Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Hours after President Trump excoriated Republicans at a private lunch for backing a war powers resolution to end the Iran conflict, the Senate voted down a separate resolution as two Republicans flipped their votes. Senator Bill Cassidy of Louisiana told reporters he changed his vote after he was reassured by a private briefing he received after engaging in a shouting match with the president at the lunch. And Senator Rand Paul flipped his vote to present, posting on X that he wanted to give the peace talks a chance. The moves are mostly symbolic, but Trump had complained to senators that the passage of the resolution on Tuesday had undermined his negotiating position with the Iranians at a sensitive time, senators said.
2) Micron Technology surged in premarket trading after its quarterly sales forecast exceeded Wall Street estimates, signaling that an AI-fueled growth run remains strong. The company has secured strategic customer agreements that average three years in length, which suggests it can mitigate boom-and-bust cycles in the memory chip industry. Micron's revenue will be approximately $50 billion in the fiscal fourth quarter, with profit of about $31 a share, compared with analyst projections of $43.2 billion and $25.31, respectively.
3) The European Union's US trade deal is set to go into effect after the bloc gave its final sign-off. The EU will erase levies on US industrial goods and some agriculture products in exchange for a 15% tariff ceiling on its US exports. The transatlantic trade relationship remains strained due to unresolved disagreements over issues like metals tariffs and tech regulations.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Three candidates endorsed by Zohran Mamdani swept to victory in Democratic congressional primaries on Tuesday, showing that the coalition which powered the New York City mayor to a surprising victory last year is gaining strength. Former New York City Comptroller Brad Lander, New York state lawmaker Claire Valdez, and community organizer Darializa Avila Chevalier won in their respective congressional districts, toppling some of the city's most established political figures. The victories were viewed as a test of Mamdani's political strength and appear to have paid off, with the mayor's allies winning in key races and the Democratic Socialists of America expanding its political power at the local and national level.

2) President Trump said Iran will be able to use funds released from frozen accounts only to purchase food and medical supplies from the US. Iran disputed Trump's comments, saying the funds would be used "freely, in whatever manner it deems appropriate," rather than being restricted to purchases from the US. The US and Iran are making progress in peace negotiations, but outstanding issues, including Israel's conflict with Iran-backed Hezbollah in Lebanon, stand in the way of a firm deal.

3) Elon Musk's SpaceX sold $25 billion of investment-grade bonds, replacing costly debt that had helped finance Musk's acquisition of X and expensive loans and bonds issued by xAI. The bond sale will result in SpaceX paying $1.5 billion of interest annually, compared to the $1.8 billion that X and xAI would have spent to service their debt if they hadn't been folded into SpaceX. The bond offering was supported by investors, with $89 billion of orders received at its peak, and will be used to refinance a $20 billion bridge facility and for general corporate purposes.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Iran said $12 billion of its frozen funds were set to be released as part of ongoing talks with the US, with the two sides broadly signaling progress in negotiations to formally end their war. The unfreezing of funds — as well as the US waiving sanctions on Iranian oil exports and pledging to help set up a $300 billion rehabilitation fund for Iran — has provoked criticism of President Trump. The US and Iran have agreed to set up technical working groups to deal with issues such as unwinding sanctions on the Islamic Republic and curbing its enrichment of uranium.
2) Keir Starmer resigned as UK prime minister after two years in office, and the UK could be set for a quick transition to a new premiership as rivals t o frontrunner Andy Burnham stand aside. Burnham was sworn in as an MP, with the former mayor of Manchester positioned to become Labour’s next leader. The coming switch means the UK will soon have its seventh prime minister in the 10 years since the Brexit vote. Burnham could potentially become prime minister by July 17 if he faces no challengers
3) Tributes to former Federal Reserve Chairman Alan Greenspan poured in after the news of his death early Monday, with many describing him as a driving force for change at the Fed and a guiding light for investors. Greenspan's former colleagues credit him for ensuring the central bank remained focused on inflation, spotting the impact of a productivity boom in the 1990s and shaking up how the Fed communicates. Greenspan's legacy is clouded by the 2008-09 global financial crisis, with critics saying he missed the build-up of a housing bubble that ultimately caused the worst economic downturn since the Great Depression.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) Keir Starmer said he would step down as Britain’s prime minister, marking a precipitous fall from favor two years after leading the Labour Party back to power with a landslide majority. Starmer’s departure paves the way for Andy Burnham to attempt to take over as successor, after the long-time mayor of Manchester won a parliamentary seat last week in order to mount a challenge. Starmer’s exit opens the door to Britain’s fifth premier since 2022: a jarring milestone for a political system which once prized itself on its stability.
2) Iran said there had been “major progress” in all-night discussions with the US as the warring sides try to reach a peace deal within two months. Iranian Foreign Minister Abbas Araghchi said the mediators, Qatar and Pakistan, had managed to ease some of the tensions over Lebanon, and Iran was beginning to see financial benefits from last week’s memorandum of understanding. Negotiations are set to continue throughout this week, with lower-level delegates discussing technical matters, and a resolution to the fighting in Lebanon will be decisive for the success of the US-Iran talks.
3) Colombia elected conservative lawyer Abelardo de la Espriella president, heralding a swing back to business-friendly and pro-US policies after four years of leftist rule. De la Espriella had 49.7% of the vote to Senator Iván Cepeda’s 48.7%, with 99.9% of polling stations reporting, in one of the closest results in the nation’s history. The final, confirmed result is expected toward the end of the week, after a review process that begins at the municipal level and moves to regional commissions and the national stage.
4) Alan Greenspan, the Federal Reserve chairman proclaimed a wizard for guiding a then-record US economic expansion, only to see his luster dimmed by the financial crisis that erupted less than two years after he stepped down, has died. He was 100.
He died on Monday at his home, NBC News reported, citing his wife, Andrea Mitchell, its chief Washington correspondent and chief foreign affairs correspondent. The cause was complications of Parkinson’s disease.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the next U.S PCE and GDP data, along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to London Climate Action Week.
• In Asia – a look ahead to Australia CPI data.

- Stuart Paul, US Economist with Bloomberg Economics, previews U.S PCE and GDP data.
- Avalon Pernell, Bloomberg Equities Reporter, focuses on 3 stocks for the week ahead.
- Joe Wertz, Bloomberg Weather and Climate Reporter, to preview London Climate Action Week.
- Olivia Rudgard, Bloomberg Green reporter, to preview London Climate Action Week.
- James McIntyre- Bloomberg Economist Covering Australia and New Zealand, previews Australia CPI data.

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On this special Juneteenth Holiday edition of Bloomberg Daybreak - hosted by Nathan Hager:

- We survey the big tech landscape ahead of Micron Earnings with Mandeep Singh, Bloomberg Intelligence Global Technology Lead and Anurag Rana, Senior Technology Analyst at Bloomberg Intelligence

-We look at state of anti-trust cases in America with Jenn Rie of Bloomberg Intelligence.

- Plus, We are just days away from the official start of summer..So we thought it would be a good time to look at travel as many get to embark on vacations..We do that with Nikki Ekstein and Chris Rovzar of Bloomberg Pursuits.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) President Trump signed an interim deal to end the war with Iran and reopen the Strait of Hormuz, despite criticism from Republicans. The memorandum of understanding is now in effect, and it envisions the rapid reopening of the strait and immediate sanctions waivers for Iranian oil. The deal has prompted criticism from some of Trump's allies, who say it amounts to a victory for Tehran and that the US is conceding too much, with talks on nuclear issues and potential further financial gains for Iran to follow.
2) Traders dumped short-term Treasuries and bet on interest rate hikes after Federal Reserve chairman Kevin Warsh made clear the central bank won’t tolerate high inflation. The hawkish message was driven home by the projections of individual Fed members, half of whom expect to raise rates by the end of the year. The Fed’s message triggered repositioning in markets, with futures traders expecting a quarter-point rate hike by October and 30-year Treasury yields slipping to the lowest since late April.
3) A ticker-tape parade celebrating the NBA Champion New York Knicks will step off at 10 a.m. from Bowling Green in Lower Manhattan, traveling north along Broadway, and concludes at City Hall Plaza with a ticketed ceremony. The city is preparing for enormous crowds, with spectators expected to number in the millions, and the NYPD will have 10,000 officers at the event. Viewing areas along the route open at 6 a.m., and police will close access points once viewing areas reach capacity, while the mayor’s office gave away 600 tickets to the City Hall ceremony in a public lottery.

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Today's top stories, with context, in just 15 minutes.

On today's podcast:

1) Iran would be allowed to start oil exports immediately under an interim deal with the US and gain access to a $300 billion economic development program. The US Treasury Department will issue waivers for exports of Iranian crude oil and petrochemical products immediately after the memorandum is signed, and the US will end its naval blockade of Iranian ports. The US and its regional partners would create a plan to rehabilitate Iran and allow for its economic development, with financing of at least $300 billion, according to the draft document.

2) Voters headed to the polls in four states and the District of Columbia. The biggest races to watch were two runoff elections in Georgia, where President Trump's endorsement led to mixed results. In the Republican Senate race, Trump-backed Congressman Mike Collins defeated former University of Tennessee football coach Derek Dooley by an 11 point margin - 55.5% to 44.5%. Meanwhile, in the governor's race, President Trump's favored candidate, Lieutenant Governor Burt Jones, lost to billionaire Rick Jackson, 52.7% to 47.4%. It was also a historic primary night in Washington DC. For the first time in 36 years, Democrats have picked a nominee for delegate to Congress who is not Eleanor Holmes Norton. Councilmember Robert White ran away with the nomination with 63.2% of the vote.

3) Federal Reserve policymakers are expected to hold interest rates steady, posing a test for new chairman Kevin Warsh as inflation erodes households' purchasing power. Several officials have outlined scenarios that could warrant rate hikes and want to eliminate language suggesting their next move is likely to be a cut. Investors will be listening for how strongly Warsh expresses support for the central bank's commitment to returning inflation to the Fed's 2% goal.

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