Bloomberg — 2026-06-23#

Lead Story#

A severe selloff cascaded across global markets as investors grew increasingly jittery over high-flying technology stocks and frothy artificial intelligence valuations. South Korea’s Kospi Index plunged 10% from a record high as traders dumped chip heavyweights, fueling a broader retreat in US equity futures and emerging market gauges. The rout marks a critical test for the AI-driven rally, with megacap tech names sustaining heavy losses while market watchers look to upcoming corporate earnings to potentially rescue the sector.

Markets & Economics#

• Oil Steadies While Tankers Openly Enter Hormuz After Peace Deal: Crude oil prices held their declines as shipping traffic resumed through the Strait of Hormuz following an interim peace agreement between the US and Iran. The US issued a 60-day sanctions waiver allowing Tehran to sell oil on the international market, prompting a wave of Middle Eastern crude to head toward Europe and Asia.
• Japan’s Katayama Confirms Talks With Bessent on FX Agreement: Japanese Finance Minister Satsuki Katayama held phone talks with US Treasury Secretary Scott Bessent, though the intervention chatter provided only a brief boost to the yen as it hovers near a four-decade low.
• Macklem Warns Over-Investment in US Poses Global Financial Risks: Bank of Canada Governor Tiff Macklem warned that excessive capital flows into the US are creating broader correction risks for the global financial system.
• Morgan Stanley Caps Private Credit Fund After 11.6% Exit Request: Both Morgan Stanley and Apollo Global Management are capping investor withdrawals on major private credit funds after facing a wave of redemption requests that far exceeded their liquidity limits.

Business & Industries#

• SpaceX Set to Raise $25 Billion of Bonds in Debut Offer: Elon Musk’s rocket and satellite conglomerate is looking to raise $25 billion in its debut five-part bond offering. The massive debt sale comes as the company’s shares slide for a third consecutive day amid the broader tech market pullback.
• Constellation to Deliver Power in Walmart’s First Nuclear Deal: Constellation Energy agreed to provide electricity from an Illinois nuclear facility to Walmart through a long-term contract. The deal marks the retail giant’s first direct investment in nuclear energy and will fund necessary upgrades at the power plant.
• FedEx Sees Profit Growing This Year After Earnings Top Estimates: FedEx shares are poised for gains after the courier beat Wall Street’s quarterly profit estimates and projected continued earnings growth this year, signaling its aggressive cost-cutting measures are taking hold.
• Nike Hires Pfizer’s Denton to Take Over for Departing CFO: Nike is bringing on David Denton as its next chief financial officer, successfully luring the executive away from his current role at pharmaceutical giant Pfizer.

Policy & World#

• US Senate Votes to End Iran War in Rebuke to Trump: The Republican-led Senate voted to officially end the US war with Iran, breaking with President Donald Trump over the foreign conflict. Meanwhile, Trump stated that $12 billion in unfrozen Iranian assets will remain under strict US control and can only be used for food and medical supplies.
• Burnham Poised to Succeed Starmer as UK Prime Minister: Labour’s Andy Burnham appears set to become the UK’s seventh prime minister in a decade after Keir Starmer outlined a timeline for his departure. The former Manchester mayor is now under pressure to flesh out his economic agenda ahead of the transition.
• Europe Sees 6 Billion Reasons for New Levy on Online Shoppers: A new European Union levy primarily targeting Chinese e-commerce platforms will go into effect next week. The measure is expected to raise online shopping costs for EU consumers and add fresh trade friction between the two economies.

Opinion & Analysis#

• Greenspan’s Legacy Is as Convoluted as His Words: Following his passing, Bloomberg Opinion examines former Fed Chair Alan Greenspan’s complex legacy, questioning whether his approach—which spanned from the “irrational exuberance” era to the 2008 crisis—should serve as an inspiration for the Trump 2.0 administration.
• The Supreme Court Endorses America’s Abandonment of Human Rights: Noah Feldman argues that the Supreme Court’s ruling barring non-US citizens from suing in American courts over international abuses completes the US government’s retreat from protecting global human rights.