Bloomberg — Week of 2026-06-20 to 2026-06-26#

Story of the Week#

A volatile week for global energy markets saw US-Iran diplomatic relations swing from a historic interim peace deal to violent military escalation within a matter of days. Despite the Trump administration initially waiving sanctions to reopen the Strait of Hormuz to Iranian crude, subsequent US retaliatory strikes against Tehran for a cargo ship attack severely rattled the region. Astonishingly, crude oil erased its wartime gains and headed for a weekly decline as supertanker traffic stubbornly continued to flow through the vital waterway despite the military escalation.

Markets & Economics#

Inflation Realities Ground the Fed · [Bloomberg]: Economists lifted their US core inflation forecasts and essentially erased hopes for a Fed rate cut until 2027, as personal consumption expenditures jumped 4.1% year-over-year. The persistently hot data validates Chairman Kevin Warsh’s hawkish pivot, which is actively unwinding the so-called “debasement trade”.
The AI Rally’s Violent Whiplash · [Bloomberg]: Global tech equities suffered a brutal $1.3 trillion selloff early in the week before Micron Technology’s blowout sales forecast single-handedly resuscitated the artificial intelligence trade. However, the rally faltered again by Friday after Apple hiked hardware prices to offset surging memory chip costs, sparking fears of cooling consumer demand.
Crypto’s $1.3 Trillion Rout Deepens · [Bloomberg]: Bitcoin’s slide below $60,000 exposed fresh structural vulnerabilities as a $10 billion options expiry compounded massive industry losses. Industry veterans warn the fading ETF boom and retreating retail traders signal that modern speculative trades are rapidly unwinding.
Private Credit Hit With Redemption Limits · [Bloomberg]: Major players Morgan Stanley and Apollo Global Management were forced to cap investor withdrawals on large private credit funds. The move follows a massive wave of exit requests that far exceeded liquidity limits, reaching up to 11.6% in one instance.
Yen Plunge Hands Japanese Carmakers a Windfall · [Bloomberg]: The Japanese yen sank to a 40-year low, which is poised to deliver a $5.8 billion profit windfall for domestic automakers. The currency weakness persists despite rising Tokyo inflation and hawkish signaling from the Bank of Japan.

Business & Industries#

M&A Bonanza Across Sectors: A massive wave of dealmaking swept global markets, highlighted by Merck KGaA’s $11.3 billion blockbuster purchase of Bio-Techne and AbbVie’s $10.9 billion acquisition of Apogee Therapeutics. In the building materials space, CRH struck an $8.5 billion deal for rival Arcosa, marking its largest acquisition to date.
SpaceX’s Massive Debt Pivot: Elon Musk’s space conglomerate raised a staggering $25 billion in its debut investment-grade bond offering to fund its AI and orbital data center ambitions. The massive capital injection arrived just as the company’s shares erased $600 billion in market value during the broader tech pullback.
Asian Aviation Market Thaws for Boeing: Both major aircraft manufacturers secured critical widebody jet orders in China, with Airbus landing a $9.35 billion deal with China Eastern Airlines. Concurrently, Boeing secured a $3.62 billion order from China Southern Airlines, breaking a nearly decade-long dry spell for the US manufacturer in Asia.
SK Hynix Chases US Capital: The South Korean memory chipmaker revealed plans for a colossal $29.4 billion US public listing to fund its infrastructure expansion. Shares surged 12% on the news as analysts bet the move will increase foreign investor access and close its valuation gap with American rival Micron.

Policy & World#

UK’s Premiership Merry-Go-Round: British Prime Minister Keir Starmer announced a timetable for his resignation following mounting political turmoil. Former Manchester Mayor Andy Burnham is assembling a policy team and appears poised to become the UK’s seventh premier in a decade by September.
Trump Escalates Global Trade and Domestic Feuds: President Trump threatened a 100% tariff on nations imposing digital services taxes, significantly escalating trade pressure on Europe. Domestically, he abruptly canceled a bipartisan housing bill to demand strict SAVE Act voter ID measures, intensely frustrating Senate Republicans.
Devastating Quakes Strike Venezuela: Back-to-back earthquakes, peaking at a 7.5 magnitude, devastated Caracas and coastal regions, leaving at least 164 dead and causing an estimated $6.7 billion in direct financial losses. The crisis serves as a brutal political and humanitarian test for acting President Delcy Rodríguez.
Colombia Pivots Right: Conservative attorney and Trump ally Abelardo de la Espriella won the Colombian presidential runoff. The victory marks a sharp pivot back to market-friendly, pro-US policies after four years of leftist rule.

Opinion & Analysis#

The Post-Mortem on $200 Oil: Following the dramatic US-Iran conflict, Commodity Context founder Rory Johnston dissects why crude failed to reach widely predicted heights of $200 a barrel, highlighting profound structural resilience in the modern oil market.
Greenspan’s Convoluted Legacy: In the wake of former Fed Chair Alan Greenspan’s death at 100, Bloomberg Opinion explores whether his free-market philosophy—from the “irrational exuberance” era to the 2008 crisis—is a roadmap or a cautionary tale for Kevin Warsh’s Fed and the Trump 2.0 administration.