Crypto News: US-Iran talks get delayed

Good morning. A fragile US-Iran deal is already facing its first test. California’s billionaire-tax backers are trying a cheaper pitch. And we go behind the scenes for a sense of life on the pope’s traveling circus. Listen to the day’s top stories.

— Hellmuth Tromm

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S&P 500 Futures	7,540.25	-0.4%
Nasdaq 100 Futures	30,561.50	-0.5%
WTI Crude Oil Futures	$77.18	+0.8%
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The 60-day clock on a US-Iran peace deal has barely started ticking and already mounting tensions are threatening to throw it off course. Switzerland’s Foreign Ministry announced this morning that the talks have been “postponed” following overnight clashes in Lebanon that resulted in the deaths four Israeli soldiers, including a battalion commander. While JD Vance has warned Israel against attacking Donald Trump’s deal, the country has insisted it will keep troops across its borders until it’s sure Hezbollah no longer poses a threat.

Oil ticked higher to pare a substantial weekly loss as traffic through the Strait of Hormuz appeared to thin, just a day after a burst of oil flows through the waterway as the US and Iran vowed to lift a dual blockade. Supertankers laden with almost 80 million barrels of oil are sitting in the Persian Gulf, but the path back to $3 gasoline looks anything but smooth. With US cash markets closed for the Juneteenth holiday, S&P futures turned cautious.

On the trade front, the US continues its effort to restrict China’s access to cutting-edge technology. Commerce Secretary Howard Lutnick has told Dutch chip-equipment maker ASML that one of the company’s most advanced chipmaking tools may have somehow reached Beijing, escalating a campaign that has been building for quite some time. Separately, Washington is also turning up pressure on Berlin over pharmaceutical pricing.

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In the UK, the ruling Labour Party may have found a challenger to Prime Minister Keir Starmer. A resounding victory by former Greater Manchester Mayor Andy Burnham in a key by-election is fueling speculation about a leadership showdown in the coming days. The 56-year-old has made clear his designs on Starmer’s office while ruling out looser borrowing rules, though investors don’t seem entirely convinced.

Deep Dive: California’s Billionaire Tug-of-War

Signage in support of the Billionaire Tax Now coalition.

A softer Soak-the-Rich. California’s billionaire tax backers are trimming their sails, floating a lower levy of 2% instead of the original 5% version in a bid to win over Governor Gavin Newsom. Supporters say this would offer a two-year bridge for the state’s healthcare funds, offsetting Trump administration cuts.

Newsom’s office rejected the offer, arguing the tax would still harm working Californians.
Proponents project $100 billion in extra revenue, but state analysts warn of long-term losses if wealthy residents leave.
The fight carries added stakes for Newsom as he eyes a 2028 White House run, with the AI boom minting fortunes and Silicon Valley under growing scrutiny.
Fellow Democrats have meanwhile reignited the debate over how much wealth is too much, with Elon Musk’s trillionaire status offering fresh fuel.

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Before You Go

Pope Leo XIV embarks a new aircraft — Pope Leo boarding the aircraft Spanish King Felipe VI (far left) offered after the first plane’s takeoff was delayed.

Traveling with the pope involves more than a seat on the papal plane: think military-grade logistics, rigid schedules and a convoy that won’t wait for stragglers. Here’s a rare glimpse inside the meticulously managed circus that follows the leader of the world’s 1.4 billion Catholics.

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