Bloomberg — 2026-03-25#

Lead Story#

The US submitted a drafted 15-point peace plan to end the Middle East conflict, demanding that Iran dismantle its main nuclear facilities and retain only a reduced missile arsenal for self-defense. Tehran quickly rejected the overture, issuing its own stringent conditions for a ceasefire, including guarantees that the US and Israel will halt attacks, reparations for war damages, and formal recognition of its authority over the critical Strait of Hormuz. The geopolitical standoff continues to rattle global markets and dampen the global economic outlook, prompting Wall Street to boost inflation projections and nudge up the odds of a US recession.

Markets & Economics#

• ECB Won’t Be ‘Paralyzed by Hesitation’ on Iran, Lagarde Says: European Central Bank President Christine Lagarde affirmed the central bank will act decisively and swiftly if surging energy costs from the Middle East conflict risk triggering a broader bout of inflation.
• Bank of France Trims Growth Forecast, Sees Faster Inflation: The Bank of France and the Italian government are cutting their economic growth projections and raising inflation estimates to account for the severe energy shock caused by the Iran war.
• US Mortgage Rates Jump Further to Five-Month High of 6.43%: American home-financing costs climbed for a third straight week to their highest level since October, dealing a fresh blow to both purchasing and refinancing activity.
• Ares Private Credit Fund Posts Steepest Monthly Loss on Record: An Ares Management Corp. fund posted its worst monthly loss ever in February, providing further evidence of deteriorating performance and mounting liquidity strains across the $1.8 trillion private credit market.

Business & Industries#

• Merck to Acquire Terns Pharmaceuticals in $6.7 Billion Deal: Merck & Co. agreed to buy Terns Pharmaceuticals to secure access to a promising new leukemia treatment as it prepares for the patent expiration of its bestselling cancer drug.
• SpaceX Said to Target as Much as $75 Billion in Blockbuster IPO: Elon Musk’s rocket and satellite company is weighing a massive fundraising target that would make its market debut the largest initial public offering in history.
• Griffin’s Citadel Posts Record $12 Billion Trading Haul: Ken Griffin’s market-making arm, Citadel Securities, booked a record $12.2 billion in trading revenue last year amid elevated market volatility and a push to compete with the largest global trading desks.
• Signs of Jet Fuel Hoarding Emerge in Asia on Iran Oil Shock: Asian nations are increasingly hoarding jet fuel as the Iran war squeezes global energy supplies, with the Philippine government warning that aircraft groundings remain a “distinct possibility”.
• Brookfield, Caisse to Acquire Boralex in $6.5 Billion Deal: Brookfield Asset Management and Caisse de Depot et Placement du Quebec agreed to a massive C$9 billion buyout of the Canadian renewable energy firm, including debt.

Policy & World#

• Trump to Travel to China on May 14-15 for Summit With Xi: President Donald Trump will meet Chinese leader Xi Jinping in Beijing this May, concluding a delay that had brought fresh uncertainty to relations between the world’s two largest economies.
• Trump Taps Zuckerberg, Andreessen and Huang for Tech Council: The US President appointed major industry titans, including Meta’s Mark Zuckerberg, venture capitalist Marc Andreessen, and Nvidia’s Jensen Huang, to a new presidential technology council focused on AI policy.
• Senate GOP Rejects Democrats’ Latest Bid to End DHS Shutdown: A partisan standoff continues to paralyze the Department of Homeland Security, prolonging a 40-day partial government shutdown that is severely disrupting air travel and threatening to ripple through the broader economy.
• Democrats Flip Florida District Representing Trump’s Mar-a-Lago: In a surprise upset, a Democrat won a special election to represent President Trump’s Mar-a-Lago residence in the Florida state House of Representatives.

Opinion & Analysis#

• The ‘Don Tzu’ Solution to Ending the Iran War: Bloomberg Opinion highlights the chaotic strategic position of the White House in the Iran conflict, comparing the administration’s approach to internet memes that blend the philosophies of Donald Trump and Sun Tzu.
• Gold’s Safe-Haven Status Is Failing Its Biggest Test: Analysts note the dramatic selloff in gold despite the Iran war, questioning whether the metal’s underlying safe-haven assumptions have fundamentally shifted or if this is merely a knee-jerk reaction to the conflict.
• A Fake Val Kilmer Tests What Movie Lovers Will Tolerate: A look at the ethical and commercial boundaries of resurrecting deceased or incapacitated celebrities using artificial intelligence for new film roles.