Keir Starmer’s office rushed to express support for Chancellor of the Exchequer Rachel Reeves, shortly after the UK prime minister appeared to cast doubt on whether she’ll stay in her role following a U-turn on the government’s flagship welfare reforms. 

Asked today during prime minister's questions to repeat his previous pledge that Reeves would still be in the job at the next general election, Starmer avoided answering as a visibly emotional Reeves looked on. That prompted a clarification from Starmer’s press secretary, Sophie Nazemi: “She has the prime minister’s full backing,” Nazemi said of Reeves. 

The speculation around Reeves, which caused the pound and UK stocks and bonds to slide today, comes at a low point in Starmer’s premiership. Yesterday, he abandoned controversial plans to restrict benefit payments to some disabled people, a reform pushed by the chancellor which would have saved some £5 billion ($6.9 billion). — Philip Lagerkranser

What You Need to Know Today

Donald Trump’s administration is halting the transfer of artillery rounds and air defenses to Ukraine just as Russia steps up missile and drone attacks to subdue the country. Among the weapons that are being paused are 155mm artillery shells, Stinger shoulder-fired missiles, Patriot air-defense batteries and Hellfire missiles, PBS Newshour’s Nick Schifrin reported. The White House confirmed that the stoppage was prompted by concerns that US munitions stockpiles had fallen too low. 

A Ukrainian serviceman prepares 155mm artillery shells at a front line position in eastern Ukraine. Photographer: Aris Messinis/Getty Images

IPO volumes in London slumped to the lowest for a first half since 1997, just as a report cited AstraZeneca’s chief executive as saying he wants to move its listing to the US. Pascal Soriot’s comments add to pressure on the UK to halt the shrinking of London’s historic trading venue. More than $100 billion worth of London-listed companies have announced or executed plans to move to New York in recent years, Bloomberg calculations show.

Europe’s scorching weather looks poised to cool off in coming days, but it may be a brief respite. The hot and dry conditions are likely to return around mid-month and then linger, said Atmospheric G2 meteorologist Amy Hodgson. The heat poses a threat to power generation, particularly in France, with rising river temperatures making it harder to cool nuclear reactors. 

Tesla’s sales dropped in the second quarter, leaving it needing a blockbuster second half to avoid two consecutive annual declines. The EV maker’s 384,122 deliveries in were above the most bearish analyst’s estimates, however, sparking a rally in Tesla’s shares. Tesla was counting on a boost in the quarter from the redesigned Model Y sport utility vehicle, by far its most important product.

OPEC’s oil output rose by the most in four months in June, a Bloomberg survey showed. Saudi Arabia led the surge as Riyadh tried to reclaim market share even in the face of faltering demand and an impending global surplus. Production from OPEC’s 12 members increased by 360,000 barrels a day in June to an average of 28 million per day, according to the survey. 

A former UBS executive scored a win in his UK court fight with his ex-wife over the their £133 million estate. The UK Supreme Court ruled in favor Clive Standish after his former wife Anna appealed an earlier decision that he should keep the majority of their wealth. The pair were battling over a sum of around £80 million transferred to Anna a few years before their divorce in order to avoid paying inheritance tax.

Mozambican President Daniel Chapo said his government and private companies will have to collectively ensure the necessary security is in place to enable TotalEnergies to restart construction of a $20 billion gas project. The French oil major halted work, evacuated workers and declared force majeure in 2021 following an escalation in attacks by Islamic State-linked militants.

What You’ll Need to Know Tomorrow

For Your Commute

For two weeks every summer, the Centre Court at Wimbledon is where fans can watch the best tennis players in the sport’s most prestigious amphitheater. For some of the most expensive ticket holders, it’s not even worth attending. That’s because owning so-called debentures – a guaranteed seat on Centre Court or No. 1 Court for a five-year stretch – has become so profitable that many are choosing to treat them as a tradeable asset.

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