U.S. President Donald Trump (CL) speaks during a Cabinet meeting in the Cabinet Room of the White House May 27, 2026 in Washington, DC.
Win McNamee | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to today’s edition of the Daily Open newsletter.
In some ways, we end the week where we started it, with conflicting stories about how close the United States and Iran really are to a peace deal.
A slew of corporate news continued to support major markets, while oil prices retreated further from recent highs.
But it remains to be seen who will “wait” who to gain the upper hand in these peace negotiations.
What you need to know todayA US-Iran peace deal appears very close, but mixed messages from Washington and Tehran, as well as continuing missile strikes, mean obstacles remain.
US President Donald Trump has yet to give final approval to a 60-day memorandum of understanding.which Tehran would have approved. Treasury Secretary Scott Bessent said Trump had “several red lines” for any deal, while the president himself told a cabinet meeting that he would not be pressured.
“They thought they were going to wait for me, you know. ‘We’re going to wait for him, he has midterms.’ I don’t care about the midterm elections,” Trump told his cabinet colleagues.
Defense ministers from around the world are meeting at the Shangri-La Dialogue in Singapore, with US Defense Secretary Pete Hegseth expected to deliver a speech to the group on Saturday morning.
Asian markets expected to end the week on a positive notewhile US and European futures are on track for a quieter open on Friday.
The biggest movements took place oil markets. Today, crude oil prices are falling, with Brent now down more than 17% through May, while WTI fell more than 15% over the month.
Major energy Exxon issued a stark warning that oil stocks would fall to record lows. in the coming weeks. Senior vice president Neil Chapman told an event in New York: “I mean really, really low levels… You can debate whether [it’s] will reach these very low levels in two or three weeks. Once you get to this point, you will see [the] prices are skyrocketing.”
In other business news, Dell shares jumped nearly 40% in extended trading after the technology group beat Wall Street’s profit forecasts and raised its guidance. Some analysts cite the strong performance for Michael Dell’s first steps to establish good relations with the Trump administration.
Also during the night, Blue Origin’s New Glenn rocket exploded during a ground test at Cape Canaveral, Florida. The space group is led by Amazon founder Jeff Bezos, who confirmed to
— Leonie Kidd
And finally…I was at the exclusive launch of Ferrari’s new electric vehicle that sent the stock tumbling. But maybe there’s light at the end of the tunnel
The launch that turned into a PR crisis for Ferrari began about six weeks ago when an invitation arrived in my inbox to attend the unveiling of the Luce, its first fully electric car.
I was taken alongside hundreds of guests in dark vans, escorted by police, to the Vela di Calatrava sports complex on the outskirts of Rome.
The event was so controlled that security blocked our phone cameras to prevent unauthorized photos of the 550,000 euro electric vehicle, which thus disappointed investors that the company’s shares fell 8% the next day. But the event was a reminder of what an important milestone the company is reaching, and how the real test of the car will be when it hits the market.
-Charlotte Reed
