Here are the top stories from global financial media overnight and this morning.
1. US and Iran Hint at Imminent Peace Deal, Tehran Claims Victory
Both the United States and Iran indicated on Friday that an agreement to end the war between them is close at hand. A senior US official stated that the two sides have agreed on a text, with Washington expecting a preliminary accord to be signed in the coming days.
Iranian Foreign Minister Abbas Araghchi noted that modifications are still possible, but this interim deal clearly shows that Iran has emerged stronger from the conflict. "Iran is the victor in the US-Iran war," Araghchi said on state television.
According to sources familiar with the agreement, the so-called memorandum of understanding calls for the reopening of the Strait of Hormuz and the lifting of the US blockade on Iranian ports. Negotiations on Iran's nuclear program—which US President Donald Trump cited as justification for the war—will follow later.
2. ECB's Kazimir Says More Rate Hikes Needed to Curb Inflation
European Central Bank Governing Council member Peter Kazimir stated that the spread of inflation throughout the economy will compel the ECB to raise interest rates further.
The Slovak central bank governor believes price pressures will not ease without intervention. He said that even a peace deal between the US and Iran would not bring inflation back to the 2% target overnight. He noted that despite cooling, the economy remains resilient, providing room for policymakers to act.
"Our mission is not yet accomplished," Kazimir said in a London interview on Friday. "It is too early to discuss whether policy needs to become restrictive. But given how price pressures are spreading across the economy, I would certainly not rule that out."
3. SpaceX Closes at $160.95, Jumps 19.22% on Record IPO Day, Valuation Surpasses $2 Trillion
Following the close of regular US trading on Friday, SpaceX shares rose $25.95, or 19.22%, to close at $160.95, giving the company a market capitalization of $2.10456 trillion. After the largest initial public offering in history, SpaceX began trading on Friday at $150 per share under the ticker SPCX.
The stock reached an intraday high of $176.52.
In a JPMorgan live-streamed event ahead of the IPO, Elon Musk stated that SpaceX has been cash flow positive since around 2015. He said he now wants to take the company public to raise capital for "a significant growth phase," with plans including launching over 100,000 communications satellites into orbit and building artificial intelligence data centers in space.
4. SpaceX IPO Siphons Attention, Other Space Stocks Plunge
The highly anticipated IPO of SpaceX triggered a sell-off in shares of other rocket, satellite, and space-related companies on Friday.
Smaller space-related stocks had seen a rally since news of the SpaceX listing began circulating late last year. That momentum halted as Elon Musk's company stole the spotlight and revealed the massive investments required to develop the industry.
Despite the soaring share price of SpaceX, which made it one of the world's most valuable companies, other firms saw their gains stall.
Shares of space transport company Rocket Lab fell as much as 13%. Redwire shares plummeted 14%. Satellite broadband firm AST SpaceMobile slid 16%, while rocket and spacecraft manufacturer Firefly Aerospace dropped up to 20%. Intuitive Machines fell 17%, and space tourism company Virgin Galactic Holdings plunged as much as 38%.
5. Traders' Bullish Bets on Dollar Hit Highest Level in Over a Year
Traders' bullish positioning on the US dollar has climbed to its highest level in over a year, as the war in the Middle East solidifies the currency's safe-haven status.
Data from the US Commodity Futures Trading Commission (CFTC) released Friday and compiled by Bloomberg shows that hedge funds, asset managers, and other speculative traders held a net long position in the dollar worth $27.8 billion as of June 9. This is the highest level since February 2025.
This shift in positioning indicates growing bullish sentiment towards the world's primary reserve currency. The dollar has strengthened steadily since the Iran war broke out in late February and has shown high sensitivity to rising oil prices.
6. US Emergency Crude Oil Exports Surge to Record High as War Disrupts Supply
Exports of crude oil from US emergency reserves have surged to a record high as the war with Iran causes the worst supply disruption on record.
Customs data compiled by Kpler Ltd. shows that nearly 22 million barrels of crude from the US Strategic Petroleum Reserve (SPR) have been sold to overseas markets so far this year. This volume has already surpassed the previous record set four years ago, when a large volume of reserve crude was released following the Russia-Ukraine conflict.
While exports from the US emergency stockpile are not uncommon, the sheer scale of shipments this year indicates that global markets are increasingly relying on US supplies to navigate the disruption caused by the near-closure of the Strait of Hormuz. Approximately one in every three barrels flowing from the emergency stockpile is being exported.