News when you wanted with Bloomberg News Now.

I'm Amy Morris. A federal judge temporarily paused the

Paramount Skydance takeover of Warner Brothers discovery, saying it likely

violates antitrust law. The judge ordered the companies to hold

off on consummating the deal for 14 days.

Bloomberg's Chris Palmieri says the merger includes a lot of consolidation,

such as the combining of two large news organizations, CBS and CNN, as well as

merging two giant streaming services. But Palmieri says the plaintiffs didn't

really focus on that. I think when this case was first filed,

there was a bit of a relief, uh, among investors that it wasn't a stronger

case. The state's attorney general decided to

pick on just sort of a couple slivers of the potential market.

Uh, you know, the market share of the combined movie studios and in particular

the blockbuster films, the very unusual approach.

Bloomberg's Chris Palmieri on balance of power.

Warner Brothers closed 4% lower in regular trading.

It was the biggest full day retreat since October 8th.

Turning now to the Middle East, the United States has conducted a new round

of airstrikes targeting Iran after announcing the death of another American

servicemember. Iran has responded by launching an

attack targeting Bahrain, the home of the U.S.

Navy's Fifth Fleet, even as the U.S. and Iran inch closer to all at war.

Iran's interior minister traveled to Pakistan, a key mediator for the

conflict. Iran says mediators are stepping in with

proposals on how to ease hostilities. But President Trump posted on social

media vowing that Iran will pay for killing three U.S.

soldiers in recent days. The white House says Trump will attend a

dignified transfer ceremony for the soldiers tomorrow evening.

The president's threat moved crude oil higher, WTI topping $83 a barrel.

Brent crude nearing $89 a barrel. And Yemen's Iran backed Houthi rebel

group says it will impose a ban on maritime traffic from Saudi Arabia.

That's a potential threat to the Red sea shipping route that has enabled Saudi to

export millions of barrels a day in the UK.

John Healey, former defence secretary under Keir Starmer, has been named

chancellor of the Exchequer in a surprise decision by new Prime Minister

Andy Burnham. Burnham pledged a new economic model for

the UK as he tries to reassure Britons that taking his seat as their seventh

prime Minister in little over a decade would bring an end to the country's

political instability. Britain needs to show the world that we

can regain our stability once again, and that is our challenge to make politics

work, to make it work better. And Ed Miliband is named as foreign

secretary. One of Burnham's first acts as prime

minister was to invite President Trump to Manchester.

The chip stock rally just wasn't enough to keep indexes in the green over

concerns about an escalation in the Middle East.

We bring you the closing numbers each day here at Bloomberg.

The S&P lost 14 points. Nasdaq lost 12.

The Dow lost 307 points. The ten year Treasury yield at 4.59%.

The two year yield at 4.2%. The Philadelphia Semiconductor Index

gained 6/10 of a percent, led by Broadcom, which is less than 2% higher.

Futures are mixed. Google is reportedly working on a new

server chip, which would integrate the blueprint of its Gemini AI model of the

Information reports. This new chip, informally called frozen

V2, would help it address a major shortage in AI computing capacity.

This just days before Google parent alphabet kicks off quarterly earnings

from AI hyperscalers on Wednesday. The report comes at a time when chip

stocks have entered a bear market. Bloomberg's add that low.

They will be big in the commentary on what the trajectory of their capital

expenditures are, but probably the first to give real evidence that something

comes out the other side of that, that there is demand that is being met as a

result of their infrastructure expansion.

Bloomberg's Ed Ludlow, Alphabet shares gained 1.5% in regular trading on

Capitol Hill. President Trump is asking House

Republicans to vote yes on the budget resolution this week.

The president posted on social media that he wants, quote, as much of the

Save America act as possible in the budget bill.

Bloomberg Intelligence senior analyst Nathan Dean says the Save America Act

really doesn't have that much of a chance.

You're not getting rid of filibuster. They're not going to implement a talking

filibuster. They're not even going to get rid of the

Senate parliamentarian said the only pass I see here is this idea of paying

out grants, which is a budgetary issue. Potentially could fly with the Senate

parliamentarian. So I think that's the best case scenario

that President Trump something for. Bloomberg Intelligence senior analyst

Nathan Dean on balance of power. UN General Assembly President Annalena

Baerbock says the next U.N. secretary general will shape the

organisation's role on global security, AI governance and institutional reform.

The next secretary general will not only be the face of this unique multilateral

institution, but it will also decide on whether the UN will play a relevant role

on peace and security, but also on embracing the chances we have in an

interconnected world. Baerbock says selecting a woman for the

role would reinforce the UN's credibility on equality, while also

warning that the organization faces a critical financial moment that requires

reform. She spoke exclusively to Bloomberg's

Romaine Bostick. You can hear that interview on our

Bloomberg Talks podcast. That's news when you want it with

Bloomberg News now. I'm Amy Morris.

This is Bloomberg.