U.S. Vice President JD Vance delivers remarks during an event at Gold Coast Studios on June 17, 2026 in Bethpage, New York.
Spencer Platt | Getty Images News | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
The week draws to a close with more confusion than when it started.
A massive relief rally over the announcement of an interim peace agreement with Iran has faded, and the next stage of talks has stalled.
Stock markets are taking it in their stride, holding near record highs. But markets hate uncertainty, and with the U.S. closed for trade today, expect an unpredictable session.
What you need to know today
It’s official — the much-touted signing of the U.S.-Iran deal in Switzerland has been cancelled.
The Swiss town of Bürgenstock was meant to play host to the next phase of negotiations on the path toward a final peace agreement. But on Friday, the Swiss Foreign Ministry announced that the talks would not go ahead, after U.S. Vice President JD Vance said he would not be traveling in for the meeting.
During a White House news conference on Thursday, Vance defended President Donald Trump’s interim peace deal, while insisting the United States is not paying the Islamic Republic.
“The United States isn’t giving up a cent of money to Iran,” Vance said.
In an interview with Axios, Trump said his deal amounted to “unconditional surrender” by Tehran.
Asked what he had learned from the war about the limits to his power, Trump said that: “I haven’t learned that lesson yet. I know there are, but there are no limits.”
Crude prices have steadied after steep declines, amid signs that shipping through the Strait of Hormuz is beginning to recover.
In an exclusive interview with CNBC, OPEC Secretary General Haitham al-Ghais has dismissed concerns of a supply glut.
He told CNBC’s Dan Murphy that “sometimes it’s best not to make such assumptions when they are not really based on facts and figures.”
“What does the IEA see that OPEC and the rest don’t see?” he said. “[We focus] on fundamentals and not putting many ifs and buts in our forecasts, but rather focusing on actual numbers.”
In currency markets, the yen has fallen toward a 40-year low against the dollar, reviving concerns of currency intervention. Japanese Finance Minister Satsuki Katayama reportedly said at a recent G7 meeting that Japan was “prepared to take decisive action on speculative moves” in the foreign exchange markets.
The British political scene is heating up once again. U.K. politician Andy Burnham has won a crucial by-election that paves the way for him to launch a formal leadership challenge. Previously, Burnham has called for tighter regulation of AI, Big Tech and other industries, saying: “You can’t just leave it to the market.”
— Leonie Kidd
And finally…
The average SpaceX buyer post-IPO is almost under water after two-day slide
The average investor who bought SpaceX shares in the open market after its debut has seen nearly all of their gains disappear as a sharp pullback erased a large chunk of the stock’s post-IPO surge.
Shares of SpaceX fell 3.6% Thursday to just under $184.98 a share. The stock’s five-day volume-weighted average price, or VWAP, is $181.71 a share. VWAP measures the average price a security has traded throughout the day, weighted by trading volume and is widely used by traders to gauge investors’ positioning.
The move suggests the average post-IPO buyer is now approximately breaking even.
— Yun Li
