Irans Oil Industry after comments by President Biden. Welcome to business today, live from new york, i m ritika gupta. Share prices in the us have been searching after great news regarding the us economy. The strike on the East Coast ports has also been suspended. It is not all positive news, though. Oil markets are still reeling from a comment by President Biden on thursday that the White House is discussing whether to support an attack by israel on Irans Oil facilities. This is how one of the key benchmarks Brent Crude was trading in the last 15 minutes if it stays at these levels it will be up around 10 per cent this week. One Oil Market Watcher told us he is astounded by the president s comment. In over 15 years of covering the energy markets, reporting them and dare i say, trading on the markets as well, i have never seen anything. This is quite unprecedented. Whether its off the cuff or not, for a sitting us president , just a little over four weeks from the american president i
Multiple seeking challenges in the rise of yonperforming loans, so m second question is on banks. The general counsel discuss the onond containment measures european banks . Thank you. Thank you very much for your question. Tltro is a longterm refinancing scheme that is really intended help the financing of the economy because banks are offered very attractive terms in order and provided that the lind to the economy. It is not that they lend to the economy. It is not that it was a very generous package of refinancing without any conditionalities. The banks are going to only be eligible to the very attractive rate of 100 basis points provided that they lend at least as much as they did to the economy. So that is number one. It is an encouragement to finance the economy. And all sectors of the economy, not just large corporate accounts. It is focused on small and mediumsized enterprises. Through the enlargement of collateral pools, we make sure it can reached the small osborne orders and
Comparison to the United States. I think comparisons across europe may be a little more challenging to make and put in a positive light. That has certainly been the focus and the delay to locking down the country certainly was an area of real criticism for the government. I suppose this morning, we are also focused on what is going on near to you in terms of hurricane laura building across the atlantic and a ready to make landfall. We are watching louisiana, watching texas. We get this red headline across the bloomberg from the Hurricane Center saying laura is seen rapidly strengthening to category four hurricane. This is new information this morning. That is a big number. Hurricane 4 is much bigger than a hurricane 2. 4 is getting very, very serious. This is the acceleration north , west the gulf of mexico of new orleans as well. In new york city, always quite good with our first word news. On the second night of the Republican National convention, speakers tried to humanize President
Said to be sweetening the deal in dubai. Fany saudi aramco meets investors as it looks to boost support for its mega ipo. It is bloomberg daybreak europe. We are live from dubai. Nejra cehic is having a wellearned day away from the mayhem and the carnage that there is in the bitcoin market. Day nine of a drop. A battering and value. Sub 7000. The pboc warning people away from bitcoin. What needs to happen to get bitcoin back on a rally, may be a complete drop in trade negotiations. Deal. Phase one committed to phase two and three. The two other risk markets, ground zero for trade for the aussie dollar and the won. Do we have those markets . Lets have a look at them. The dollar down, the yuan strengthening. Won rallies. The chinese playing to the hawks. The policy hawks. Up a twohe oil market month high. The daily machinations of trade drive the markets. To the u. K. , Boris Johnson unveiled a Safety First Program of policies in the partys election manifesto. Brexit boxnending set drama
Financial sector to its part in fighting lemon change. Climate change. A lot of the focus is on trade or what will happen between the u. S. And china. Gold, always a good litmus test for risk. We can see the yield at 1. 85. Stocks gaining 0. 4 . A lot of focus is on earnings. Loose of ex conversation with the commerzbank she chief Financial Officer. Dont miss that conversation after 10 30 a. M. London time. First, lets get straight to bloomberg first word news. In the u. K. , the first cabinet resignation during an Election Campaign in a century. Quit after aretary report that he knew about a former aides role in the collapse of a rape trial. Ae labour party also suffered blow with deputy leader tom watson announcing he will leave politics after 35 years. He has long clashed with Jeremy Corbyn over the direction of the party. Willank of england probably keep rates on hold as brexit continues to plague the economy. It is expected to cut forecasts. Be nexttion is who will to lead the ban