Starmer Says Reeves Will Remain as UK Chancellor
UK Prime Minister Keir Starmer told the BBC that Rachel Reeves will stay on as chancellor 'for many years to come,' as he sought to end speculation about her future that sparked a bond selloff. The pound steadied during Asian trading hours.
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Controversial businessman Stephen Vaughan dies as son hails 'best man I've ever known'
Controversial Liverpool businessman Stephen Vaughan has died, his son has announced. The former football club owner's death was announced by his son, of the same name, in a Facebook post. Stephen Vaughan Jr, a former Liverpool reserves player, posted on social media: "Absolutely devastated the best man I've ever known RIP Dad our hero." Vaughan's football legacy is controversial after her bought Chester in 2001 from American Terry Smith and oversaw the club's promotion back to the Football League in 2004. The club ran into financial difficulty and collapsed into administration with debts of £8 million following relegation in 2009 – the same year Mr Vaughan also became the first owner to fail the Football Association's 'fit and proper person' test. READ MORE: Live updates as main road shut after police incident READ MORE: Woman who collapsed in holiday hotel room given devastating news It came after he had six fraud charges involving deception and obtaining high value cars dropped at Liverpool Crown Court in March 2008 while still serving as Chester City owner. They were alleged to have occurred between March, 2005, and March, 2006. The Liverpool-born businessman was also over the years a boxing promoter, a director of rugby league club Widnes Vikings and owner and chairman of Barrow. In late 2009 Mr Vaughan was disqualified from acting as the director of any company for 11 years following his involvement in an alleged £500,000 VAT fraud while he was owner of Widnes Vikings. Posting on Facebook, Liverpool-born former boxer Derry Mathews wrote: "They say he only takes the best and he's taking one of the greatest men ever, my first ever manager who got George out of retirement to train me, thank you for everything Ste people in the boxing world are going miss you. "No one could do a prep talk before a fight like you, you would have me wanting to walk through walls and with you by my side in changing rooms we could beat anyone. Gutted for my mate @stephen_vaughan_85, Pat and all the family on the loss. Goodnight God bless Ste." Mr Vaughan also bought Maltese club Floriana in April 2012 with his son, who captained Chester during his father's ownership and was appointed president soon after. The Vaughan family ended its association with Floriana in February 2014 but continued to have an involvement in Maltese football as sponsors of Mosta and Hibernians. The off-duty policeman died after he was struck in Colquitt Street in the early hours of Friday, December 19. His son's Facebook post was filled with tributes from friends and family, with many simply posting 'RIP' and broken heart emojis, while another said: 'So sorry to hear this sad news Ste, condolences to you and the family'. A second added: 'Condolences to the family Ste! What a gent your dad was!' And a third said: 'So sorry to hear this awful news about your Dad RIP. Sending my deepest sympathy and condolences and prayers to you and all your beautiful family.'
CNN
14 minutes ago
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Trump expects Hamas response to ceasefire in hours as new details emerge on proposal
President Donald Trump has ramped up expectations around a possible 60-day ceasefire in the war in Gaza after he said Thursday that a response from Hamas was expected within the next day. Asked by a reporter whether Hamas has agreed to the latest ceasefire and hostage deal, Trump replied 'We'll see what happens, we're going to know over the next 24 hours.' Qatar put forward an updated proposal to Israel and Hamas earlier this week, and Israel accepted it on Tuesday. Hamas says it will announce its decision after consultations with other Palestinian factions, without specifying how long this might take. Trump has pushed hard for a ceasefire, saying on Tuesday that Israel had 'agreed to the necessary conditions' to finalize a deal for a 60-day cessation of hostilities. In a post on Truth Social, Trump warned Hamas to accept the proposal as well. 'I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better — IT WILL ONLY GET WORSE,' he said, thanking Qatar and Egypt for their role in advancing the proposal. The latest proposal does not differ markedly from previous plans put forward by negotiators, maintaining the same number of hostages released and the same length of the earlier temporary ceasefire. But the proposal offers two key concessions to Hamas demands, spacing out the release of hostages over the entire timeline and offering stronger guarantees - in this case, directly from Trump - that the ceasefire will continue beyond 60 days even if a comprehensive agreement to end the war has not yet been reached. The plan calls for the release of 10 living Israeli hostages and 18 deceased hostages spread out over the full timeline, according to a source familiar with the negotiations who shared details of the plan. On the first day of the ceasefire, Hamas would release eight living hostages. In exchange, Israel would release an unspecified number of Palestinian prisoners and detainees, and withdraw its forces from pre-agreed locations in northern Gaza. Israel would then withdraw from parts of southern Gaza on the seventh day, following the release of a number of deceased hostages. Israel and Hamas would also immediately enter into negotiations for a permanent ceasefire once the initial truce goes into effect. A total of 50 hostages remain in Gaza, at least 20 of whom are believed to be alive. The last two living hostages would be released on the fiftieth day of the ceasefire. Meanwhile, five deceased hostages would be released on the seventh and thirtieth days, while the final eight would be released on the final day. Under the deal, hostages will be released without ceremonies or fanfare at Israel's request – unlike during the last truce, when Hamas staged public propaganda events around hostage transfers that sparked outrage in Israel. Humanitarian aid will immediately begin to flow into Gaza at the start of the ceasefire, including from the United Nations and from other aid organizations, similar to the previous ceasefire which began on January 19. On Thursday, Israeli-American hostage Edan Alexander met with Trump in Washington and said he told the president that he worries continued fighting in Gaza endangers the remaining hostages. A statement from the Hostages and Missing Families Forum after the meeting quoted Alexander as telling Trump, 'I fear continued fighting endangers the hostages and hope you can achieve another historic breakthrough — a comprehensive deal to free them all, all 50 hostages. You are the person who can make it happen.'
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Stock Index Futures Tread Water With All Eyes on Key U.S. Jobs Report
September S&P 500 E-Mini futures (ESU25) are up +0.03%, and September Nasdaq 100 E-Mini futures (NQU25) are up +0.08% this morning as investors sit on their hands ahead of the all-important U.S. payrolls report that will offer fresh insight into the labor market and the path of interest rates. Investors are also keeping an eye out for any updates on trade deals. Reuters reported that U.S. and India trade negotiators were working on Wednesday to secure a tariff-reducing deal ahead of the July 9th deadline, though disagreements over U.S. dairy and agriculture remained unsettled. Also, European Union trade chief Maros Sefcovic is set to meet with his counterparts today in Washington as the bloc scrambles to reach a deal before the July 9th deadline. Is UnitedHealth Stock a Buy, Sell, or Hold for July 2025? Michael Saylor Says 'You'll Wish You'd Bought More' Bitcoin as MicroStrategy Doubles Down Is MicroStrategy Stock a Buy, Sell, or Hold for July 2025? Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! U.S. President Donald Trump's massive tax and spending bill remains in focus as well. The Republican-controlled U.S. House of Representatives on Thursday advanced President Trump's tax bill, a procedural step that paves the way for potential passage of the legislation in a vote expected later in the day. Once the bill clears the House again, it will head to Trump's desk, where he has long awaited the opportunity to sign it into law. The U.S. stock markets will close early at 1 p.m. Eastern Time today and remain closed on Friday for the Independence Day holiday. In yesterday's trading session, Wall Street's major indices closed mixed. Tesla (TSLA) advanced over +4% after the electric vehicle company reported better-than-feared Q2 deliveries. Also, chip stocks gained ground, with NXP Semiconductors N.V. (NXPI) and ON Semiconductor (ON) rising more than +4%. In addition, Nike (NKE) climbed over +4% and was the top percentage gainer on the Dow after President Trump said the U.S. reached a trade deal with Vietnam. On the bearish side, Centene (CNC) plummeted more than -40% and was the top percentage loser on the S&P 500 after the health insurer withdrew its full-year profit guidance. The ADP National Employment report released on Wednesday showed that U.S. private nonfarm payrolls unexpectedly fell -33K in June, weaker than expectations of +99K and the first decline in 2-1/4 years. 'The ADP report increased the odds of a downside surprise in Thursday's nonfarm payroll release,' said Jeff Roach at LPL Research. 'Investor jitters could be a catalyst for a drop in yields [today] if the jobs report is weaker than expected. I expect a weaker-than-consensus report, increasing the odds the Fed cuts three times this year.' Traders increased bets on at least two rate cuts this year following the weak ADP data, with the first expected in September. Meanwhile, U.S. rate futures have priced in a 74.7% chance of no rate change and a 25.3% chance of a 25 basis point rate cut at the conclusion of the Fed's July meeting. Today, all eyes are focused on the U.S. monthly payroll report, which is set to be released in a couple of hours. Economists, on average, forecast that June Nonfarm Payrolls will come in at 111K, compared to the May figure of 139K. A survey conducted by 22V Research revealed that investors are paying closer attention to the key jobs report than usual this time and are anticipating a weaker print. Among the respondents, 44% expect the data to be 'mixed/negligible,' 41% anticipate a 'risk-off' reaction, and only 15% expect a 'risk-on' response. Investors will also focus on U.S. Average Hourly Earnings data. Economists expect June figures to be +0.3% m/m and +3.9% y/y, compared to the previous numbers of +0.4% m/m and +3.9% y/y. The U.S. Unemployment Rate will be reported today. Economists forecast that this figure will creep up a tick to 4.3% in June from 4.2% in the prior month. The U.S. ISM Non-Manufacturing PMI and S&P Global Services PMI will be closely monitored today. Economists expect the June ISM services index to be 50.8 and the S&P Global services PMI to be 53.1, compared to the previous values of 49.9 and 53.7, respectively. U.S. Factory Orders data will come in today. Economists foresee the May figure jumping +8.1% m/m, compared to -3.7% m/m in April. U.S. Trade Balance data will be released today. Economists anticipate the trade deficit will widen to -$69.90B in May from -$61.60B in April. U.S. Initial Jobless Claims data will be released today as well. Economists expect this figure to be 240K, compared to last week's number of 236K. In addition, market participants will be looking toward a speech from Atlanta Fed President Raphael Bostic. In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.256%, down -0.79%. The Euro Stoxx 50 Index is down -0.05% this morning as investors continue to monitor trade developments and cautiously await the key U.S. jobs report. The benchmark index initially moved higher, buoyed by the U.S.-Vietnam trade deal and news that the U.S. lifted export restrictions to China for chip design software makers and ethane producers. However, trade optimism was tempered by caution ahead of the release of the all-important monthly U.S. jobs report. A survey released on Thursday showed that the Eurozone's dominant services sector returned to growth in June after a brief contraction in May, though the pace remained modest as demand stayed weak despite improving business confidence. Meanwhile, European Union trade chief Maros Sefcovic is set to meet with his counterparts today in Washington as the bloc scrambles to reach a deal before the July 9th deadline. In corporate news, Redcare Pharmacy NV ( rose over +3% after the German online drug retailer reported solid preliminary Q2 revenue and confirmed its full-year guidance. Eurozone's Composite PMI and Eurozone's Services PMI data were released today. Eurozone's June Composite PMI stood at 50.6, stronger than expectations of 50.2. Eurozone's June Services PMI arrived at 50.5, stronger than expectations of 50.0. Asian stock markets today closed in the green. China's Shanghai Composite Index (SHCOMP) closed up +0.18%, and Japan's Nikkei 225 Stock Index (NIK) closed up +0.06%. China's Shanghai Composite Index closed slightly higher today as investors digested the latest developments in U.S.-China trade relations and kept an eye on trade negotiations between the U.S. and other nations. Healthcare stocks led the gains on Thursday after Beijing increased policy support for the nation's innovative drug sector. Semiconductor stocks were little changed following reports that the U.S. lifted some curbs on exports of chip-design software to China. The U.S. also gave the green light to resume ethane exports to China on Wednesday, signaling that the U.S.-China trade truce was on track. At the same time, China's commerce ministry said on Thursday that it is evaluating the trade deal between the U.S. and Vietnam and will defend its own rights and interests if necessary. Meanwhile, a private sector survey released on Thursday showed that China's services activity grew at the slowest pace in nine months in June, as demand softened and new export orders fell amid a fragile trade truce with the U.S. Still, surveyed companies stayed optimistic about the economic outlook, with the index for future output expectations holding steady from the prior month. In other news, a major Chinese Communist Party publication called for stricter measures against competition that triggers price wars and compresses profits across multiple industries, criticizing large corporations and local governments for engaging in unfair practices. In corporate news, Alibaba slid nearly -3% in Hong Kong after the e-commerce giant announced a 50 billion yuan ($6.98 billion) subsidy program aimed at supporting merchants and customers. Investor focus is now squarely on the July Politburo meeting and the upcoming half-year earnings season. The Chinese June Caixin Services PMI arrived at 50.6, weaker than expectations of 51.0. Japan's Nikkei 225 Stock Index closed slightly higher today as investor sentiment was subdued amid uncertainty over a trade deal with the U.S. Automobile and chip stocks gained ground on Thursday. The benchmark index spent most of the session in negative territory before pushing higher at the close. A private sector survey released on Thursday showed that Japan's service sector activity grew at a slightly quicker pace in June, with business confidence rising to a four-month high. U.S. President Donald Trump has recently intensified pressure on Japan, describing negotiations as 'really hard' and threatening to hike tariffs on Japanese imports to '30%, 35% or whatever the number is that we determine.' Japanese Prime Minister Shigeru Ishiba stated on Wednesday that he remains committed to defending Japan's national interests, while chief trade negotiator Ryosei Akazawa was reportedly arranging his eighth visit to the U.S. as soon as this weekend. Deputy Chief Cabinet Secretary Kazuhiko Aoki said that the country will continue to pursue a win-win trade deal with the U.S. Meanwhile, Bank of Japan policy board member Hajime Takata said on Thursday that the central bank should be prepared to resume policy tightening if trade talks with the U.S. progress, reaffirming that the bank is still aiming to raise interest rates. 'I believe that the bank is currently only pausing its policy interest rate hike cycle and should continue to make a gear shift after a certain period of 'wait-and-see,'' Takata said. In other news, data from Japan's finance ministry showed that foreign investors purchased a net 651.3 billion yen ($4.53 billion) worth of Japanese equities in the week to June 28th, driven by easing Middle East tensions and growing optimism over a rally in technology stocks. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed up +1.65% to 25.83. The Japanese June au Jibun Bank Services PMI came in at 51.7, stronger than expectations of 51.5. Pre-Market U.S. Stock Movers Datadog (DDOG) surged over +10% in pre-market trading after S&P Dow Jones Indices announced that the stock would be added to the S&P 500 index next week. Synopsys (SNPS) and Cadence Design Systems (CDNS) climbed over +6% in pre-market trading after the U.S. lifted export restrictions on chip design software to China. Tripadvisor (TRIP) gained more than +6% in pre-market trading after the Wall Street Journal reported that activist investor Starboard Value had built a more than 9% stake in the online travel company. Meta Platforms (META) rose about +0.5% in pre-market trading after Needham upgraded the stock to Hold from Underperform. FedEx (FDX) advanced over +1% in pre-market trading after BNP Paribas Exane upgraded the stock to Outperform from Underperform with a price target of $270. You can see more pre-market stock movers here Today's U.S. Earnings Spotlight: Thursday - July 3rd N/A. On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
