The US & Iran reached a tentative deal to extend their ceasefire by 60 days and begin talks on the future of Iran’s nuclear programme. The preliminary agreement is still subject to President Trump’s approval. Oil fell on the news, with Brent crude on track for its biggest monthly decline since 2020.

Bloomberg understands that SpaceX has cut its target valuation at IPO to at least $1.8 trillion. We reported in April that SpaceX was aiming for a valuation above $2 trillion. Sources say the target is settling lower after consultations with advisers and investors. Meanwhile Anthropic’s valuation hit $965 billion after its latest funding round.

Plus Blue Origin’s New Glenn rocket exploded on a launchpad in Florida during testing, dealing a blow to the Jeff Bezos-backed firm in its efforts to challenge a dominant SpaceX.

Today’s guests: Seema Shah, Principal Asset Management, Chief Global Strategist; Aditi Venkatram, Jefferies, Equity Capital Markets Managing Director; Nate Soares, Machine Intelligence Research Institute, President & Author, ‘If Anyone Builds It, Everyone Dies’
—
“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.

Chapters:
00:00:00 – The Pulse with Francine Lacqua
00:00:25 – US, Iran agree to 60-day truce, pending Trump signoff
00:03:10 – Markets roundtable: Principal AM’s Seema Shah & Bloomberg’s Mark Cranfield
00:13:29 – SpaceX said to lower valuation target to $1.8 trillion
00:16:56 – Aditi Venkatram, Jefferies, Equity Capital Markets Managing Director
00:23:59 – Friday headlines
00:24:22 – Musalem: Fed policy at or below long-run neutral
00:28:49 – Fed’s rate path in focus
00:33:26 – Blue Origin’s New Glenn rocket explodes on Florida launchpad
00:37:23 – Nate Soares, Machine Intelligence Research Institute, President & Author, ‘If Anyone Builds It, Everyone Dies’
00:44:23 – Global defense talks at Singapore summit
00:46:44 – S&P 500 reaches nwe highs as bulls lean into risk rally
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Concerns are growing that artificial intelligence could accelerate job losses as automation spreads across industries. This segment examines whether AI will ultimately displace workers or create new forms of employment by complementing human expertise. The discussion focuses on corporate decision‑making, productivity limits, and the challenge of ensuring new jobs are widely shared, as the U.S., China, and other economies race to adopt AI technologies. Simon Johnson, MIT Sloan Professor of Entrepreneurship and Nobel Laureate, joined Stephen on the sidelines of the UBS conference on Insight with Haslinda Amin to discuss the economic, social, and geopolitical implications of AI adoption.
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Gap Inc. CEO Richard Dickson says the retailer delivered progress in the quarter, even after lowering its sales outlook. He says three out of their four brands are growing and they’re raising the earnings outlook. Dickson speaks to Bloomberg’s Lisa Abramowicz.
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Bloomberg’s Nacha Cattan joins Katie Greifeld on “Bloomberg Real Yield.” New York City Mayor Zohran Mamdani said he’s forming a new Commission of Government Efficiency, or COGE, to improve the way City Hall spends public funds.
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This week, the UK’s debt burden and weak growth are reviving fears that financial markets could once again destabilize British politics and policy. And, investors see data centers as long-term infrastructure, but neighbors worry about noise, water use, power demand and lasting costs. Plus, is Poland is one of the world’s fastest-growing economies, but it faces challenges to keep up its rapid rate of growth. Later, war in the Middle East and US tariffs are simultaneously tightening global aluminum supply and pushing prices sharply higher worldwide.
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