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Speaker 1: News when you wanted with Bloomberg News. Now, I'm Doug Prisner.

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Speaker 1: It was primary night in three states, and the outcomes

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Speaker 1: could determine whether Democrats have a shot at narrowing the

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Speaker 1: gap with Republicans in the US Senate come November. In Texas,

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Speaker 1: both parties primaries were close. On the Republican side, incumbent

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Speaker 1: Senator John Cornyn and Texas Attorney General Ken Paxton are

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Speaker 1: now heading for a runoff in late May, since neither

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Speaker 1: candidate got more than fifty percent of the vote. Here's Cornyn.

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Speaker 2: Over the next twelve weeks, Texas Republican primary voters will

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Speaker 2: hear more about my record of delivering conservative victories in

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Speaker 2: the United States Senate and learn more about Kin's indefensible

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Speaker 2: personal behavior and failures in office.

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Speaker 1: And now Paxton. The people of Texas made your voices heard.

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Speaker 3: After all the personal attacks, which there were many, and

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Speaker 3: after all the lies.

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Speaker 4: You listen to what John corn was selling, and you weren't.

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Speaker 1: On the Democratic side, US Representative Jasmine Crockett and State

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Speaker 1: Representative James Tallerico faced off now. Voting in the Democratic

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Speaker 1: primary in Dallas County was extended for two hours by

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Speaker 1: a judge's order after voter confusion over a new rule

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Speaker 1: about polling locations. However, the Texas Supreme Court halted extended

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Speaker 1: voting and ruled votes cast by voters who were not

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Speaker 1: in line to vote as of seven pm should be separated.

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Speaker 1: There were also primary races in North Carolina, AP reporting

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Speaker 1: that Roy Cooper has won the Democratic nomination for US Senate,

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Speaker 1: and AP also reporting Michael Wattley has won the Republican

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Speaker 1: nomination for US Senate in North Carolina's primary election. Meantime,

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Speaker 1: in Arkansas, incumbent Senator Tom Cotton is projected to win

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Speaker 1: the GOP Senate primary, and Hallie Schaffner was the declared

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Speaker 1: winner in Arkansas's Democratic Senate primary. The geopolitical risk from

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Speaker 1: the Iran War seemed to be dominating the price action

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Speaker 1: in exaquity markets across the Asia Pacific. Now developed economies

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Speaker 1: in Asia are particularly vulnerable to any energy shock stemming

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Speaker 1: from these mini's tensions. In South Korea, for example, the

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Speaker 1: costpy was down as much as eight percent. In the US,

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Speaker 1: there was more weakness in the equity market, although most

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Speaker 1: of those losses were recovered after President Trump said the

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Speaker 1: US would provide insurance guarantees and naval escorts to oil

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Speaker 1: tankers and other vessels traveling through the Strait of Hormuz.

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Speaker 1: That said, there are no signs of de escalation and

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Speaker 1: the outlook does remain precarious. Scott Kronert is Global head

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Speaker 1: of ETF Research at City.

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Speaker 5: The market's going to react as they are to the

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Speaker 5: immediate consequences of this, which is the oil price fights

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Speaker 5: and the potential implications of that through the macroeconomic variables

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Speaker 5: that come into play. The moment you get a confidence

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Speaker 5: that there is a line of site towards the end,

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Speaker 5: then you can begin to discount out the other side.

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Speaker 3: We're not there yet.

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Speaker 5: That's what we're watching for every day.

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Speaker 1: That is Scott kroner At, Global Head of ETF for

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Speaker 1: Search at City. At the same time today we heard

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Speaker 1: from Goldman Sachs chairman David Solomon. He is actually surprised

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Speaker 1: by the market's reaction. He called it benign. Solomon went

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Speaker 1: on to say he thinks it will take weeks to

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Speaker 1: understand more about the current situation. The Dow Industrial Average

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Speaker 1: closed lower by four hundred three points, after having been

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Speaker 1: down twelve hundred seventy seven points at its worst level

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Speaker 1: Earlier today, President Trump said he ordered the attack on

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Speaker 1: Iran because he thought Tehran was about to attack first.

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Speaker 1: Trump also said Israel did not force his hand in

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Speaker 1: initiating air assaults. Here is Trump speaking in the Oval Office.

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Speaker 2: Based on the way the negotiation was going, I think

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Speaker 2: they were going to attack.

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Speaker 3: First, and I didn't want that to happen.

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Speaker 2: So, if anything, I might have forced Israel's hand. But

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Speaker 2: Israel was ready and we were ready.

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Speaker 1: Trump said someone from within the Iranian regime might be

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Speaker 1: the best choice to take power once the US Israeli

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Speaker 1: military campaign is completed. Buddy said most of the people

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Speaker 1: the US had in mind are dead. Earlier today, Secretary

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Speaker 1: of State Marco Rubio and Defense Secretary Pete hegseth brief

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Speaker 1: to members of Congress behind closed doors about the war

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Speaker 1: with Iran. Afterwards, Democratic Senator Chris Kuhns told reporters the

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Speaker 1: administration should be doing more to get Americans out of

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Speaker 1: harm's way.

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Speaker 6: I think the administration took months to assemble a third

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Speaker 6: of our navy in the region to plan for and

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Speaker 6: prepare for a war with Iran, and I think a

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Speaker 6: better job needed to have been done about informing, preparing

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Speaker 6: relocating our diplomats, the families, the civilians on our basis

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Speaker 6: and facilities.

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Speaker 1: That is Democratic Senator Chris Kuns of Delaware. President Trump

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Speaker 1: also criticized Spain for denying the US access to its

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Speaker 1: military bases for the bombing campaign against Iran. Trump told

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Speaker 1: Secretary of the Treasury sk got bestn't to cut off

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Speaker 1: all trade ties with Spain now. The Spanish government responded

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Speaker 1: by saying, if the Trump administration wishes to review its

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Speaker 1: trade relationship with Spain, it must do so while respecting

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Speaker 1: the autonomy of private companies as well as international law

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Speaker 1: and the bilateral agreements between the EU and the US.

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Speaker 1: We got reaction from Annaboutine, the executive chair at Bunco Santender.

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Speaker 1: She downplayed the riff between the US and Spain.

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Speaker 4: Spain and the United States have had an amazing relationship forever,

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Speaker 4: in centuries, and I'm sure that's going to happen again

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Speaker 4: very soon. So Santander. On the other side, we have

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Speaker 4: a big investor in the United States. We see ourselves

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Speaker 4: as a bridge between the United States and Latin America

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Speaker 4: and Europe and the United States.

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Speaker 1: That is Annaboutine, Bunco Santender, speaking earlier to Bloomberg, Crude

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Speaker 1: oil prices rose for a third straight session, and analyst

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Speaker 1: are saying if higher energy prices are sustained for a period,

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Speaker 1: inflationary pressures will begin to accel and FED rate cuts

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Speaker 1: will likely be delayed. Now money markets have priced in

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Speaker 1: forty five basis points in total easing by the end

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Speaker 1: of the year for the FED, the key question centers

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Speaker 1: on the duration of elevated energy prices. The head of

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Speaker 1: the Minneapolis FED, Neil Kashkari, said he was no longer

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Speaker 1: as confident about his previous outlook for a quarter point

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Speaker 1: rate cut.

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Speaker 3: The labor market is pretty good, a little bit getting softer,

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Speaker 3: but generally speaking, we're around the bands of our dual mandate,

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Speaker 3: and so I felt like policy was in a pretty

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Speaker 3: good place and we have the luxury of just letting

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Speaker 3: it gradually glide back to neutral. Now we need to

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Speaker 3: see with this new shock, potentially new shock hitting the

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Speaker 3: global economy, what is how long is the effect and

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Speaker 3: how big is the effect?

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Speaker 1: That is Neil Kashkari, the head of the Minneapolis FED,

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Speaker 1: speaking at the Bloomberg invest conference in New York. The

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Speaker 1: US and Ecuador have launched joint military operations against designated

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Speaker 1: terrorist organizations in Ecuador. US soldiers from the Special Forces

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Speaker 1: are advising and supporting Ecuadorian commandos on raids across the

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Speaker 1: country against suspected drug shipment facilities and other drug related sites.

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Speaker 1: And that is news when you want it. With Bloomberg

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Speaker 1: News Now. I'm Doug Risner, and this is Bloomberg