U.S. Vice President J.D. Vance speaks at an event at Gold Coast Studios in Bethpage, New York, June 17, 2026.
Spencer Pratt | Getty Images News | Getty Images
Hello, my name is Leonie Kidd and I’m from London. Welcome to today’s Daily Open Newsletter.
This week is coming to an end even more chaotic than when it began.
Massive rallies expressing relief at the announcement of an interim peace agreement with Iran have faded, and negotiations on the next stage have stalled.
The stock market is doing well and remains near record highs. However, markets don’t like uncertainty, and with trading in the US closed today, unpredictable trading is expected.
What you need to know today
It’s official – the much-touted signing of the US-Iran deal in Switzerland has been cancelled.
The Swiss town of Bürgenstock was to be the base for the next stage of negotiations towards a final peace agreement. But on Friday, Switzerland’s foreign ministry announced that the talks would not proceed after US Vice President J.D. Vance said he would not travel for the talks.
At a White House press briefing on Thursday, Vance defended President Donald Trump’s interim peace agreement while insisting that the United States has not paid any money to the Islamic Republic.
“The United States is not giving Iran a penny,” Vance said.
In an interview with Axios, President Trump said his agreement amounted to “unconditional surrender” by the Iranian government.
Asked what he learned from the war about the limits of his power, Trump said, “We haven’t learned that lesson yet. We know there are limits, but there are no limits.”
Oil prices have stabilized after a sharp drop on signs that shipping through the Strait of Hormuz is starting to recover.
In an exclusive interview with CNBC, OPEC Secretary General Haitham Algais dismissed concerns of oversupply.
“Sometimes it’s better not to make those assumptions when they’re not actually based on facts and figures,” he told CNBC’s Dan Murphy.
“What is the IEA thinking when OPEC and other countries aren’t looking?” he said. “(We) focus on the fundamentals and focus on the actual numbers rather than putting too many ifs and buts into our predictions. ”
In the foreign exchange market, the yen has fallen against the dollar to its lowest level in 40 years, reigniting concerns about foreign exchange intervention. Japanese Finance Minister Satsuki Katayama reportedly said at a recent G7 meeting that Japan is “ready to take decisive action against speculative movements” in foreign exchange markets.
The political situation in the UK is heating up again. British politician Andy Burnham has won a crucial by-election, paving the way for a formal leadership challenge. Burnham has previously called for stronger regulation of AI, Big Tech and other industries, saying, “We can’t leave it to the market.”
— Leonie Kidd
And finally…
Average SpaceX buyer after IPO is nearly underwater after two days of decline
The average investor who bought SpaceX stock on the open market after its debut saw a sharp decline wipe out most of the post-IPO stock price gains and wipe out nearly all gains.
SpaceX stock fell 3.6% on Thursday to just under $184.98 per share. The company’s five-day volume weighted average price (VWAP) is $181.71 per share. VWAP measures the average price at which a security traded over the course of a day, weighted by trading volume, and is widely used by traders to measure investor positioning.
This move suggests that the average post-IPO buyer is now close to breaking even.
— Yun Lee
