Iran's Guards say they hit a US radar in Bahrain as Trump warns Tehran

Iran's Revolutionary Guards announced on Friday a strike aimed at a US early-warning radar in Bahrain. The Guards described the action as retaliation for an air attack on a telecommunications tower in Iran.

What happened

The Guards said the tower is in Sirik county, in Hormozgan province, in southern Iran. They described the earlier attack as an enemy air strike. The claim was carried by Iranian state media, and no independent confirmation of damage at the Bahrain site has been reported.

President Donald Trump separately warned Tehran of severe consequences if it targets American officials. He said those responsible would face a harsh response and that Iran would not exist if US officials were killed, according to the report of his remarks.

On trade policy, Canada threatened legal action against Stellantis. The company scrapped planned Jeep Compass production in Brampton and shifted future output to Illinois. The move follows US auto tariffs. A Canadian official said, in the quoted words, "We will sue them".

In Washington, US Democrats launched an investigation into the administration's deal that allows Nvidia to supply advanced AI chips to China. Under the arrangement, 15% of the sales revenue goes to the government. Investigators also question $26 million in donations received from the company.

Why it matters

The Iran claim adds to military tension involving US assets in the Gulf. Bahrain hosts American forces, so any strike on a facility there draws attention from governments and from energy and shipping markets.

The Stellantis dispute shows how US auto tariffs are shifting production decisions across North America. A plant plan moved from Canada to the United States becomes a political matter in Ottawa. The Nvidia inquiry keeps US chip exports to China under scrutiny. Lawmakers have also demanded answers from the administration about what it knew regarding former Nvidia CEO Jensen Huang and a woman suspected of spying for China. For investors, these items show that trade and security decisions can change corporate plans and sector conditions.

Data released on Thursday gave a mixed economic backdrop. US initial jobless claims were 200K for the week to November 7, above the 195K estimate and the previous 191K. Continuing claims were 1697K against a 1710K estimate. US existing home sales fell to 3.75M in October against a 3.85M estimate, a monthly change of -5.5% against an estimate of 0.3%.

What to watch next

The next scheduled event is the US Producer Price Index for October at 13:30 UTC on Friday. The estimate for the monthly change is 0.4%, after 1.3% previously. Euro area employment grew 0.1% in the third quarter against a 0.2% estimate, matching the previous quarter, and rose 0.4% year on year, in line with the 0.4% estimate.

On the political side, a Trump-Xi summit is scheduled for next week. A broadcaster's analysis said the climate differs sharply from the last meeting in September, and the Huang affair has renewed scrutiny of chip exports. Further statements from Washington and Tehran on the Bahrain claim, and any Canadian legal step against Stellantis, are the other developments to follow.