霍尔木兹谈判、美加贸易战、休达后续

[music] Bloomberg Audio Studios podcasts, radio, news. This is the Bloomberg day [music] podcast. Good morning. It's Wednesday, the 26th of August. I'm Caroline Heepka in London

and I'm Steven Carroll in Brussels. Coming up today, oil prices drop as Iran and Dom say they're discussing an interim framework to reopen the straight of Hormuz. The Trump administration considers further trade penalties against Canada as Ontario Premier Doug Ford tells Bloomberg he wants a truce with the US president.

Plus, a month on, Spain's African enclave, Futa, grapples with the continuing aftermath from the day thousands of people crossed into the territory.

Let's start with a roundup of our top stories.

Iran and Oman are discussing an interim reopening of the Strait of Hormuz. According to a joint statement from both foreign ministries, the initiative seeks to establish a temporary joint maritime corridor as well as a project for mine clearance to restore safe navigation. Our Middle East correspondent Abu Omar says a resolution may still be far away. There will be further negotiations of course between the two countries to find a more permanent solution over the next 30 to 60 days in which the two countries are going to discuss multiple things including the management over the strait of Hermos.

So that's back to the table. Iran's assertion of dominance over the waterway is still a very much a point of discussion and it doesn't seem to be going away.

That's Bloomberg Zabir Omar. Iran's deputy foreign minister says the two countries will hold further talks about securing a new permanent route through the waterway within 30 to 60 days. According to the semiofficial Tasnim news agency, the news comes after a Chinese foreign ministry spokesperson said China would take all necessary measures to safeguard its interests after the US sanctioned dozens of its entities for dealings with tan.

Now, Ontario's Premier Doug Ford has called for a truce in his war of words with President Trump whilst backing Canada's plan to retaliate against fresh US tariffs. Canada announced that it will double its existing levies on US steel and aluminium to 50%. It has also raised new tariffs on hundreds of products including dairy, clothes, smartphones, and electronics. Sources tell Bloomberg that the White House is now weighing further trade actions in response.

Doug Ford has been speaking on Bloomberg's balance of power.

We have to go tariff for tariff and and uh dollar for dollar and it's it's unfortunate. uh we we had an attack from President Trump on our sovereignty, on our country, on the economy that we're so integrated uh both both countries. We're both each other's number one customer and it just doesn't make sense to uh attack attack each other.

That was the premier of Ontario, Doug Ford, speaking to Bloomberg's Joe Matthew. He added that he wasn't opposed to further retaliation but stopped short of endorsing a cut off in electricity to the US. The US Treasury's efforts to bring down borrowing costs are starting to show new effects in the bond market since Scott Bessant announced plans to expand bond buybacks. The spread between 30-year treasuries and their swaps has narrowed the smallest since February.

One rate strategist called the move a Bessant put and says it improved demand for longdated debt. But I Capital's global investment strategist Dan Suzuki says that won't meaningfully move bond yields.

Basically, they went down by 10 bips per day and then went back to right where they are. I think first of all, the sizes that you're talking are minuscule. 64 billion a year. I mean, you got to put this into context. When we were doing QE, you're doing $120 billion a month, right? So, we're talking about small percentages. They're still issuing like hundred billion of of debt and then buying back two or four. These are really small numbers.

It's more symbolic than anything. Suzuki added he thought the US Treasury was trying to talk bond yields down without actually taking action and there's growing concern about that approach. Billionaire investor Stanley Duken Miller has called Besson's intervention a mistake. Meanwhile, the Richmond Fed President Tom Barkin also warned there will eventually be a reckoning if US debt keeps rising.

Nvidia will deliver earnings later today, providing an update on its efforts to remain at the center of the AI frenzy. Analysts expect the company's revenue to continue growing at breakneck speed, outpacing most rivals. Here's Bloomberg's Anthony Stevens. They're going to report cracking earnings as they always have. Four quarters in a row they've beat on earnings and the stocks dropped four times in a row. So that's not the problem here.

It's his confidence, Jensen's confidence in maintaining margins, in maintaining the speed of growth, in maintaining the kind of trajectory around the buildout of compute in the US. That was Anthony Stevens who added that Nvidia faces margin compression from rising memory and component costs in Asia. It also has to contend with growing competition from wouldbe rivals developing custom silicon chips in the US.

Bloomberg has learned that Meta has discussed a potential midtrial settlement with state attorneys general in California. The blockbuster case accuses the company of deliberately designing Facebook and Instagram to be addictive to teenagers. It comes as the top legal officers of 29 states are seeking huge financial penalties and mandatory changes to how the platforms operate. The spokesperson for Meta had no immediate comment and a representative of the attorney general's office in California declined to comment.

Now to some news here in the UK. Andy Bernham is calling on British firms to offer work experience to teenagers. The prime minister is announcing a plan by supermarket chain Sainsbur's to offer 10,000 work experience placements in deprived areas. Bluebeck's James Walk has more now. The UK spends 330 billion pounds a year on welfare with roughly one in six young people out of work. Prime Minister Andy Bernham wants to improve both of those figures by getting more young people into work placements.

His political critics say Labour raised the minimum wage and strengthened employment laws, making it harder for young people to find a job. But the looming question is if AI might prompt an even bigger rethink of how people get onto the career ladder. In London, James Walcott, Bloomberg Radio. Tributes from the worlds of music and politics are being paid to Dolly Parton, the country music legend who's died at the age of 80.

The singer, dubbed the queen of country, emerged from extreme poverty in rural Tennessee and was best known for hits including 9 to5 and Jolene. Here is Dolly Parton speaking in a 1982 interview with Barbara Walters talking about what she wanted to accomplish.

I want people to know there's some brains beneath the wig and a heart beneath the boobs and and I think people are beginning to see that.

Dolly Parton speaking in 1982. She died in Nashville yesterday after what her team described as a brief battle with cancer. US President Donald Trump wrote in a social media post, "There's never been anyone like her and never will." and ordered American flags to be flown at half mast for a week. And I think probably the one story that people will have seen, it was one of the last things that I saw before I went to bed last night.

A lot of WhatsApp groups lighting up um to share the sad news of of Dolly Parton's death. some of the tributes that we've seen from the likes of uh Taylor Swift, Elton John, Taylor Swift talking her about talking about her being the gift that kept on giving and signing off her tribute with um we I'll think of you each step of the way which is a nice nod to uh I will always love you as well and I think you know I mean such a long career obviously huge philanthropist as well and someone who's all of whose achievements are being remembered.