iran's Supreme Leader blasting President Trump saying, hey, his signature is worthless. So who cares about an agreement? It's not even going to matter. So what do we make of all this rhetoric around it? Exactly. I mean, it points to, in part, there's a huge division playing out in Iran between those who want to see or those who think that diplomacy is the best way out of it. And those who think, no, because of those, what they would see as acts of bad faith violations by the U.S., there's no point in the diplomatic path, and it's best to continue fighting until the U.S. feels forced to surrender. But on the nuclear front as well, right, we had just yesterday a nuclear facility still under construction, a power plant in Iran was attacked. And that just, I think, serves as a reminder that even if they're able to get through the current impasse that is mainly focused on the Strait of Hormuz, if they get back around the negotiating table, they've then got the even thornier issue of Iran's nuclear program, stockpile of highly enriched uranium, and what happens to future enrichment capabilities. All of that still to be discussed. So it doesn't bode well, but it does appear, as I said, there's some movement on the diplomatic front in the near term. Patrick, when it comes to the Strait of Hormuz, what is the situation there today? Traffic, very thin. The oil prices reacting, as I said earlier this morning, as a result of that. I think as long as Iran continues to insist on this position of exercising sovereignty over the strait, ideally with, but if necessary without, Amman, that's going to increase those tensions. And also, as long as the U.S. tries to encourage this southern route, this alternative to the Iranian-advocated northern route that's closer to its coastline, all of that is just diametrically opposed. and then it's hard to see a way out of. But just quickly, is traffic getting through then or no? I think very limited. Of course, tracking is very hard because ships are going dark in order to make that journey. They're taking the U.S.-advocated southern route, trying to avoid Iranian detection. That makes it very difficult. So it's hard to say at the moment. This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121. Plus, listen coast to coast on the Bloomberg Business app, now with Apple CarPlay and Android Auto interfaces. And don't forget to subscribe to Bloomberg News Now. It's the latest news whenever you want it, in five minutes or less. Search Bloomberg News Now on your favorite podcast platform to stay informed all day long. I'm Karen Moscow. And I'm Alexis Christophoris. Join us again tomorrow morning for all the news you need to start your day, right here on Bloomberg Daybreak. Hi, I'm David Weston. Join me every week for the Wall Street Week podcast to hear stories of capitalism from around the world. From geopolitical tensions and central bank decisions to artificial intelligence, energy, and infrastructure, we sit down with the CEOs, economists, policymakers, and thought leaders whose decisions are shaping markets everywhere we find them. Subscribe to the Wall Street Week podcast on Apple, Spotify, or anywhere you listen.
