Bloomberg This Weekend | US, Iran Reps to Switzerland, Team USA to the Knockout Round

Summary

This episode covers US-Iran nuclear negotiations and the reopening of the Strait of Hormuz, with President Trump predicting a sharp oil price drop. It also examines a leadership challenge to UK PM Starmer, a hypothetical SpaceX IPO that value investor Seth Klarman calls overvalued, and Fed Chair Warsh's commitment to price stability and reform task forces. Additional segments touch on US reindustrialization and the World Cup.

• US and Iran prepare for nuclear talks in Switzerland with a 60-day deadline; Strait of Hormuz reopening impacts oil supply.
• President Trump states oil prices will plummet as tankers flow through the Strait.
• UK Prime Minister Starmer faces a leadership challenge after a major by-election win by Andy Burnham; gilt and sterling markets watch closely.
• SpaceX (hypothetical IPO) first week trades up 37%; Seth Klarman warns the unprofitable company is overvalued and that capital supply pressures are mounting.
• Fed Chair Kevin Warsh holds rates steady, emphasizes commitment to 2% inflation, and announces task forces to review communications, data, and productivity.
• US reindustrialization summit in Detroit highlights private capital flooding into the defense sector and the need to rebuild production scale.
• Algerian soccer team based in Lawrence, Kansas for the World Cup generates community enthusiasm.
• Prediction markets like Polymarket and Kalshi see over $5 billion traded on World Cup outcomes.