Israel and Iran have agreed ceasefire, says Trump

This text is an on-site model of our FirstFT publication. Subscribers can signal as much as our Asia, Europe/Africa or Americas version to get the publication delivered each weekday morning. Discover all of our newsletters hereToday’s agenda: Nato summit; Monte dei Paschi share sale scrutiny; EU single market, Russia’s unjammable drones and an interview with Delphine ArnaultGood morning. We start within the Center East which is waking as much as Donald Trump’s announcement of a ceasefire between Iran and Israel. Right here’s the most recent. What occurred: The US president final evening mentioned that Israel and Iran have agreed “an entire and complete ceasefire”. He additionally mentioned the truce could be applied in phases, by Iran then Israel, over 24 hours. Iran’s overseas minister later posted on X that there was no settlement, including that Tehran had “no intention to proceed our response” if Israel stopped its “aggression”. Israel has not but given a response in regards to the ceasefire. Israeli paramedics in the meantime mentioned this morning that three folks had been killed in an Iranian missile strike within the south of the nation.Market affect: Fairness markets opened larger in Asia following the ceasefire announcement. The greenback weakened 0.3 per cent towards a basket of its key buying and selling companions. Oil costs prolonged declines as merchants responded with reduction. Brent crude, the worldwide benchmark, fell 4.1 per cent to $67.61 a barrel.Observe our dwell weblog for the most recent updates if de-escalation of hostilities materialises and holds. And right here’s extra protection of the battle: Trump’s Iran coverage: The pinnacle-spinning course adjustments on Tehran revealed as soon as once more how the US president alternates between blustery threats, efforts to chop offers, excessive measures and sudden victory laps.Be part of FT journalists and visitors for a webinar tomorrow unique to FT subscribers to assist unpack the strategic, diplomatic and financial stakes of the Israel-Iran conflict. Register right here.Right here’s what else we’re conserving tabs on at this time:Central banks: Financial institution of England governor Andrew Bailey offers proof in Westminster to the Lords financial affairs committee whereas Federal Reserve chair Jay Powell delivers his semi-annual financial coverage report earlier than the Home monetary companies committee.Financial knowledge: Germany releases the Ifo enterprise local weather index for June whereas the US stories on Could state employment and unemployment figures.Nato summit: Leaders from member states meet in The Hague for a summit geared toward placating Trump over defence spending. The gathering is vulnerable to descending into acrimony.5 extra high stories1. Unique: Germany will enhance defence spending by greater than two-thirds by 2029, outpacing France and the UK as Chancellor Friedrich Merz drives rearmament of Europe’s largest financial system within the face of an aggressive Russia and a risky America. Anne-Sylvaine Chassany has extra on the plans.Macron and Merz: As norms erode and outdated certainties are challenged, Europe should act accordingly and arm itself for an unstable world, writes the president of France and chancellor of Germany.Nato spending: Sir Keir Starmer will pledge to the alliance that the UK will increase defence funding to five per cent of GDP inside a decade.Transatlantic tie-ups: US defence corporations are wooing European rivals as they aim the area’s navy spending spree.2. Unique: The European Fee is analyzing the Italian authorities’s sale of shares in Monte dei Paschi di Siena final yr, following claims that enormous buyers comparable to UniCredit, Norway’s oil fund and BlackRock had been shut out of the bidding course of. Learn the complete report. 3. Currencies, shares and bonds in growing international locations are defying Trump’s commerce conflict and the battle within the Center East to outperform world markets in 2025 as buyers search to diversify away from greenback property amid considerations over erratic US policymaking. 4. Unique: The chief govt of Deutsche Financial institution’s asset administration arm has urged European policymakers to undertake a extra pragmatic stance in the direction of investments from China and the Gulf, as Berlin prepares to spend lots of of billions overhauling its creaking infrastructure. Learn the interview with DWS chief Stefan Hoops.5. Amazon founder Jeff Bezos and TV anchor Lauren Sánchez’s marriage ceremony in Venice this week has develop into a lightning rod for protest, as locals disgruntled with overtourism be a part of local weather activists to rage towards a spectacle that to them epitomises most of the world’s ills. The Huge Learn© FT montage/DreamstimeMore than three many years after it was launched, lots of of boundaries persist throughout the EU’s single market. In an period of commerce wars, Brussels believes it might enhance competitiveness by bettering the movement of products, companies and capital. However earlier makes an attempt to unite the bloc have floundered on nationwide sensitivities. Translating a newly discovered political momentum into the required reforms proposed would be the hardest problem. We’re additionally studying . . . Army briefing: Russia’s summer season offensive is beginning to achieve floor in Ukraine, with Moscow’s forces aided by drones that can not be jammed.‘Chains of thought’: The world’s main synthetic intelligence teams are struggling to drive AI fashions to indicate how they function. ‘Verification downside’: As expertise turns into higher, a return to face-to-face encounters appears extra probably, writes Stephen Bush.Chart of the day The principle motive to fret about world commerce imbalances will not be the affect on manufacturing, which, for a rustic just like the US, is a second order subject, however somewhat on monetary stability. That is additionally why fiscal adjustment must be a co-operative enterprise when the individuals are such massive economies, writes Martin Wolf.Take a break from the newsDelphine Arnault, left, has made Jonathan Anderson artistic director of Dior’s clothes collections © Thomas ChénéLast month, Dior chief govt Delphine Arnault appointed Jonathan Anderson as artistic director to supervise each the boys’s and girls’s collections. Her determination to herald the Northern Eire-born designer is her greatest guess since she took the helm of the division in 2023. Learn extra on her plans to open a brand new chapter at LVMH’s second greatest model.