Bloomberg

Lead Story

A breakthrough peace deal between the US and Iran has triggered a stunning reversal in global energy markets, overwhelming buyer demand and sparking immediate fears of a crude glut. The diplomatic pivot is already reshaping maritime flows, with tankers abruptly U-turning in the Strait of Hormuz to utilize Iranian routes and the French navy recalling its aircraft carrier from the region. According to TotalEnergies SE CEO Patrick Pouyanné, Middle East producers are now desperate to offload crude stockpiled during the recent conflict, though gasoline and diesel inventories remain constrained by persistent shipping bottlenecks.

Markets & Economics

• Charting the Global Economy: US Hiring Slows, Eurozone CPI Cools: US hiring decelerated sharply in June after a robust three-month streak, prompting investors to scale back bets on further Federal Reserve rate hikes this year.
• ECB Is in ‘Good Position’ Given Inflation Data, Moulin Says: European Central Bank Governing Council member Emmanuel Moulin stated the central bank is well-positioned following its recent rate hike, aided by easing inflation tied to the broader slump in oil prices.
• Germany’s Second Chance for Growth Rebound Starts Now: Berlin is launching a renewed effort to revive “animal spirits” in Europe’s largest economy, as upcoming data is expected to reveal the full economic toll of the recent Iran conflict.
• Brazil’s Durigan Says Credit Lines Won’t Affect Monetary Policy: Finance Minister Dario Durigan reassured markets that new credit measures introduced by President Luiz Inácio Lula da Silva will not interfere with the nation’s monetary policy trajectory.

Business & Industries

• Continental Sells ContiTech to Lone Star at €4 Billion Valuation: Continental AG has agreed to offload its ContiTech industrial unit to Lone Star Funds, completing a strategic pivot to focus entirely on its core tire manufacturing business.
• India’s CG Semi Starts Production With 200 Million Chips: Marking a critical milestone in New Delhi’s ambition to build a domestic semiconductor industry, CG Power & Industrial Solutions commenced operations at a new facility boasting a 200-million-chip annual capacity.
• Credit Agricole Increases BPM Stake, Boosting Position in Italy: The French banking giant has expanded its footprint in the lucrative Italian market by raising its holding in Banco BPM.
• Canada Strikes ‘Middle Ground’ on Pipeline Deal After Hard Talks: Energy Minister Tim Hodgson announced a compromise agreement between the government and energy producers to advance a 1-million-barrel-a-day oil pipeline to the Pacific coast.

Policy & World

• Justice Department Defends Move to Drop Adani Criminal Charges: The US DOJ is standing by its controversial decision to dismiss its criminal case against Indian billionaire Gautam Adani, arguing the securities charges were fundamentally flawed from the outset.
• Trump Ramps Up War on Regulations With 702 Cuts in Pipeline: The Trump administration unveiled a sweeping deregulatory agenda targeting 702 existing administrative rules, escalating its campaign to slash federal red tape.
• Macron’s Budget Finale Augurs More Political Chaos in France: Emmanuel Macron is facing the most high-stakes fiscal battle of the decade, setting the stage for renewed political turbulence in the final budget showdown of his presidency.
• US: Israel Plotted to Kill Iran Negotiators, Extreme Heat Dome: Revelations of an alleged Israeli plot to assassinate Iranian negotiators have surfaced against a tense geopolitical backdrop, occurring just as millions mass in Iran to mourn the late Supreme Leader Ayatollah Ali Khamenei.

Opinion & Analysis

• A Minor Metal Is About to Have Its Next Major Moment: Bloomberg’s analysis highlights how Australia’s Dolphin Mine—one of the world’s largest tungsten deposits—is once again becoming a focal point in the volatile resource contest between global military powers.
• America’s 250th Celebration Is Just Getting Started: Despite soaring rhetoric and tall ship parades, Bloomberg Opinion notes that Americans who remember the 1976 bicentennial remain largely unimpressed by the nation’s semiquincentennial festivities.