Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Fighting between the US and Iran over control of the Strait of Hormuz escalated, with Tehran accusing American forces of bombing a residential area in a wave of overnight strikes.The US military carried out its second round of attacks in three days, which US Central Command said targeted radar systems and mine-laying capabilities along Iran’s southern coast. This prompted the Islamic Republic to retaliate with drone and missile volleys on US bases across the Middle East, in line with tactics used throughout the six-month war.
2) Three Massachusetts Democrats with more than 110 years of service in Congress between them held off much younger challengers in Tuesday’s primaries.Sen. Ed Markey, an outspoken progressive, trounced Rep. Seth Moulton, a more moderate candidate, by 65%-35% in nearly complete returns. Moulton, 47, ran an anti-establishment and generational-change campaign that tried to make the case that Markey, 80, shouldn’t be given another six-year Senate term he would finish at age 86. Markey said he was as invigorated as ever to stand up to the Trump administration.
3) The selloff sweeping global bond markets looks painful, but it’s nothing compared with the rout four years ago, when soaring inflation forced central banks into a series of rapid-fire interest-rate hikes.The difference is scale. While the latest pullback has driven yields to multi-year highs in the world’s biggest markets, the move is just a fraction of the one seen in late 2022. Global government bond yields have risen 17 basis points on a rolling 20-day cumulative basis, compared with 62 basis points back then, data compiled by Bloomberg show. On a peak-to-trough basis, bonds have lost 4.2% this year — a far cry from the 23% plunge seen in 2022.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Donald Trump dismissed concerns that the conflict in Iran was draining American firepower as clashes resumed in the on-again off-again hostilities that have stretched more than six months, with neither side willing to restart negotiations to end the war.“This is a relatively little war for us,” Trump told reporters on Monday. “This is not a big war.”
2) A woman randomly stabbed two people in New York City’s Times Square on Monday, killing one woman, and then was fatally shot by police, according to officials.The shooting happened just before 4:30 p.m. next to a New York Police Department substation, just outside One Times Square, the building that hosts the city’s annual New Year’s Eve ball drop celebration. It is one of the most heavily touristed and policed spots in all of New York.
3) US Army Secretary Dan Driscoll is stepping down after repeated clashes with his boss, Pete Hegseth, leaving the service without several top leaders even as the conflict with Iran continues.Driscoll submitted his resignation to President Donald Trump, according to a person familiar with the matter who asked not to be identified. His decision was first reported by the Wall Street Journal.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The US and Iran exchanged strikes as American forces hit an island in the Strait of Hormuz and Iran responded by launching attacks on the United Arab Emirates and Jordan. Iranian media said the country's authorities seized a bulk carrier near the port of Bandar Abbas and claimed an oil supertanker was hit by mines early on Monday. The incidents underline the high tensions between Washington and Tehran, with crude oil prices rising and several current and former US and Iranian officials expecting the conflict to drag on for months.

2) Bond investors are skeptical about speculation that Federal Reserve Chairman Kevin Warsh is poised to raise interest rates after his speech on Friday. Investors have doubts due to Warsh's past comments and actions, which have not always been clear, and are bracing for the risk that he keeps rates steady again. The reaction of the market will depend on upcoming economic data, including employment and inflation figures, with some investors warning that the Fed's credibility could be at risk if it does not follow through on expected rate hikes.

3) Nepal is racing to find thousands still missing after a glacial collapse unleashed catastrophic flooding along the border with China, with rising water levels and worsening weather threatening to hamper rescue efforts. More than 8,700 people have been rescued, with almost 20,000 security personnel mobilized, and at least 752 people have been confirmed dead, while over 3,000 are still unaccounted for. Rescue personnel have been told to exercise "utmost caution" as they work to retrieve bodies and provide relief services, with challenges mounting as days pass and weather conditions weigh on rescue efforts.

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Over the next two decades, more than $100 trillion will change hands in the greatest wealth transfer in history. This is a massive opportunity for financial advisors, both new and established. This conversation provides detailed, research-backed information and practical advice for financial advisors who are considering their next move. Produced by Bloomberg Media Studios and Prudential Financial, this roundtable discussion provides clear and honest perspectives on the changes that are coming.

Guests on the show include:
David Blanchett, Head of Retirement Research with Prudential Financial, and Portfolio Manager with PGIM
Brittney Castro, CFP, AAMS, CRPC, Financial Expert and Speaker
Chelsea Ransom-Cooper, Co-Founder and Chief Financial Planning Officer with Zenith Wealth Partners
Maggie Lake, Financial Journalist

Research sources:
Cerulli Associates: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets, 2024
Cerulli Associates: The Cerulli Edge, U.S. Retail Investor, 2023
Alliance for Lifetime Income: Protected Retirement Income and Planning Study, 2024
Prudential Communications: Global Retirement Pulse Survey, 2025

For more about this series visit us at:
https://sponsored.bloomberg.com/media/prudential/the-great-client-transfer 

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Bloomberg Money is a new, weekly podcast focused on YOUR money. Listen for wealth strategies, retirement tips and a personal finance insights. Join Tom Keene and Scarlet Fu for new episodes every Friday.   

Listen on Apple:  https://podcasts.apple.com/us/podcast/bloomberg-money/id6803227140     
Listen on Spotify:  https://open.spotify.com/show/3lvzLLAZMdrxTB6y68Nb5g

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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 the August jobs report and a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to state elections in eastern Germany.
• In Asia – a look ahead to South Korea inflation data.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Traders are looking for clarity on Federal Reserve Chair Kevin Warsh's economic outlook and strategy for bringing inflation back to target ahead of his address at Jackson Hole. Warsh’s address is shaping up as a crucial moment for markets as doubts about his commitment to taming inflation have helped push up long-term yields. The speech will be more significant for the foreign-exchange, gold and bond markets than for equities, according to Ulrich Urbahn, head of multi-asset strategy and research at Berenberg.
2) Iran's top diplomat said resuming diplomacy with the US "isn't impossible" after "creative discussions" with Qatar. Foreign Minister Abbas Araghchi said progress "hinges on U.S. understanding of one simple fact: pressure doesn’t work" and called on Washington to build trust and uphold its commitments. The US remains hawkish in its public comments, with President Trump signaling he will not lift a blockade of Iranian ports just to restart talks.
3) Nepal will need at least “a few billion dollars” to recover from the devastation caused by flash floods, according to Finance Minister Swarnim Wagle. At least 469 people have been confirmed dead and more than 1,500 people are missing across Nepal and China after flash floods wiped out bridges, roads and entire settlements. Multilateral institutions including World Bank and Asian Development Bank have committed funds for humanitarian needs, while neighboring countries including India and China have provided supplies and financial assistance.

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On today's podcast:
1) Nvidia gave a bullish sales outlook for fiscal 2028, with Chief Financial Officer Colette Kress saying the company expects to grow revenue by approximately 70% in fiscal 2028. The company's second-quarter earnings report showed revenue of $96.2 billion, with profit of $2.22 a share, excluding certain items, and its data center division had revenue of $89 billion. Nvidia warned that margins would narrow in the coming months due to a surge in memory costs, but expects the measure to settle down to 72% to 73% in fiscal 2028 as the company increases its own prices.
2) Central bankers gathering in Jackson Hole, Wyoming will emphasize a global rethink on inflation and the prospect of higher borrowing costs in the face of new threats. Faced with upward price pressures from the Iran war, the artificial intelligence investment boom and extreme weather, some central banks have already raised rates, with more expected to follow suit. Investors are increasingly jumpy over how the latest inflationary forces will combine with rising debt levels, and will be keen to hear from Fed Chairman Kevin Warsh, who has so far avoided a firm stance on tackling prices.
3) Federal Reserve Governor Lisa Cook denied unproven mortgage fraud allegations repeated by President Trump. Cook's attorney Abbe Lowell called the allegations "unfounded and untrue" in a letter sent to the White House, stating that Cook has never committed mortgage fraud or any intentional wrongdoing. The White House did not have an immediate comment on Cook's letter, which comes after Trump narrowly lost his initial bid at the Supreme Court to oust Cook.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) The Chinese government and Xi Jinping are sending a message of defiance to President Trump over China's economic ties with Iran. China will take "all necessary measures" to safeguard its interests, according to Foreign Ministry spokesperson Lin Jian, after the US sanctioned dozens of Chinese entities. China has thrown Tehran an economic lifeline as its biggest buyer of oil, and Xi appears in no rush to help Trump end a conflict that's pulling US resources from Asia.

2) The Trump administration is discussing additional trade penalties against Canada after Prime Minister Mark Carney unveiled dollar-for-dollar retaliation to new tariffs imposed by the US. Additional US escalation against Canada could include higher tariffs and other trade actions, according to a White House official. The Canadian government announced that it would double its existing counter-tariffs on US steel and aluminum products to 50% and apply new 50% duties to other US products, affecting $20 billion worth of annual US exports to Canada.

3) Wall Street is anticipating Nvidia's earnings for what they mean to artificial intelligence investors and the market itself. Nvidia is considered the best barometer for AI spending, and its earnings will help determine if hyperscalers are still accelerating or becoming more disciplined. Investors want to hear what Chief Executive Officer Jensen Huang has to say about capital spending, future demand, and new financing deals that involve Nvidia.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Treasury Secretary Scott Bessent’s threat to unleash an “economic D-Day” against Iran risks setting the US on a collision course with China, its main trading partner. Bessent promised an “economic onslaught against Iran’s financial connections around the globe” and unveiled dozens of new sanctions, but the main thrust was threatening secondary sanctions against companies and countries that continue doing business with Iran. China defended its cooperation with Iran and warned of potential retaliation, saying it will take all necessary measures to firmly safeguard its own interests, as the US effort to impose secondary sanctions risks expanding the economic disruption caused by the war against Iran.
2) Canada's government will announce measures to "protect and support" its workers and businesses in response to US tariffs. Domestic measures will include expanded jobless benefits and loans for businesses affected by the tariffs. Canada plans to retaliate against the US tariffs, with Prime Minister Mark Carney saying "everything is on the table" regarding the country's response. US-Canada trade talks collapsed after Commerce Secretary Howard Lutnick applied last-minute pressure, leading President Donald Trump to impose new tariffs and Canadian Prime Minister Mark Carney to vow retaliation.
3) Bitcoin climbed above $80,000 for the first time since mid-May as optimism returns to the crypto market amid bullish signals. The increase comes after Bitcoin rallied in the seven days through Sunday, and spot Bitcoin exchange-traded funds had their strongest weekly inflow in 10 months last week.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Prime Minister Mark Carney’s government sees little chance of resuming talks with President Donald Trump before the midterm elections after trade talks collapsed. Carney is designing a domestic aid package to help businesses hurt by US tariffs, which will remain in place for the duration of the conflict and throughout the rest of Trump’s term if need be. The US has said the path for talks is unclear, with US Trade Representative Jamieson Greer stating that they don’t have new talks planned with the Canadians and are moving forward with measures that respond to Canadian retaliation.

2) Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years. A US blockade has left loaded Iranian vessels trapped inside the Persian Gulf and a fleet of empty ones stuck outside, resulting in a scarcity of oil in the region. Treasury Secretary Scott Bessent is due to unveil a plan for “the greatest coordinated economic isolation in the history of the world”, targeting Chinese refiners and the banks funding them.

3) Investors are looking for Fed Chair Kevin Warsh to clarify his views on how the US central bank should react to stubborn inflation when he speaks on Friday at the annual gathering in Jackson Hole, Wyoming. The chairman's communications strategy is off to a rocky start, and he's under pressure to give clearer guidance of how the Fed might react over the remainder of the year. Recent data have shown inflation, while still above the Fed's 2% goal, may be starting to cool, with economists estimating the PCE price index rose 3.6% in July from a year ago.

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