Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the June jobs report and commodities outlook.
• In the UK – a look ahead to the annual summer economic conference in the Southern French city of Aix.
• In Asia – a look at relations between China and Iran.

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Asian stocks advanced after a gauge of global equities touched a record high Thursday on calming geopolitical concerns and increased expectations for Federal Reserve interest-rate cuts this year. Equities in Japan, South Korea and Australia all rose Friday after the S&P 500 advanced 0.8% to within striking distance of a new high. The Nasdaq 100 achieved the feat after rising 0.9% on Thursday, helping MSCI's global shares index to a record high. US stock futures edged higher Friday. We get market insights from Rebecca Walser, President at Walser Wealth Management.

Plus - Commerce Secretary Howard Lutnick says the US and China have finalized a trade understanding reached last month in Geneva. The China deal, which Lutnick said had been signed two days ago, codifies the terms laid out in trade talks between Beijing and Washington, including a commitment from China to deliver rare earths used in everything from wind turbines to jet planes. Lutnick speaks with Bloomberg Balance of Power hosts, Joe Mathieu and Kailey Leinz.

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The US stock rally lost some steam Wednesday with the S&P 500 Index ending the day flat after Federal Reserve Chair Jerome Powell told lawmakers that officials are struggling to determine the toll of tariffs on inflation. The benchmark closed the session unchanged in New York after swinging between small gains and losses, while the technology heavy Nasdaq 100 Index edged up 0.2% to log another all-time closing high. The tech benchmark reached the milestone Tuesday for the first time since February as a combination of robust fundamentals and easing geopolitical tensions boosted the appeal of the growth-focused gauge. In individual stock moves, Nvidia shares closed at an all-time high, with the leader in artificial intelligence chips extending an advance that has cemented its position as one of the most valuable companies in the world. We get reaction to the day's price action from Katy Kaminski, Chief Research Strategist at AlphaSimplex.

Plus - Hong Kong's de facto central bank bought the local dollar to prop it up on Thursday, in a move to defend the city's currency peg to the greenback. The Hong Kong Monetary Authority purchased HK$9.42 billion ($1.2 billion) of local currency against the US dollar, after the exchange rate touched the weak end of the permitted 7.75-7.85 per greenback trading band. In addition to pushing the currency back into its permitted trading range, the move will also make bearish bets more costly. It does this by draining liquidity from the financial system and driving up borrowing costs.  We get reaction from Garfield Reynolds, Bloomberg's MLIV Asia Team Lead. He speaks with Bloomberg's Haidi Stroud-Watts and Avril Hong.

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Stocks in Asia opened on a cautious note as the Israel-Iran truce appeared to hold and Federal Reserve Chair Jerome Powell gave balanced comments on prospects for rate cuts. Late Tuesday in the States, President Donald Trump appeared to undermine years of US sanctions on Iran, giving its biggest customer China the green light to carry on buying its oil as he seeks to bolster a ceasefire with Israel. We discuss Beijing's role in what now appears to be a subdued conflict with Jenni Marsh, Greater China Eco-Gov Team Leader for Bloomberg News.

Plus - Treasury yields and a gauge of the dollar steadied. The benchmark 10-year yield shed five basis points in the previous session as Fed Chair Powell said "many paths are possible" for monetary policy. We look at the US central bank's path ahead with JoAnne Bianco, Partner and Senior Investment Strategist at BondBloxx Investment Management.

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President Donald Trump announced Israel and Iran had agreed to what he called a “complete and total” ceasefire, easing fears that a conflict between the two adversaries might escalate. Trump, who made the surprise announcement on his Truth Social platform days after ordering airstrikes on Iran’s nuclear facilities, said the accord would begin around midnight US time and is aimed at a lasting end to the fighting. Iranian Foreign Minister Abbas Araghchi said in a tweet afterward that while there is no ceasefire agreement, his country had no intention to keep responding to Israeli attacks after 4:00 a.m. Tehran time. We break down the headlines with Joe Mathieu, co-host of Bloomberg Radio and Television’s Balance of Power. 

Oil slumped and stocks rallied after Trump announced the ceasefire, spurring optimism the worst of the Middle East conflict is over. Global benchmark Brent crude tumbled almost 5% in early Asian trading after the surprise comment. S&P 500 futures rose 0.5%, while key stock indexes advanced in Japan, Hong Kong and Australia. The news damped demand for haven assets with the dollar weakening against all its Group-of-10 peers and gold dropping. Bloomberg’s Jill Disis speaks with our TV colleagues, Yvonne Man and David Ingles, in Hong Kong. 

Plus - we look at how all the day’s news may play into the Federal Reserve’s inflation outlook. We get market insights from Ross Mayfield, Investment Strategist at Baird.

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Oil surged after the US struck Iran's three main nuclear sites and threatened further attacks, exacerbating a crisis in the Middle East and stoking concerns that energy supplies from the region could be disrupted. The US assault — which targeted sites at Fordow, Natanz, and Isfahan — dramatically raises the stakes in the confrontation by increasing the premium that traders are pricing into the global energy market. The extent of the gains will hinge on how Tehran opts to respond to the US moves. For more on the burgeoning conflict, we hear from former US Ambassador to the United Nations, John Bolton. He speaks with Bloomberg's Joe Mathieu and Kailey Leinz.

Plus - US stock index futures slid ahead of the Asia session following those weekend strikes in Iran. S&P 500 futures opened nearly 1% lower before paring their loss, while contracts on the Nasdaq 100 fell nearly 1.3%. We get market insights from Gene Goldman, Chief Investment Officer at Cetera Financial Group.

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American bombers struck Iran’s three main nuclear sites overnight, putting the US directly into Tehran’s war with Israel despite President Donald Trump’s longtime promises to avoid new conflicts.

Addressing the nation late on Saturday in Washington, Trump said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated.” He threatened “far greater” attacks if Iran doesn’t make peace, raising the specter of even deeper US involvement in a Middle Eastern war that began with Israel’s strikes on the Islamic Republic nine days ago.

Trump earlier said US planes dropped bombs on Fordow, a uranium-enrichment site buried deep under a mountain and seen as vulnerable only to “bunker buster” munitions that the US possesses. Natanz and Isfahan, two other sites, were also struck.

“Our objective was the destruction of Iran’s nuclear enrichment capacity and a stop to the nuclear threat posed by the world’s No. 1 state sponsor of terror,” Trump said. “Iran, the bully of the Middle East, must now make peace. If they do not, future attacks will be far greater — and a lot easier.”
Iran’s foreign minister, Abbas Araghchi, said the US’s move “outrageous and will have everlasting consequences.”“Iran reserves all options to defend its sovereignty, interest, and people,” he said.
Tehran’s nuclear regulatory agency said there was no sign of radiation contamination at the sites and that it had take precautions in anticipation of an attack.

On this special edition of Bloomberg Surveillance, hosts Tom Keene and Paul Sweeney speak with:

- Ethan Bronner, Israel Bureau Chief for Bloomberg News
- Joe Mathieu, co-host of Bloomberg Balance of Power
- Gautam Mukunda, professor at Yale School of Management and Bloomberg Opinion columnist
- Dan Williams, Bloomberg News Jerusalem reporter
- Jennifer Lawless, professor at University of Virginia

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Bloomberg Daybreak Weekend with Tom Busby takes a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to U.S GDP and personal spending data and Nike earnings.
• In the UK – a look ahead to TheCityUK's annual conference.
• In Asia – a look ahead to Bloomberg’s China economic survey.
  
  
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  Guests:
  
  -Michael McKee, Bloomberg International Economics and Policy Correspondent, to preview next week's U.S GDP/personal spending data.
  
  - Poonam Goyal, Senior U.S. E-Commerce and Retail Analyst at Bloomberg Intelligence, to preview Nike earnings.           
  
  -Leo Kehnscherper, Bloomberg European Asset Management Reporter, looks ahead to TheCityUK's annual conference.
  
  -Julian Harris, UK Economics Editor, looks ahead to TheCityUK's annual conference. 
  
  - Eric Zhu, China Economist for Bloomberg Economics, discusses Bloomberg’s China Economic Survey.
  
  -Karishma Vaswani, Bloomberg Opinion Columnist in Singapore, discusses her column: “US Rethink on Australia Subs Is China’s Win.”

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US equity futures moderated declines early Friday as President Donald Trump weighs whether to back Israel militarily in its conflict with Iran. Contracts for the S&P 500 were down around 0.3% from Wednesday's close in early Asia hours, compared with a 0.9% drop on Thursday when US markets were closed for the Juneteenth holiday. While traders were offered some short-term clarity as the White House said Trump will decide within two weeks whether to strike Iran, the remarks did little to resolve broader uncertainty around potential US involvement and the risk of renewed energy-driven inflation. For more on what's ahead, we heard from Maria Rost Rublee, Professor of International Relations at the University of Melbourne. She speaks with Bloomberg's Shery Ahn and Haidi Stroud-Watts.

Markets were already on edge after the Federal Reserve downgraded its estimates for growth this year and projected higher inflation. As projected, Fed officials held rates steady at their policy meeting this week. We get some analysis from David Laut, Chief Investment Officer at Abound Financial.

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Senior US officials are preparing for the possibility of a strike on Iran in the coming days, according to people familiar with the matter, a sign that Washington is assembling the infrastructure to directly enter a conflict with Tehran.

Meantime, there are a lot of unknowns about the outlook for the economy and interest rates, but Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Policymakers voted unanimously to hold interest rates steady for a fourth straight meeting Wednesday as they await clarity on whether tariffs will leave a one-time or more lasting mark on inflation. Powell said it’s still unclear how much of the bill will fall on the shoulders of consumers, but he expects to learn more about tariffs this summer. For more, we speak to Mark Cranfield, Bloomberg MLIV Strategist in Singapore.

Plus - for more on the Federal Reserve's latest decision, we heard from Betsey Stevenson. She is a Professor at the University of Michigan. Stevenson was also a former Chief Economist of the United States Department of Labor.

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