News when you want it with Bloomberg News now.

I'm Erica Herskovitz. Iran has delayed the start of

negotiations over a permanent peace deal with the U.S.

due to intensified fighting in southern Lebanon, where Israel and Hezbollah

traded more attacks overnight. The two sides were scheduled to meet

today in Switzerland. Reuters is now reporting that a

ceasefire has been agreed to by Israel and Iran.

Hezbollah militants starting today at 4 p.m.

local time, with both sides committing to a truce if the other side does the

same. The postponement of the talks represent

a setback to U.S. efforts to end the war and curb Tehran's

nuclear program, with no indication of a new start date for discussions.

Earlier this week, President Trump signed a memorandum of understanding

with Iran. Despite widespread criticism, he was

conceding too much in terms of financial benefits and relief from sanctions.

Meanwhile, Iran has asserted control of the Strait of Hormuz and floating

insurance fees as further peace talks stalled with the US.

Bloomberg's Monica Ricks reports. Iran says ships that cross the Strait of

Hormuz need its permission to pass the vital waterway.

That's according to the country's Persian Gulf Strait Authority, which

posted a document on its website setting the stage for future tolling

arrangements by requiring ships to buy insurance from Tehran.

Right now, crossing is free under an interim peace plan between the U.S.

and Iran. But supertankers are still stalled in

the Persian Gulf, with about 80 million barrels of oil ready to go.

Maritime officials warn despite this, cease fire ships still face significant

safety and security risks. Monica Ricks Bloomberg Radio.

Italy's foreign minister has cancelled next week's visit to the U.S.

over reported comments. President Trump appeared to have mocked

the country's prime minister, Giorgia meloni.

Trump said Meloni begged him for a joint photo at this week's Group of seven

summit in France. She called the claim fully made up.

Meloni positioned herself as a bridge between Europe and the Trump

administration before the relationship came under strain.

When, in April, she defended Pope Leo from the U.S.

president's harsh criticism of the pontiff's anti-war views.

CNN is reporting acting National Intelligence Director Bill Pulte is

looking to make major staffing changes, including hundreds of cuts.

Pulte reportedly asked for a list of employees during his first day on the

job yesterday to decide whether to fire them.

CNN says he's also asking questions about his top secret security clearance

and access to government resources in the UK.

UK Prime Minister Keir Starmer says he's not resigning and plans to run against

rival Andy Burnham for his job after Burnham's decisive victory for the

Labour Party overnight. Bloomberg's James Woolcock weighs in on

Starmer's potential ouster. Literally everything that President

Trump said he was trying to accomplish with this war, he has failed to

accomplish. Bloomberg's James Woolcock on Bloomberg

Surveillance Starmer's struggled with political and economic problems, with

government borrowing hitting a two month low thanks to higher inflation.

Federal Reserve Governor Lisa Cook has received more than $1 million in support

to help cover her legal fees. Bloomberg's Amy Morris reports from

Washington. Newly released financial disclosures

show cook received donations worth roughly $1.2 million to cover legal

fees, and another $5,475 in pro-bono legal aid last year.

That's according to the Office of Government Ethics.

The money came from non-government organizations and personal friends.

President Trump moved last August to fire cook from the Fed's board of

governors, accusing her of mortgage fraud that ignited the legal battle that

is now before the U.S. Supreme Court.

In Washington. Amy Morris, Bloomberg Radio.

U.S. markets are closed today for Juneteenth,

but global stocks retreated as investors weigh prospects for a diplomatic push

between the U.S. and Iran.

The Footsie in London closed down 4/10 of a percent.

The CAC in Paris lost more than a third of a percent.

The Dax in Germany closed flat. The Nikkei in Japan finished ahead a

third of a percent. The Hang Seng in Hong Kong fell nearly

one and two thirds percent, and China's CSI 300 gained 2/10 of a percent.

The white House is bidding farewell to Air Force One.

The aircraft made its final flight to bring President Trump back from Europe

earlier this week. There are three 747 eight hundreds being

outfitted now to serve as presidential aircraft, including a luxury jet donated

by the Qatari government. At the World Cup, the US and Australia

are battling it out in Seattle as both teams look to advance to the knockout

round with a victory today. Second round of the U.S.

open rolls on at Shinnecock Hills, and Clark Windham is your clubhouse leader,

four shots ahead of Zander Lee and Matt Fitzpatrick.

That's news when you want it with Bloomberg News now.

I'm Erica Vista and this is Bloomberg.