This content was published on
June 19, 2026 - 12:51
5 minutes
(Bloomberg) — Global stocks are ending a strong week on a cautious note as relief over an interim peace deal between the US and Iran gave way to a focus on the challenges of securing a lasting agreement.With US cash markets closed for the Juneteenth holiday, S&P 500 futures slid 0.3% after the benchmark posted its best week since the end of May. Europe’s Stoxx 600 was little changed, while Asian stocks retreated 0.4% from an all-time high. Markets in China, Hong Kong and Taiwan were shut as well.Talks on a permanent deal between Washington and Tehran that were meant to be held in Switzerland on Friday have been delayed. Israel and Iran-backed Hezbollah militants clashed overnight in Lebanon, a development the Financial Times reported was behind the postponement. Iran has made a truce in Lebanon a condition of its preliminary deal with the US.Brent crude fluctuated near $80 a barrel. Traffic through the Strait of Hormuz appeared to thin on Friday, just a day after a pledge by the US and Iran to lift a dual blockage prompted a burst in oil flows.“Of course, with Trump there can always be some derailment along the way, but we believe that we’re set into a new phase of de-escalation,” said Alexandre Drabowicz at Indosuez Wealth Management. “There are 60 planned days of negotiations,” he said, advising investors not to rush to conclusions about a permanent deal.UK gilts led a rise in European bond yields after Greater Manchester Mayor Andy Burnham won a seat in Parliament, handing him a pathway to challenge Prime Minister Keir Starmer for his job. Investors are debating whether a Burnham premiership might shift to a looser fiscal policy.The pound outperformed most major currencies, while the dollar held at its highest level since March. Bitcoin fell for a fourth consecutive day. Gold headed for a third straight weekly loss, trading around $4,150 an ounce.Global markets are wrapping up a pivotal week marked by the landmark US-Iran interim agreement, Federal Reserve Chair Kevin Warsh’s first policy meeting and the early days of SpaceX as a public company. Stocks have shown resilience, buoyed in part by the frenzy around artificial intelligence.Strategists surveyed by Bloomberg have raised their S&P 500 year-end targets from a month ago as Iran war disruptions eased and the earnings outlook improved.The average target climbed to 7,716 from 7,612 in May. That’s almost 3% higher than the last close and implies a near 13% gain for the year. Earnings estimates also increased for this year and next.“Markets seem to be entering a rare couple of weeks with no major catalysts ahead,” said Roberto Scholtes, head of strategy at Singular Bank. “Hopefully, this is a chance to take a breather after a hectic year, and possibly also a period of sector rotation.”What Bloomberg’s Strategists Say:“Gilts are extending their declines and underperforming regional peers. However, the extent of the moves are being exacerbated by gains in oil since yesterday afternoon. That isn’t to say that UK bonds are out of the woods. Markets require greater detail on how protracted any leadership race will be, with a more drawn-out affair worse for gilts.”— Adam Linton, macro strategist. For the full analysis, click here.Corporate News:US Commerce Secretary Howard Lutnick outlined concerns to ASML Holding NV’s senior leaders that one of its top-of-the-line machines may have made its way into China, in violation of US-led export restrictions. Prosus NV expects core earnings to surge as much as 28% in the year ended March 31st on the back of its growing e-commerce business and an increase in the value of the stake it owns in China’s Tencent. Billionaire Mukesh Ambani said Reliance Industries Ltd.’s digital unit will submit its listing documents by Friday. Some of the main moves in markets:StocksThe Stoxx Europe 600 was little changed as of 11:47 a.m. London time S&P 500 futures fell 0.3% Nasdaq 100 futures fell 0.5% Futures on the Dow Jones Industrial Average fell 0.3% The MSCI Asia Pacific Index fell 0.4% The MSCI Emerging Markets Index fell 0.3% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1462 The Japanese yen was little changed at 161.30 per dollar The offshore yuan fell 0.2% to 6.7898 per dollar The British pound rose 0.2% to $1.3229 CryptocurrenciesBitcoin fell 1% to $62,408.81 Ether fell 1.2% to $1,688.28 BondsThe yield on 10-year Treasuries was little changed at 4.45% Germany’s 10-year yield advanced five basis points to 2.98% Britain’s 10-year yield advanced eight basis points to 4.84% CommoditiesBrent crude fell 0.2% to $79.69 a barrel Spot gold fell 1.4% to $4,151.89 an ounce This story was produced with the assistance of Bloomberg Automation.–With assistance from Macarena Muñoz, Neil Campling and Farah Elbahrawy.©2026 Bloomberg L.P.
