Donald Trump said he wants a “real end” to the nuclear dispute with Iran, rather than just a ceasefire in the conflict with Israel. The US president left the door open to further talks with the regime in Tehran, including possibly sending a high-level official like Special Envoy Steven Witkoff or Vice President JD Vance. 

As Trump left the Group of Seven meeting in Canada early to focus on the conflict, the United Nations nuclear watchdog said new satellite imagery suggests underground uranium-enrichment facilities at Iran’s primary nuclear-fuel production site at Natanz have been damaged. The International Atomic Energy Agency has yet to detect damage at Iran’s other underground enrichment site in Fordow, it said today.  

Chinese president Xi Jinping said China is “deeply worried” about the worsening Middle East tensions and added that Beijing is ready to play a constructive role in restoring peace and stability. China, which relies on the region for its energy supplies, is becoming increasingly concerned about stability there. — Philip Lagerkranser

What You Need to Know Today

A lack of capacity to control voltage changes triggered Spain’s historic electricity outage in late April, Environmental Minister Sara Aagesen said today. Generation plants that should have been helping to regulate voltage weren’t operating, she said, without disclosing why that happened. Spain’s power grid collapsed in less than a minute on April 28, leaving more than 50 million people without electricity across the country and neighboring Portugal.

Cantor Fitzgerald, the investment bank run for decades by Howard Lutnick before he became US commerce secretary, has gone on a shopping spree for talent in Germany. Cantor poached a team personnel from a Frankfurt-based known as HAL, we’re told. The firm is looking to expand its small office in Frankfurt and possibly open another in Hamburg, the sources say.

President Trump and Howard Lutnick at the White House on March 3. Photographer: Samuel Corum/Sipa

A survey by Shell showed that electric cars are losing their appeal to owners of gasoline-powered vehicles in the West, while existing owners like them more and more. The high upfront cost of EVs remains a significant barrier to adoption both in the US and Europe, the survey found. Among EV drivers, customer satisfaction runs high, however: 9 in 10 surveyed would consider a similar purchase for their next vehicle. 

Russian air strikes  killed at least 14 people in Kyiv as Vladimir Putin’s forces struck multiple locations in the Ukrainian capital with drones and missiles. Ukraine President Volodymyr Zelenskiy called the attack “pure terrorism” in an X post after he arrived in Canada for the Group of Seven leaders’ meeting. A direct hit on a nine-story apartment building caused an entire section to collapse and a search for survivors was underway. 

Rescuers conduct a search and rescue work in a damaged residential building following the Russian missile strike in Kyiv on June 17. Photographer: GENYA SAVILOV/AFP

Two giant tankers  collided and caught fire near the Strait of Hormuz energy chokepoint, rattling oil and shipping markets. The Front Eagle, an 1,100-foot (335-meter) supertanker known as a very large crude carrier, and a smaller vessel called the Adalynn, crashed into each other off the coast of the United Arab Emirates. The incident was “navigational” and “unrelated to the current regional conflict,” the Front Eagle’s owner said. Tensions are running high in the Strait of Hormuz as Israel and Iran attack each other with bombs, drones and missiles. 

UK inflation is expected to ease in figures due to be released tomorrow, although questions about the quality of the official data are already raising doubts about just how meaningful the numbers will be. Economists surveyed by Bloomberg see the rate of inflation slowing to 3.3% in May — but the significance may be muddied after the statistics office said the figure it first announced for April was wrong. A day after the reading arrives, the Bank of England will announce its interest-rate decision. 

Elon Musk’s artificial intelligence startup xAI is in talks to raise $4.3 billion through an equity investment on top of the $5 billion it has recently been trying to borrow from debt investors. The company, which runs the Grok AI chatbot, needs the money partly because it already spent most of what it previously raised, materials shared with investors indicate. Out of $14 billion of equity funding xAI has raised, only $4 billion remain on its balance sheet. 

What You’ll Need to Know Tomorrow

For Your Commute

You can eat well in the Nordic region these days. The culinary scene there reached new heights in 2025, with the number of Michelin-starred restaurants jumping significantly, underscoring its growing influence on the global food map. This year, like last year, Denmark tops the list with three spots awarded three stars. They include the world-famous locavore dining room Noma led by chef Rene Redzepi.

Can Europe defend itself? You're invited to our virtual briefing on the geopolitical climate and industrial context that will shape the next decade, featuring an exclusive presentation by Bloomberg Intelligence plus insights from Bloomberg journalists and industry experts. Join us Wednesday, June 18 at 3:30 p.m. BST. Register today.

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