Bloomberg Daybreak: US Edition

Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher. The conflict has disrupted flows through the crucial Strait of Hormuz chokepoint, although millions of barrels a day continue to cross the waterway — mostly on tankers with their signals turned off. The continued disruption means inventories have continued to decline across the globe, with analytics firm Vortexa seeing the amount of oil on ships at sea down by more than 150 million barrels since the middle of July.
2) Apple's $570 billion summer surge is saddling new Chief Executive Officer John Ternus with high expectations heading into the company’s most anticipated event in years: the unveiling of the foldable iPhone on Wednesday. Apple's stock has rallied 15% since June 25, driven by excitement about the new lineup of devices, particularly the foldable phone. The company's revenue is expected to rise 15% in fiscal 2026, which would be the fastest pace of growth since 2021. Apple's ability to protect profitability is critical for a stock that has grown increasingly expensive, with a valuation well above its 10-year average multiple and the S&P 500.
3) Representative Chris Pappas won the Democratic primary for a New Hampshire Senate seat, setting up a November showdown with former Republican Senator John Sununu. The seat is a must-win for Democrats in a state that hasn’t elected a Republican senator in 16 years, with a loss complicating the party’s chances of securing a Senate majority. Pappas defeated medical scientist Karishma Manzur, earning roughly 60% support, while Sununu defeated Scott Brown, leading with almost 70% of the vote.
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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Canada imposed tariffs of 15% to 50% on hundreds of products from the US as Prime Minister Mark Carney bets that standing up to President Donald Trump will help Ottawa's negotiating position. The measure will hit US exporters particularly hard in states such as Michigan and Ohio that do a lot of business with Canada and host heated races in November's midterm elections. Canada's retaliatory tariffs are meant to make the cost of this trade war real enough for American businesses and consumers that Washington sees a clear incentive to return to the table.
2) Brent oil approached $100 a barrel after Saudi Arabia said operations at several energy facilities were halted by attacks. The state-run Saudi Press Agency said the strikes took place Tuesday and wounded a number of people, with Iran-backed Houthi militants saying they targeted the kingdom's Jazan refinery and facilities. Markets are increasingly pricing a prolonged Mideast conflict, with Goldman Sachs analysts modestly raising the bank's oil-price estimates on the assumption that shipping disruptions will persist into 2027.
3) The yen is closing in on its strongest level this year after a break through 155 per dollar triggered stop-loss orders, putting the 152 area firmly in traders’ sights. Expectations for tighter BOJ policy have provided a more fundamental source of support, while the break through 155 is now adding technical momentum. The yen’s rally has also extended across major crosses including the euro, pound and Australian dollar, pointing to broad-based strength rather than simply dollar weakness.
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On this special Labor Day Holiday edition of Bloomberg Daybreak - hosted by Nathan Hager we:
Update on where a planned mega takeover in the business world stands on the legal front. Bloomberg Intelligence Senior Litigation Analyst Jennifer Rie will update us on Paramount's planned 110 Billion dollar acquisition of Warner Brothers Discovery.
Plus big tech in focus this week. Oracle reports earnings on Wednesday. We will have a preview of what's ahead for Larry Ellison's company with Bloomberg's Brody Ford in San Francisco.
Also on Wednesday..Apple will hold its biggest product introduction of the year.. It will also help kick off the tenure of new Chief Executive Officer John Ternus. We hear more from Bloomberg's Mark Gurman
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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.
In the US – a look ahead to the U.S CPI and PPI reports and a focus on 3 stocks for the week ahead.
In the UK – a look ahead to the next decision from the European Central Bank.
In Asia – a look ahead to the 18th BRICS Summit in India.
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US job growth surged in August and the unemployment rate held steady, suggesting the labor market has more momentum than previously thought. Nonfarm payrolls increased 162,000 last month and July’s job losses were revised away, according to Bureau of Labor Statistics data out Friday. The August increase topped all estimates in a Bloomberg survey. The unemployment rate remained at 4.1%.
Bloomberg's Tom Keene and Damian Sassower get reaction from:
Claudia Sahm, Chief Economist at New Century Advisors, brings us into the jobs report
Amy Wu Silverman, Head: Derivatives Strategy at RBC, reacts to today's jobs report
Kristina Campmany, Senior Portfolio Manager at Invesco, talks about the bond market's reaction to jobs
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