WS #12605
The US-Iran conflict continues to escalate, with the US expanding strikes for an 11th straight night and the White House requesting $87B in emergency funding. A Qatari LNG tanker was reportedly hit near the Strait of Hormuz, a critical energy chokepoint, which is bullish for oil and defense stocks. The US Defense Secretary confirmed the war has cost $37B and is requesting additional funds. Separately, TSMC's margins are being squeezed by Trump's push for US manufacturing, with $200B in US investments announced. Equinor reported Q2 revenue beat but EPS miss, while announcing a buyback. Lynas shares fell to a five-month low on revenue miss. The Japanese yen hit a 40-year low past 163 per dollar, which is bullish for exporters and could impact carry trades. Bitcoin holds near $66,300 amid a semiconductor rally. The dominant narrative is the escalating US-Iran conflict, which is bearish for equities and bullish for oil and defense stocks.
Topics
Key developments
- US expands strikes on Iran for 11th straight night; White House requests $87B emergency funding
- Qatari LNG tanker Al Rekayyat reportedly hit near Strait of Hormuz
- Trump's push for US-made AI chips squeezes TSMC margins; $200B US investment announced
- Japanese yen falls past 163 per dollar, hitting 40-year low
- Equinor Q2 revenue beat but EPS miss; announces $3B buyback
- Lynas shares fall to five-month low on revenue miss; China export curbs raise costs