Lindsey Graham Dies at 71; US, Iran Trade Wave of Attacks | Bloomberg This Weekend: July 12

Summary

This episode of Bloomberg This Weekend covers breaking news of Senator Lindsey Graham's sudden death, the latest exchanges of strikes between the US and Iran, and the status of the Strait of Hormuz. It also previews busy bank earnings week and discusses AI's role in an aging population. The only clear market call comes from commodity strategist Mike McGlone, who forecasts crude oil falling below $50 per barrel by year-end.

• Senator Lindsey Graham (R-SC) died suddenly at 71; tributes highlight his hawkish foreign policy and close ties to Trump.
• US and Iran renewed tit-for-tat strikes; Iran claimed the Strait of Hormuz is closed, while US Central Command insists it remains open.
• Bloomberg Intelligence's Mike McGlone predicts crude oil could drop below $50, possibly $40, by year-end due to oversupply and political pressure.
• Upcoming bank earnings (JPM, BAC, WFC, GS, C) are expected to show strong results, with Herman Chan noting 20% loan growth.
• Netflix faces stock decline and shifts strategy to short-form content and podcast deals to retain viewers.
• Yale Budget Lab's Martha Gimbel doubts AI can fix labor shortages from aging populations, citing job mismatch and consumer preference for human care.
• Ukraine launched new attacks on Russian refineries and tankers, while President Zelenskiy shuffled his cabinet.