Bloomberg — 2026-06-30#

Lead Story#

US equities capped their best quarter in six years, driven by insatiable demand for artificial intelligence equipment that propelled the S&P 500 and chipmakers to historic highs. Meanwhile, global currency traders are on high alert as the Japanese yen plummeted to its weakest level against the dollar since 1986, intensifying the pressure on Japanese authorities to intervene in the market.

Markets & Economics#

• Morgan Stanley Warns of Global Oil Glut, Cuts Outlook on Hormuz: Oil is heading for its steepest quarterly drop since the 2020 pandemic as Morgan Stanley slashed its price forecasts, citing the faster-than-expected return of shipping flows through the Strait of Hormuz and weak demand out of China.
• German Inflation Eases as Oil Retreat Tames Prices in Europe: Euro-zone inflation metrics cooled significantly in June, led by Germany and France, as tumbling global oil prices alleviated some pressure on the European Central Bank to hold rates higher for longer.
• ECB’s Lane Sees Second-Round Effects Taking Time to Appear: Speaking at the ECB Forum in Sintra, Chief Economist Philip Lane noted that knock-on inflation effects from higher energy prices will take time to manifest, signaling policymakers will not box themselves into a predetermined rate path.
• Bitcoin Slides Below $60,000 as Strategy Selloff Refuels Anxiety: The largest cryptocurrency fell more than 3% toward $58,000 as investors pulled back following Michael Saylor’s financing overhaul at Strategy Inc., raising fresh doubts about consistent corporate demand for the token.

Business & Industries#

• South32 Sells Aluminum Assets to Alcoa in $5.6 Billion Deal: South32 Ltd. agreed to offload its aluminum assets to Alcoa Corp. for an implied enterprise value of up to $5.6 billion, marking a significant consolidation in the global metals sector.
• Airbus Wins $10 Billion SAS Order For Up to 40 Widebody Jets: Airbus secured a massive order for as many as 40 widebody aircraft from SAS AB, a move that will allow the Scandinavian carrier to aggressively expand its long-haul operations out of Copenhagen.
• Nike Declines Following Cautious Commentary on Demand: Despite reporting better-than-expected quarterly earnings, Nike shares slipped in late trading after executives offered cautious commentary regarding the timeline for demand recovery and the brand’s turnaround efforts.
• Echostar Unit Dish Files for Bankruptcy to Help Debt Repayment: Dish DBS filed for a prepackaged bankruptcy after reaching a creditor agreement, a maneuver that resolves a prolonged lawsuit and potentially sets the stage for future M&A transactions.

Policy & World#

• Supreme Court Upholds Birthright Citizenship in Blow to Trump: A divided US Supreme Court rejected President Donald Trump’s executive efforts to restrict birthright citizenship for children of undocumented immigrants, striking down a major pillar of his immigration agenda by upholding the 14th Amendment.
• Supreme Court Voids Political-Party Spending Caps in GOP Win: In a 6-3 decision, the high court threw out longstanding federal limits on political party spending coordinated with candidates, opening the floodgates for a surge of midterm campaign advertising that is expected to favor Republicans.
• Witkoff, Kushner Set to Hold Indirect Talks With Iran in Qatar: US negotiators Jared Kushner and Steve Witkoff arrived in Doha to hold indirect talks with Iranian officials, seeking to de-escalate tensions over the Strait of Hormuz and forge a formal end to hostilities.
• Spain Set to Hand Papers to Over 1 Million Undocumented Migrants: The Spanish government plans to grant residency permits to more than a million undocumented migrants, doubling its initial projections from an April regularization program.

Opinion & Analysis#

• Trump Lost the Fed Battle, But Look What He Won: Bloomberg Opinion explores the fallout of the Supreme Court decision that dramatically expands the President’s power to fire federal regulators at will—giving him unprecedented leverage over markets and crypto—even as the ruling protected the independence of the Federal Reserve.
• The Bank of England Is Gambling With Its Own Independence: Ahead of the BOE’s 30th anniversary of independence, Bloomberg Opinion warns that the central bank’s controversial and costly bond sales could ultimately undermine its hard-won regulatory sovereignty.