Good morning. President Trump disputes critical reports of how effective the US airstrikes were. The race for New York City mayor takes a stunning twist. And how to steal a house… Listen to the day’s top stories.
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President Trump disputed an early intelligence report from the Pentagon that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program. The attacks caused “total obliteration,” he said, while satellite imagery fails to provide conclusive evidence of deep penetration. And in a surprise announcement that appears to undermine years of US sanctions on Iran, Trump gave China the green light to buy Iranian oil.
Federal Reserve Chair Jerome Powell said the inflation outlook is keeping interest rates on hold, and he gets the chance to expand on that in front of the Senate Banking Committee today. Stock futures were steady as the Israel-Iran truce appeared to hold, and oil rose after posting the biggest two-day decline since 2022.
The UK said it would buy at least 12 new US-made F-35A fighter jets capable of carrying nuclear weapons, in an attempt to curry favor with Trump. NATO is trying to use charm to keep the US president on its side after he fueled doubts about America’s commitment. Keep up with the summit in The Hague via our Live Blog.
Corporate update: Chip design company Ambarella is considering a potential sale, according to people familiar with the matter. Shares in payments processor Worldline tumbled more than 20% following a report that it covered up fraud by customers. And a Jane Street founder says he was duped into funding AK-47s and other weapons for an alleged coup plot in South Sudan.
Photographs of weaponry the defendants allegedly sought to buy and export to South Sudan to stage a coup. Photographer: US Department of Justice
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Answer five simple questions about your taxes to see your estimated gain under the bill approved in the House and currently being revised in the Senate, which raises the SALT cap from $10,000 to $40,000.
JPMorgan Chase traders regularly send out lists of loans they're looking to buy, but almost no one in private credit is willing to sell, due to a strong "us-versus-them" mentality. Read the story.
A FedEx truck in San Francisco Photographer: David Paul Morris/Bloomberg
FedEx’s efforts over the next two years to combine its two distinct delivery networks—Express and Ground—carry much more risk than $4 billion of cost cuts that its chief executive already promised and delivered, writes Thomas Black. The company is at a crossroads.
Illustrator: Carolina Moscoso for Bloomberg Businessweek
How to steal a house. When Arash Missaghi was murdered in suburban Toronto last year, his killer accused him of swiping properties and ruining his investors’ lives. Read how Missaghi became probably Canada’s most prolific mortgage fraudster, operating during two decades when the nation was home to the world
