US-Iran War Expands To Red Sea: What It Means For Markets | The Pulse 7/23/2026

The Iran-backed Houthis claimed their first attack on commercial ships in recent months, opening a new front in the US-Iran war that has already disrupted global energy supplies and rattled bond markets.

Alphabet raised its capital spending forecast to as much as $205 billion this year, reigniting concerns about a lack of fiscal discipline in the race to dominate artificial intelligence.

And Chancellor of the Exchequer John Healey committed to disciplined control of Britain’s public finances to protect against economic shocks, as he made a pro-business pitch to the City of London on his third full day in post.

Today's guests:
Themos Fiotakis, Barclays, Global Head of FX Strategy and EM Macro Strategy; Rachel Ellehuus, RUSI, Director-General.

--

"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 - The Pulse with Francine Lacqua
00:00:37 - Alphabet hikes AI spending outlook
00:02:20 - STMicro shares sink as outlook misses estimates
00:03:28 - Themos Fiotakis, Barclays, Head of FX & EM Strategy
00:13:44 - BNP Paribas net come beats estimates
00:15:59 - UniCredit beats profit, lifts goals amid Commerzbank pursuit
00:18:16 - French politics jolts Paris bankers just as tax breaks expire
00:23:29 - Thursday headlines
00:23:57 - Houthis says they attacked tankers in the Red Sea
00:26:49 - Rachel Ellehuus, RUSI, Director General
00:36:10 - UK Chancellor John Healey on fiscal credibility, being pro-business
00:38:29 - OpenAI models completed complex attack in hours
00:44:52 - Kapur on decision to break up Honeywell
00:45:37 - EasyJet rises as booking momentum drives in-line 3Q