Bloomberg — 2026-05-29#

Lead Story#

The US and Iran have reached a preliminary agreement to extend their ceasefire by 60 days and resume talks on Tehran’s nuclear program, pending final approval from President Donald Trump. The tentative truce sparked a broad market rally, sending US stocks to record highs and industrial metals to their best month since January, while oil prices and Treasury yields retreated sharply on optimism that Strait of Hormuz shipping flows will normalize.

Markets & Economics#

• French and Spanish Inflation Jumps, Boosting Case for ECB Hike: Inflation in France and Spain unexpectedly accelerated to the fastest level since 2024, reinforcing expectations that the European Central Bank will raise interest rates at its June meeting.
• Japan Used Record $73.6 Billion to Support Yen in Past Month: Japan deployed an unprecedented ¥11.73 trillion ($73.6 billion) to prop up its currency after the yen slid past 160 per dollar, marking the government’s first direct market intervention since 2024.
• Fed Must Signal Commitment to Inflation, Schmid Says: Federal Reserve officials, including Vice Chair Michelle Bowman and Kansas City Fed President Jeff Schmid, emphasized that it is too early to judge the inflationary fallout from the Iran conflict and stressed their ongoing commitment to achieving price stability over premature rate cuts.
• Canada Dips Into Technical Recession for First Time Since 2020: The Canadian economy slipped into a technical recession in the first quarter, driven primarily by weak business and government spending.

Business & Industries#

• SpaceX Lowers IPO Valuation Target to at Least $1.8 Trillion: Elon Musk’s SpaceX reduced its targeted valuation for its upcoming initial public offering from over $2 trillion down to at least $1.8 trillion after consulting with advisers. The company also secured a $4 billion contract to build tracking satellites for the US Golden Dome defensive shield.
• Blue Origin Rocket Explodes on Launchpad in Florida: A New Glenn rocket belonging to Jeff Bezos’s Blue Origin exploded in a massive fireball during a test, dealing a major setback to the company’s credibility and abruptly halting a recent rally in space-related equities.
• Dell Soars Most in Two Years on Outlook: Dell Technologies shares experienced their biggest surge in two years after the hardware maker issued an annual sales forecast that crushed analyst estimates, fueled by massive demand for AI-powering servers.
• Citadel Securities Reels In Record $4.3 Billion Trading Haul: Citadel Securities capitalized on market volatility to post a record $4.3 billion in first-quarter trading revenue, mirroring massive windfalls seen by other market makers and Wall Street banks.

Policy & World#

• Judge Pauses Action on Trump’s $1.8 Billion Fund Amid Challenges: A federal judge in Virginia temporarily blocked the Trump administration from paying out claims from a controversial $1.8 billion “anti-weaponization fund,” as lawsuits allege the Justice Department agreement is a fraudulent abuse of power designed to enrich the president’s political allies.
• Mercedes-Benz Risks US Ban Under Bill Restricting Chinese Cars: Mercedes-Benz Group faces a potential ban in the US as lawmakers weigh legislation that would restrict carmakers with ties to foreign adversaries, targeting the German automaker’s partial ownership by China.
• China Warns of Retaliation Ahead of EU Meeting on Trade Curbs: Tensions flared as China issued a sharp warning hours before the European Union met to discuss potential export curbs, with the EU simultaneously cautioning that its economic relationship with Beijing is no longer sustainable.

Opinion & Analysis#

• The C-Suite Throws Corporate Governance Out With the Garbage: Bloomberg Opinion explores how SpaceX’s “controlled company” IPO structure strips away traditional corporate governance guardrails, granting Elon Musk 85% voting control and a controversial exemption from maintaining an independent board.
• Dwindling Savings Are the US Economy’s Achilles’ Heel: Analysis highlights how American households burning through cash creates a massive vulnerability for the broader economy, especially as consumers face higher energy prices from the Iran conflict and inflationary tariffs.