Bloomberg — 2026-06-13#

Lead Story#

SpaceX’s historic $75 billion initial public offering tested the limits of modern capital markets and propelled founder Elon Musk to become the world’s first trillionaire. Driven by intense retail investor appetite and a strategic rush to list ahead of the US midterm elections and Musk’s 55th birthday, shares surged 19% on their first day of trading. The massive public listing brings the space exploration juggernaut into mainstream mutual funds and 401(k)s, capitalizing on the broader optimism surrounding the artificial intelligence boom.

Markets & Economics#

• [Fed and BOE Stay Guarded After 100 Days of Iran War] (Source): The global economic fallout from the Iran war continues to push up prices and dent growth prospects worldwide. Bundesbank President Joachim Nagel warned that prices will remain elevated for longer even if hostilities conclude rapidly, leaving major central banks cautious about their inflation outlooks.
• [CLO ETFs Boom on Higher Rates, Private Debt Woes] (Source): Wall Street is seeing a rush of retail investors pouring cash into funds that purchase collateralized loan obligations. The boom offers a vehicle for investors seeking to capitalize on elevated interest rates while actively dodging the rising threat of defaults in private credit markets.
• [There’s a Bug in the Gold Trade as Miners Move Like Meme Stocks] (Source): Deep-value investors are utilizing gold stocks as a steady haven against portfolio volatility and geopolitical uncertainty. However, the traditionally defensive sector is currently experiencing sudden momentum shifts and retail trading patterns that resemble meme stocks.

Business & Industries#

• [Anthropic Says US Limits Foreign Access to Fable 5, Mythos 5] (Source): The US government has hit Anthropic with an export control directive, immediately suspending all foreign access to its advanced Fable 5 and Mythos 5 AI models. The restriction highlights Washington’s increasing urgency to safeguard the intellectual property of the $965 billion artificial intelligence giant from international competitors.
• [Korean Media Giant JoongAng’s JTBC Defaults, Downgraded to Junk] (Source): JTBC Co. Ltd., the broadcasting arm of South Korean conglomerate JoongAng Group, defaulted on its securitized loans and was abruptly downgraded to junk status. The localized corporate default has rapidly triggered a series of credit rating cuts across the broader media empire.
• [Geely to Shut Some Units, Focus on HK-Listed Arm, Chairman Says] (Source): Chinese automotive conglomerate Zhejiang Geely Holding Group will merge and shut down multiple operating entities. Chairman Li Shufu stated the streamlining will concentrate resources heavily on its Hong Kong-listed arm to dramatically improve corporate governance.
• [UK, Japan Plan to Sign £18 Billion Clean Energy Investment Deal] (Source): The UK and Japan are poised to sign a sweeping £18 billion ($24.1 billion) clean energy infrastructure agreement. The pact is projected to create thousands of jobs across offshore wind and financial services, providing a critical boost to Prime Minister Keir Starmer’s administration.

Policy & World#

• [US and Iran Move Closer to Deal Despite Hormuz Skirmishes] (Source): Anticipation is mounting that an interim peace agreement between Washington and Tehran could soon reopen the Strait of Hormuz. Pakistan’s Prime Minister indicated an electronic signing is imminent, despite US forces recently shooting down Iranian drones and Iran actively contradicting President Trump’s timeline for the deal.
• [Trump Says US Killed Tren de Aragua Leader Niño Guerrero] (Source): President Donald Trump announced that US forces successfully eliminated Niño Guerrero, the fugitive leader of the transnational Tren de Aragua drug cartel. The lethal strike was heavily coordinated with Venezuelan authorities.
• [China Rebukes US Over ‘Military’ Labeling of Its Top Firms] (Source): Beijing’s Commerce Ministry sharply criticized a US decision to label additional Chinese corporations as “military companies”. China firmly opposed the move, accusing Washington of utilizing national security as a pretext to deliberately stymie the expansion of Chinese enterprises.
• [Switzerland Asks If 10 Million People Is Where to Draw the Line] (Source): Swiss citizens are preparing to vote this weekend on a highly controversial plebiscite that would establish a strict demographic cap on the national population. Observers warn the choice to impose a 10 million population ceiling threatens to be the country’s most consequential domestic policy decision of the century.

Opinion & Analysis#

• [Don’t Sweat the Supreme Court’s Small Stuff] (Source): While the US Supreme Court undoubtedly warrants rigorous scrutiny for legitimate breaches of ethics, critics risk losing credibility by becoming overly distracted by trivial, minor infractions.
• [Phone-Free Concerts Can Restore the Power of Live Music] (Source): With average concert ticket prices surging to $136, modern attendees increasingly demand flashy, TikTok-worthy spectacles. A new push by artists for entirely phone-free live events seeks to restore the immersive, shared power of live performance over digital documentation.