Good morning everyone, it’s Ben here in soggy Canberra, this is what’s making headlines this morning.

Today’s must-reads:
• Trump announces imminent Israel-Iran ceasefire
• Stock market rises on hopes of de-escalation
• Virgin Australia to relist after major Australia IPO

What's happening now

President Donald Trump has announced a ceasefire between Israel and Iran, raising hopes of de-escalating the conflict in the Middle East. Tehran fired a number of missiles at a US military base in Qatar overnight in response for America’s bombing of its nuclear facilities, but the attack was telegraphed in advance, allowing much of the base to be evacuated. Trump said in a post to Truth Social that the attack was “very effectively countered” and that he now hoped for “Peace and Harmony in the Region.”

Foreign Minister Penny Wong said in a post to social media site X on Tuesday morning that Australia condemned Iran’s attacks and did not want to see further escalation.

Bain Capital’s Virgin Australia will begin trading in Sydney on Tuesday after raising A$685 million in one of the country’s biggest initial public offerings this year. The relisting — the company was publicly traded before collapsing in the early days of the Covid pandemic — is the biggest airline IPO in the Asia Pacific region in a decade, according to data compiled by Bloomberg. 

The percentage of women being appointed to boards has declined for the last two years. It will now take even longer for women to reach parity in the C-suite than was previously estimated, writes Bloomberg Opinion’s Beth Kowitt.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

News of a ceasefire between Israel and Iran saw Aussie and kiwi edge higher in early Tokyo trade, building on positive sentiment in US stocks. Oil plunged after the Iranians fired missiles at an American airbase in Qatar, all of which were intercepted. The move was seen more as symbolic than escalation, hence haven flows into the dollar reversed. US yields fell after another Fed speaker joined the narrative of a possible July interest rate cut. Aussie and kiwi dollars both dipped but found traction ahead of their 100-day moving averages to finish higher on the day. The economic data cupboard is bare on both sides of the Tasman today so markets will probably again take cues from stock indexes and headlines. ASX futures point to a strong opening in equities.

Federal Reserve Chair Jerome Powell will have two chances this week to explain to lawmakers why he and most of his fellow policymakers seem resolved to continue holding interest rates steady at least until September, ignoring President Donald Trump’s persistent calls to lower borrowing costs.

A television station broadcasts Jerome Powell, chairman of the US Federal Reserve. Photographer: Michael Nagle/Bloomberg

A divided US Supreme Court lifted a judge’s order that required President Donald Trump’s administration to give people 10 days notice and a chance to object before they are deported to a so-called third country.

Starbucks shares rose in late trading on Monday after Caixin Global reported the company is considering a full sale of its China business, citing people familiar with the matter.

HSBC is forecasting hundreds of millions in extra real estate costs as it considers asking more of its employees to return to the office, potentially hindering the bank in its bid to find $1.5 billion in annual cost savings.

What to watch

All times Sydney:
• 10.00 a.m. — Bloomberg’s June Australia Economic Survey
• 12.30 p.m. — Australia’s eSafety Commissioner Julie Inman Grant to address the National Press Club

One more thing...

We’ve all been there — you have a big event but you can’t risk a hangover the next morning. Fancy coffee or tea is all well and good, but we asked C-suite bosses what was their power drink when they’ve decided they don’t want booze. The responses run the gamut from a new 0% alcohol beer backed by a famous actor to an elaborate, kombucha-based cocktail for in-house entertaining. Here’s what the bosses drink when they’re not drinking (alcohol).

Illustrations by Rose Wong