Morning Briefing: Europe
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Good morning. US intelligence sees limited damage to Iran’s atomic sites. The UK is buying American-made fighter jets. And scientists discover 20 previously unknown viruses in bats. Listen to the day’s top stories.

American airstrikes didn’t destroy Iran’s core nuclear components below ground, according to early Pentagon assessments, and were said to have set the program back several months to a year. The UN watchdog urged fresh inspections of the sites. White House officials dismissed the reports as false and Donald Trump said the nuclear sites are “completely destroyed.”

European equity futures rose and Asian shares edged higher as the Israel-Iran truce appeared to hold. Bond-market legend Bill Gross has bad news for Treasury bulls—but good news for stock investors. And Citadel Securities is seeking to stop a new exchange founded by the stars of Michael Lewis’s book Flash Boys from entering the options market.

The UK said it would buy at least 12 new US-made F-35A fighter jets capable of carrying nuclear weapons, the latest attempt by Keir Starmer to curry favor with Trump. 

Trump and World Leaders Gather for NATO Photo

Trade latest: The EU plans to impose retaliatory tariffs on US imports, including on Boeing aircraft, if Trump puts a baseline levy on the bloc’s goods. Chinese firms are boosting exports to the UK to levels not seen in years. And FedEx gave a weak earnings outlook, saying shipments between the US and China, its most profitable route, “deteriorated sharply” in May.

German retailers are seeing record inventory losses as in-store theft, driven in part by organized crime, reaches new heights. Thieves typically target small, high-value items.

More Top Stories
Cuomo Concedes to Mamdani in NYC Democratic Primary for Mayor
Trump Baffles With Sudden U-Turn on China Buying Iranian Oil
EDF May Need to Curb French Nuclear Output Due to Heat Wave

Deep Dive: Virus Hunt

Scientists have discovered 20 previously unknown viruses in bats from China’s Yunnan province, raising fresh concerns about the risk of animal pathogens infecting people.

  •  Among them were two henipaviruses closely related to Nipah and Hendra, which can cause fatal brain inflammation and respiratory illness in people, with mortality rates as high as 75%. 
  • The findings underscore how much remains unknown about the microbes carried by bats—animals that serve as natural hosts for some of the world’s most dangerous pathogens
  • Scientists have long warned that climate change, farming expansion and urbanization are bringing animals and people into closer contact, increasing the likelihood of new viruses emerging and sparking outbreaks, as seen with SARS, Ebola and Covid-19.

The Big Take

JPMorgan Traders Are Getting Shut Out of Private Credit Market
Wall Street is struggling to pry open the red-hot asset class and bring trading and transparency to the tightly held loans that have long been off-limits to them

Big Take Podcast: Former Negotiator on the Path to Iran Deal 

Opinion

Bond traders may have found the next Greece, writes Matthew Winkler. Just when the IMF sees slower growth around the globe, Zambia is poised to expand at least 6% in 2025. The country’s dollar-denominated securities now have no peers in the international bond market.

More Opinions
Rosa Prince
Britain Does Indeed Have a Free Speech Problem
John Authers
There’s Another Ceasefire That’s Ticking

Before You Go

Rutte and Trump in March. Photographer: Yuri Gripas/Abaca/Getty Images

Do tell. Trump posted a private message from NATO’s Mark Rutte, revealing his effusive fawning ahead of the alliance’s summit. The Secretary General praised Trump’s actions in Iran and NATO funding negotiations, saying “Europe is going to pay in a BIG way, as they should, and it will be your win.”

A Few More
Selfridges Wins Approval for Private Members’ Club
Hong Kong Developer Sought Loans Backed by Picasso, Warhol Art
Britons Lose Faith in US Alliance Amid Trump Tariffs, Poll Says

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