Episode summary
Trump Promises No Iran Attack before Midterms; Hurricane Isaias Approaches US | Bloomberg...
Bloomberg Daybreak: US Edition
· · 15 min
Summary
Markets opened with relief after President Trump said the US would not attack Iran before November’s midterm elections, even as tensions in the region stayed high. Bloomberg’s analysts said investors should take the comment seriously but remain skeptical, and noted that a pause in escalation could give markets some breathing room. The show also tracked a string of closely fought Senate debates, where gas prices and the war in Iran were central attack lines in Michigan, Maine and Georgia.
Attention then shifted to Hurricane Isaias, which was heading for the eastern Gulf Coast with hurricane warnings from Gulfport to Mobile to Panama City. The storm was described as a dangerous system with winds around 110 mph, a 5 to 7 foot storm surge and the potential to strengthen to Category 3 before landfall. Bloomberg’s meteorologist said roughly 63% of US Gulf of Mexico crude output had been shut in and 500,000 barrels a day of refining capacity was threatened.
The episode also covered OpenAI’s latest revenue expectations, with the company now said to be on pace for at least $70 billion in annualized revenue by year-end, driven by enterprise growth. Separately, Humana shares rose on stronger Medicare Advantage ratings, while Guggenheim saw outflows after reports of a federal probe into CEO Mark Walter.
Key takeaways
- Trump’s comment that the US would not attack Iran before the midterms could ease market anxiety, but Bloomberg’s analyst warned investors not to overread it.
- Hurricane Isaias threatened roughly 63% of Gulf of Mexico crude output and 500,000 barrels a day of refining capacity, according to Bloomberg’s meteorologist.
- OpenAI’s annualized revenue is now expected to reach or exceed $70 billion by the end of the year, a number that keeps the AI valuation debate alive.
- The Michigan, Maine and Georgia Senate debates all tied the midterm fight to gas prices, the Iran conflict and national security.
- Humana rose about 15% after improving Medicare Advantage ratings that should support future revenue.
Notable quotes
“We should take it seriously, but be skeptical because he's likely to say something different in a day or two or a few hours”
“this, if it pans out, does bring some potential breathing space”
“roughly 63% of US Gulf of Mexico crude output has been shut in while 500,000 barrels a day of refining capacity is threatened”
“It could actually get to a category three”
“now expects to reach or exceed $70 billion in annualized revenue by the end of the year”
How the episode opens
Bloomberg Audio Studios podcasts radio news. — Good morning. I'm Karen Moscow and I'm Alexis Christopherus. Here are the stories we're following today. Alexis, the drop in oil comes on news that President Trump said the US would not be attacking Iran before November's midterm elections. He cited quote productive discussions with the Islamic Republic. begin more from Bloomberg's Will Kennedy.
I think we should read it like anything that Trump said. We should take it seriously, but be skeptical because he's likely to say something different in a day or two or a few hours. It will bring some relief to the market because obviously we'd had that report.
I think it was it may be in the Atlantic earlier in the week that he was considering escalation before the midterm elections. And this, if it pans out, does bring some potential breathing space. And Bloomberg's Bill Kennedy says President Trump's decision to lay off on new strikes comes despite Iran escalating attacks on tankers in the street of Hormuz.
To politics at home now in a trio of debates were held overnight as the midterm elections are less than 25 days away. We start in the closely watched Michigan Senate race. The two candidates there clashed on a Grand Rapid stage.
Democratic nominee Abdul Alsed went after his Republican opponent Mike Rogers over high fuel costs. There is one thing that is actually causing this. It's the war in Iran.
A war that has been cheerlead by my opponent since the beginning. Called it a winwin win. I don't know about you, but when I go to the gas tank, I don't feel like I'm winning.
I don't feel like our country is winning.
Republican Mike Rogers hit back at Democrat Elsa's economic policies. His policies will raise your t uh your uh the cost of every gallon of gasoline, number one, raise your utility rates, cost you $20,000 for a Medicare for all plan that allow takes away private insurance from individuals.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- trump iran tensions
- gulf coast hurricane and oil production
- oil and refining capacity disruptions
- openai enterprise growth
- openai fundraising valuation
Companies and tickers mentioned
- OpenAI
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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