Good morning. We have updates today on volatility in Asian markets after yesterday’s global rebound and the wars in Ukraine and the Middle East.
But first we turn to the US, where just hours ago vice-president Kamala Harris and her newly announced running mate Tim Walz made their maiden joint appearance at a Democratic party rally.
Introducing Walz to thousands of cheering supporters in Philadelphia, Harris presented the Minnesota governor as a champion of dearly held freedoms that Donald Trump was plotting to take away.
“We are the underdogs in this race, but we have the momentum and I know exactly what we are up against,” Harris said. “Our campaign will reach out to everyone. From red states to blue states. From the heartland to the coasts. We are running a campaign on behalf of all Americans,” she added.
Turning from President Joe Biden’s framing of the election as a battle for democracy, Harris and Walz pitched themselves as defenders of personal freedoms, including abortion rights and safety from gun violence. Here’s what Walz said in his first speech as a vice-presidential candidate.
With Harris now polling neck and neck with Trump, sign up for our US Election Countdown newsletter to get the latest updates on the White House race. And here’s what else I’m keeping tabs on today:
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Economic data: Germany and France report trade balance figures while Halifax has its house price index for the UK.
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Results: ABN Amro Bank, Commerzbank, Glencore, Lyft, Maersk, Novo Nordisk, Walt Disney and Warner Bros Discovery are among those reporting. See our Week Ahead newsletter for the full list.
Five more top stories
1. Asian shares edged higher in volatile early trading, in what traders said was a sign of what to expect in the coming days. After leading global rebounds from a market rout yesterday, Japanese stocks dropped heavily at this morning’s open before rapidly reversing to a gain, with Korea and Taiwan following suit. One broker said: “It still doesn’t make a lot of sense.”
2. The US has warned Turkey of “consequences” over exports to Russia of US military-linked hardware, including chips and other parts vital to Moscow’s war in Ukraine. The warning is the latest sign of how Turkey’s retention of trade ties with Russia has tarnished relations with its Nato ally. Read the full story.
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War in Ukraine: Moscow said that “up to 300” Ukrainian troops have attempted one of the largest incursions into Russia since the start of its full-scale invasion.
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Military briefing: Russian forces have exploited Kyiv’s military shortages and blunders to capture nearly double the amount of land Ukraine liberated last year.
3. Hamas has chosen Yahya Sinwar, the architect of the deadly October 7 attack on Israel, to be its new political leader. Sinwar, who is Israel’s most wanted man, succeeds Ismail Haniyeh, who was assassinated in Tehran last week in an attack that Hamas and Iran have blamed on Israel. Here’s how Sinwar’s elevation could affect hostage and ceasefire talks.
4. China will impose controls on the production of chemicals critical to producing fentanyl in a sign of rising co-operation with the US, which has been pressuring Beijing to take action for several years. Officials estimate the illicit drug claimed nearly 75,000 American lives last year. More details on what the White House has called a “valuable step forward”.
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Chinese economy: China’s export growth missed expectations last month but imports rose in official data released today, reversing previous falls as trade remained the strongest economic driver.
5. UK far-right groups could attack the homes of some migrant-friendly lawyers today, the police have been warned. Authorities are braced for a significant increase in violence after a message shared across far-right activist groups listed 36 targets that also included immigration centres and refugee shelters.
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Fuelling hatred: Years of Tory ministers demonising migrants helped prepare the ground for the far-right riots gripping the country, critics say.
The Big Read
India is determined to catch up with China — but strictly on its own terms. Narendra Modi’s Atmanirbhar Bharat Abhiyaan, or “Self-reliant India”, campaign, has translated to some of the harshest restrictions on Chinese inward investment of any major world economy. But some critics are warning that the prime minister’s tough line on China could starve India of the capital, components and knowhow needed to realise its ambition of becoming a major manufacturing power.
We’re also reading . . .
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Coca-Cola: The soft-drink maker could owe $16bn in back taxes, enough to wipe out a year and a half of profits, with the figure rising by more than $1bn a year.
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Big Tech: Billions of dollars in payments that have flowed between Apple and Google could be at risk after a landmark antitrust verdict against the search giant.
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Olympics: A French public pummelled by political chaos have replaced their pre-Games Gallic grumpiness with enthusiasm for Les Bleus, writes Leila Abboud.
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Cancer: Rising rates of the disease among young people have profound public health implications, writes Anjana Ahuja. What could be the culprit?
Chart of the day
Is the world’s largest economy headed for a recession? Most economists believe jittery investors have overplayed fears and a “soft landing” is still more likely, but years of bumper growth are over.
Take a break from the news
There are many stressful things about holidaying abroad, but running the all-too-familiar gauntlet with car rental companies is definitely one of the worst. Claer Barrett explains why problems with expensive insurance and spurious damage claims are so prevalent — and how you can avoid them.
Additional contributions from Harvey Nriapia and Benjamin Wilhelm
