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GOOD MORNING. THIS IS "HORIZONS MIDDLE EAST & AFRICA." OUR TOP STORIES, STRIKES CONTINUE, TRUMP SAYS RERENEWED ATTACKS ON IRAN ARE LIKELY TO BE SHORT LIVED AND INSISTS THE U.S. CONTROLS HORMUZ. INVESTORS BRACE FOR POSSIBLE REACTION AROUND THE B.O.J. DECISION AND JAPAN’S LONG HOLIDAY AND MARKETS FACE THE POSSIBILITY OF A BIGGER THAN USUAL RATE HIKE AND CHIPS MAY FACE A FRESH ROUND OF TARIFFS ON IMPORTS. IT’S JUST GONE 8:00 A.M.

ACROSS THE EMIRATE. I’M ABEER ABU OMAR IN DUBAI. LET’S LOOK AT WHAT MARKETS ARE DOING. S&P FUTURES STILL NOT DOING MUCH. FLAT, ALBEIT TO THE UPSIDE THIS MORNING. THE IT CLOSED UP FOR THE FIRST TIME IN THREE DAYS. BROADCOM, THE CLIP MAKER THAT RIVALS NVIDIA DID SAY THAT THE AI CHIP BOOM WILL BE CONTINUING. THE REVENUES EXPECTED OUT OF THE AI CLIP GENERATING PROFITS OR REVENUES IN THE FISCAL YEAR OF 2027 EXPECTED AT 115 BILLION SO A BEAT THERE ALSO PAINTED A POSITIVE PICTURE FOR TECH STOCKS IN GENERAL AND ASIAN EQUITIES MORE THAN 1% HIGHER THIS MORNING.

THE KOSPI IS GAINING. NIKKEI 225 IS GANG THIS MORNING TAKING THEIR CUES FROM WALL STREET’S CLOSING YESTERDAY AND ALSO GEOPOLITICS IN THE REGION. THAT IS WHY OIL, BRENT CRUDE IS SNAPPING A THREE-DAY GAIN THIS MORNING. DROPPING ALTHOUGH STILL ABOVE THAT $95 ON THE BARREL MARK. PRESIDENT TRUMP SAYING THAT THE STRIKES WILL BE SHORT LIVED AGAINST IRAN BUT THEY STILL CONTINUE IN THE REGION. WE’LL TALK ABOUT THAT IN A SECOND AND THEN, OF COURSE, THE YIELD ON THE 10-YEAR NOTES. 4.77%.

WE’LL CONTINUE INTO SEPTEMBER WITH THOSE BUYBACKS THAT SCOTT BESSENT HAD ANNOUNCED. THE 10-YEAR YIELDS DROPPING LESS THAN A BASIS POINT THIS MORNING. FOR WILDER MARKET MOVES AND WHAT IS HAPPENING IN ASIAN MARKETS, WINNIE HSU IS STAND STANDING BY IN HONG KONG. WINNIE: WE ARE SEEING THE YEN STRENGTHENING, BREE BREACHING THOSE LEVELS OF 158 AGAINST THE FAMILIAR. WE FIRST SAW THAT STRENGTHENING AFTERNOON IN ASIAN HOURS WHEN WE HEARD HAWKISH COMMENTS FROM THE B.O.J.

BOARD MEMBER TAKATA AND THEN WE SAW IN U.S. TRADING HOURS THIS REALLY SHARP MOVE IN THE JAPANESE YEN, STRENGTHENING BY ABOUT ONE POINT THE 2% AS INVESTORS CONTINUE TO BELT THAT THE BANK OF JAPAN MIGHT HAVE TO MOVE EARLIER THAN LATER. WE DON’T KNOW IF THERE WAS AN INTERVENTION OR A RATE CHECK BUT THERE IS A LOT OF CAUTION BUILDING AROUND THE 1 0 LEVEL AGAINST THE DOLLAR SO ALL EYES ARE ON THE MOVES FROM THE BANK OF JAPAN AND THE POTENTIAL INTERVENTION TO COME, ESPECIALLY AHEAD OF THE DECISION MEETING LATER THIS MONTH AS WELL A THREE-DAY HOLIDAY RIGHT AFTER THAT.

OVERALL A NICE REBOUND IN ASIAN STOCKS, ESPECIALLY AS OUT PRICES FALL AND THEN WITH THE U.S. DOLLAR ALSO WEAKENING SO THAT IS SUPPORTING THE TECH STOCKS HERE IN THE REGION AS WELL AS FINANCIAL SECTOR GIVEN THE BROAD EXPECTATION FOR THE CENTRAL BANKS TO RAISE RATES. NOW, INTERESTING, FOR THE 30-YEAR HERE, WE ACTUALLY HAD THE J.G.B.340-YEAR BOND OPTION SEEING GREATER DEMAND. BACK TO YOU, ABEER. ABEER: WINNIE, THANK YOU.

AS ALWAYS, WE’LL KEEP AN EYE ON THE YEN. 157, 158 AS OF NOW. OIL PRICES ARE CHIP SAWING AS RENEWED FIGHTING BETWEEN THE U.S. AND IRAN PUTS THE STRAIT OF HORMUZ BACK IN FOCUS. PRESIDENT TRUMP SAID THE RENEWED ATTACKS WILL LIKELY BE SHORT LIVED BUT WARNED THE U.S. IS READY TO STRIKE AGAIN. PRESIDENT TRUMP: WE HIT THEM VERY HARD LAST NIGHT. WE TOOK OUT ALL OF THE NEW EQUIPMENT THEY TRIED TO PUT UP ALONG THE STRAIT. WE’RE PREPARED TO DO ANOTHER ONE ANYTIME WE WANT.

ABEER: IRAN RETALIATED AGAINST U.S. BASES ACROSS THE REGION WHILE SHIPMENTS THROUGH HORMUZ CONTINUED AROUND TIGHTENED SECURITY. GOOD TO HAVE YOU WITH US THIS MORNING. WHAT IS HAPPENING IN THE REGION? PRESIDENT TRUMP SAYING ATTACKS ARE GOING TO BE SHORT LIVED BUT WHAT PROOF TO WE HAVE TO SUGGEST TO US THAT THIS WILL BE A SHORT LIVED MILITARY ESCALATION?

I THINK THAT IS THE RIGHT QUESTION AND THE ANSWER IS IRAN HAS A SAY IN THIS AND IRAN’S ACTIONS WILL DETERMINE THAT. ULTIMATELY THAT’S WHAT TRUMP WOULD LIKE. I DON’T THINK HE WANTS HOSTILITIES. HE CERTAINLY DOESN’T WANT MAJOR HOSTILITIES. HE’S EYEING THE MIDTERM ELECTIONS WHICH ARE ONLY TWO MONTHS AWAY NOW IN EARLY NOVEMBER. HE’S EYEING FUEL PRICES. HE WANTS TO GET THOSE DOWN. U.S. PUMP PRICES ARE STILL VERY HIGH. GASOLINE OVER $4 A GALLON.

DIESEL AT ALMOST A FOUR-YEAR HIGH IN THE U.S. OF COURSE, IF IRAN KEEPS ON ATTACKING SHIMS, KEEPS DISRUPTING OR TRYING TO DISRUPT FLOWS THROUGH THE STRAIT OF HORMUZ OR IF IT DOES SOMETHING SOMETHING LIKE ATTACKS BASES -- U.S. BASES IN GULF ARAB COUNTRIES ON THE A MORE FREQUENT BASIS THAT MIGHT FORCE TRUMP TO ACT MORE AND TAKE HARDER MILITARY ACTION. THAT’S THE SITUATION AT THE MOMENT. WE’RE STILL PRETTY MUCH IN A DEADLOCKED SCENARIO.

NEITHER THE U.S. NOR IRAN SEEMS READY AT THE MOMENT TO GROW BACK TO NEGOTIATIONS TO END THIS WAR. ABEER: IT DOES FEEL LIKE MORE OF THE STATE OF LIMBO. NEITHER PARTY REALLY WILLING THAT STAND DOWN WHEN IT COMES TO WHAT THEY WANT. SO AT THIS POINT SIX MONTHS INTO THE WAR, WHAT IS THE LIKELY OFFRAMP FOR EITHER SIDE OF THE WARRING PARTIES? PAUL: IT’S HARD TO SEE. FROM THE U.S., I THINK THEY’VE SETTLED INTO THIS IDEA THAT THEY ARE GOING TO SQUEEZE IRAN ECONOMICALLY.

UP SCOTT BESSENT’S D-DAY CAMPAIGN. THE JURY IS OUT AS TO WHETHER THAT WILL HAVE MUCH OF AN EFFECT BUT WHAT IS IMPACTING THEM SIGNIFICANTLY IS THIS NAVAL BLOCKADE OF IRANIAN PORTS. IT’S HITTING IRAN’S ECONOMY, NO DOUBT. YOU HAVE INFLATION THAT’S NOW ROUGHLY 80%. UNEMPLOYMENT IS SOARING. ORDINARY IRANIANS ARE BEING HIT HARD. IRAN IS STRUGGLING TO GET ANY OF ITS OIL EXPORTS OUT AT ALL AND TO GET IMPORTS IN TOO. IF THAT CONTINUES IT WILL SQUEEZE IRAN EVEN MORE.

BUT WILL IT SQUEEZE THEM ENOUGH FOR THE HARD LINERS LIKE THE IRGC TO SAY THAT IS ENOUGH? APPEAR: WHAT ABOUT -- AMIR: WHAT ABOUT OIL FLOWS? CHRIS WRIGHT SUGGESTS THAT 18 MILLION BARRELS OR SO HAVE CROSSED THE STRAIT OF HORMUZ THIS WEEK. ARE WE SEEING ANY EVERYDAY OF THAT? PAUL: THROWS HAVE DEFINITELY PICKED UP AND ACCORDING TO BLOOMBERG REPORTING LAST WEEKABILITY, SINCE THE LAST FORTNIGHT FLOWS HAVE ARCHED EIGHT OR NINE MILLION BARRELS A DAY.

THESE ARE SHIPMENTS OF CRUDE OIL. IF YOU INCLUDE SAUDI ARABIA’S WEST COAST, YOU’RE TALKING ABOUT ROUGHLY 2/3 OF PREWAR LEVELS ARE GETTING OUT AT THE MOMENT. STILL QUITE SIGNIFICANTLY DOWN BUT IRAN IS STILL ATTACKING. TUESDAY NIGHT IT KILLED TWO SEA FAIRERS. I THINK THEY WERE U.A.E. LINKED OIL CARRIERS. SO IT’S STILL RISKY TO GO THROUGH THE STRAIT OF HORMUZ. ABEER: PAUL WALLACE WITH THE LATEST ON WHAT IS HAPPENING IN THE REGION.

COMING UP, EMIRATES E.B.D. TELL US WHY THEY ARE OVERWEIGHT STOCKS. MORE DETAILS AHEAD. THIS IS BLOOMBERG.

BUILD IT HERE AND YOU WON’T PAY A TARIFF WHILE YOU’RE BUILDING BUT IF YOU’RE NOT WILLING TO PUT SHOTS IN THE GROUNDS HERE THEN YOU SHOULD PAY TO HAVE ACCESS TO THE GREATEST MARKET IN THE WORLD AND I THINK THAT’S OUR OBJECTIVE. ABEER: THAT WAS THE U.S. COMMERCE SECRETARY SPEAKING AT THE G20 SUMMIT ABOUT THE TRUMP ADMINISTRATION WEIGHING A FRESH ROUND OF TARIFFS ON IMPORTED SEMICONDUCTORS. THEY WOULD BE IMPOSED IN A BID TO INCREASE DOMESTIC MANUFACTURING BUT SOME COMPANIES COULD BE SPARED.

FOR MORE, LET’S BRING IN BLOOMBERG MANAGING EDITOR JILL DISIS. WHAT MIGHT THOSE TARIFFS AND SHARE POTENTIAL EXEMPLESS LOOK LIKE? IN REALITY? JILL: GOOD MORNING. I WOULD DESCRIBE THIS AS THE TRUMP ADMINISTRATION REBUILDING ITS TARIFF WALL A LITTLE BIT. WE SAW SOME TARIFFS THEY IMPLEMENTED ON SOME SEMICONDUCTORS EARLIER THIS YEAR. THIS ONE IS MUCH MORE IN LINE WITH TARGETING DATA SERVERS. YOU’RE LOOKING AT, AGAIN, SORT OF BROADENING OUT THAT INITIAL LEASH THAT THE TRUMP ADMINISTRATION WAS LOOKING AT FOR THOSE TYPE OF CONSUMER PRODUCTS AS WELL.

IN TERMS OF HOW EXACTLY THIS WILL WORK, YOU HEARD THERE FROM THE COMMERCE SECRETARY THAT THEY’RE LOOKING TO INCENTIVIZE COMPANIES TO BUILD MORE, INVEST MORE IN THE UNITED STATES. SOME COMPANIES LIKE MICRON OR TSMC THAT ALREADY HAVE PRETTY SIGNIFICANT COMMITMENTS IN THE U.S., MAYBE THOSE ARE COMPANIES LOOKING TO GET SOME SORT OF EXEMPLES FROM THESE TARIFFS. THE IDEA OF TRYING TO BOLSTER DOMESTIC

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