Bloomberg

Lead Story

A sweeping US-Iran interim peace agreement has prompted the lifting of a months-long naval blockade, spurring a sudden surge of Iranian crude shipments out of the Persian Gulf even as Tehran asserts new tolling rules for the Strait of Hormuz. Despite initial market relief, efforts to secure a permanent nuclear agreement have stalled; Iran delayed the start of negotiations amid worsening clashes in southern Lebanon, prompting US Vice President JD Vance to postpone a planned trip to Switzerland for face-to-face talks.

Markets & Economics

• UK Retail Sales Bounce Back in Surprising Boost for Economy: British retail sales rebounded unexpectedly strongly in May, but the economic boost was overshadowed by government debt-interest costs that drove May borrowing to a six-year high. The fiscal data lays bare the immense challenges awaiting the UK government.
• BOE Unveils Doomsday Scenario for Private Markets Stress Test: The Bank of England will test private markets against a severe hypothetical shock featuring 7% interest rates, a 35% collapse in UK share prices, and significant AI-driven disruptions.
• Goldman Sachs Lops $500 Off Gold Target on No Fed Cuts This Year: Goldman Sachs Group Inc. cut its year-end gold forecast as traders pile into dollar call options, betting the Federal Reserve will no longer lower interest rates in 2026.
• Russia Surprises With Small Rate Cut Even as Inflation Eases: The Russian central bank lowered borrowing costs less than expected, remaining cautious even as a stronger ruble—fueled by shifting Middle East oil dynamics—helped cool inflation.

Business & Industries

• Mukesh Ambani Says Jio Platforms to File IPO Papers Friday: Billionaire Mukesh Ambani confirmed Reliance Industries Ltd.’s digital unit will submit listing documents, kickstarting what is expected to be India’s largest-ever initial public offering.
• AbbVie Approaching $11 Billion Deal for Apogee Therapeutics, Report Says: AbbVie Inc. is reportedly nearing an agreement to acquire Apogee Therapeutics for nearly $11 billion in a bid to strengthen its pipeline of anti-inflammatory drugs.
• BHP Shares Fall After $2.3 Billion Writedown on Potash Mine: The mining giant’s stock slid after it announced a massive impairment on its Canadian potash project, citing severe cost and time overruns tied to a planned expansion.
• Does Everlane’s Sale to Shein Mark the End of Millennial Optimism?: Fast-fashion behemoth Shein acquired the sustainability-focused apparel brand Everlane for $100 million, a deal that signals a stark shift in the modern retail landscape.

Policy & World

• Burnham Wins Open UK Seat, Clearing Way for Run at Starmer’s Job: Greater Manchester Mayor Andy Burnham won a decisive special election in Makerfield, securing his return to the House of Commons and providing him a direct path to challenge Prime Minister Keir Starmer for the Labour Party leadership.
• US Starts Section 301 Probe of Germany Over Pharmaceuticals: The US launched a tariff investigation into Germany over alleged persistent underpayment for innovative American drugs, setting the stage for retaliatory levies.
• US Tells ASML It’s Concerned China May Have Top Chip Tool: US Commerce Secretary Howard Lutnick told ASML executives he is concerned one of their restricted top-tier extreme ultraviolet lithography machines has entered China, an allegation the company firmly denies.
• Australian Beef Exports Face 55% China Tariff as Quota Reached: Australian beef producers must seek alternative markets after shipments to China hit Beijing’s annual quota limit, triggering a punitive 55% tariff starting this weekend.

Opinion & Analysis

• The Iran Deal Gives Little Relief to the Freight Industry: The reopening of the Strait of Hormuz will do little to fix a global shipping market battered by six years of compounded crises, from pandemic whiplash to the Suez Canal shutdown and relentless tariff hikes.
• Revolut’s Billions Show Watchdogs Aren’t Fatal for Innovation: Founders and venture capitalists constantly complain that European and UK risk-averse regulations stifle growth, but the meteoric rise of Revolut Ltd. proves strict oversight does not necessarily kill entrepreneurial ambition.