Iran Ratchets Up Talk of Controlling Hormuz Before New Talks | The Opening Trade 6/30/2026

Summary

Bloomberg's Opening Trade covers global markets as the ECB's Sintra forum kicks off with central bankers defending recent rate hikes while data dependence remains key. The yen falls to a 40-year low against the dollar, Iran pushes to control Hormuz strait traffic ahead of US talks, and the UK prepares its defence investment plan. Interviews with M&G's Fabiano Fedeli and Atlassian CEO Mike Cannon-Brookes offer takes on software stocks, gold, and AI's impact on jobs.

• ECB officials defend the June rate hike as robust, remain data-dependent, but do not close the door on further tightening.
• French inflation slows sharply in June, potentially easing pressure on the ECB to deliver another hike.
• The Japanese yen weakens past 162 per dollar, hitting its lowest since 1986, driven by hawkish Fed expectations and BOJ inaction.
• Iran reiterates plans to control Strait of Hormuz maritime traffic, raising oil supply concerns ahead of nuclear talks in Doha.
• The UK is set to announce a defence investment plan focusing on drones, though funding questions persist.
• M&G CIO Fabiano Fedeli favors software stocks and gold, sees complex markets and warns about retail leverage in Korea.
• Atlassian CEO Mike Cannon-Brookes says investors overstate the AI threat to enterprise software; argues white-collar jobs and margins can grow.
• Bloomberg's Skyler Montgomery expects dollar-yen to push higher in the near term as intervention timing may be delayed.