Good morning. The EU and the US strike a trade agreement. Keir Starmer meets with Donald Trump in Scotland today. And the Lionesses are crowned European football champions. Listen to the day’s top stories.
Today’s talks. Keir Starmer hashis own get-together with the US president in Scotland in a bid to remove remaining obstacles to their trade deal and press for a lasting ceasefire in Gaza. American and Chinese officials are meeting in Stockholm to extend their tariff detente beyond a mid-August deadline.
Across the pond, Wall Street pros are staring down a pivotal week that may set the tone for the rest of the year. All eyes will be on the Federal Reserve’s rate decision and the release of key economic data, while Big Tech’s Amazon, Apple, Meta and Microsoft report earnings.
Thai and Cambodian officials are set to meet in Kuala Lumpur to discuss an end to their border clashes. Marco Rubio said US officials are already in Malaysia to assist with the efforts. Read our explainer on what’s behind the deadly violence between the two countries.
Play Pointed, the news quiz for risk-takers: Who recently became the world's second-richest person for the first time? Test your knowledge.
Deep Dive: Losing Bet
Photographer: Betty Laura Zapata/Bloomberg
It was the buzziest bond trade in London’s financial circles—a good chance at a quick profit, and all the gains coming tax free.
As far back as 2022, a UK bond maturing in 2061 was one of the most popular plays, with City bankers buying them for their own personal accounts and brokers reporting a surge in trading volumes from wealthy clients.
Instead, they’re turning out to be a losing bet. The notes have plunged, wiping out more than half their value since 2022.
“People are still holding onto the position hoping that it will work,” said Megum Muhic of RBC Capital Markets, calling it “the most talked about bond” in the City.
The 2061s are part of a niche class of ultra-long dated securities, like Austria’s 100-year bond, that’s seen prices tumble across the board. BlackRock’s long-dated Treasury ETF, dubbed the “widow maker” of the ETF world, has also lured in scores of traders looking for a high-risk way to bet on the ups and downs of interest rate moves.
Trump is winning the Hulkamania tariffs brawl he started, John Authers writes. He’s bludgeoned his way to another deal—this time with the EU. His trade victims never got their common defense together to take on the bullying.
Watch them roar—again. England’s Lionesses beat Spain 3-1 on penalties to defend their European Championship title. Chloe Kelly took the decisive spot-kick in a nerve-wracking shootout after Spain missed three in a row.
