| |  |  | The Reuters Daily Briefing | Tuesday, July 5, 2022 by Linda Noakes | Hello Here's what you need to know. From celebration to mass shooting at a Fourth of July parade, Ukraine's forces gather for the defense of Donetsk, and the Bank of England tells lenders to brace for an economic storm | | | | | Today's biggest stories  An American flag blanket is seen abandoned along the parade route after a mass shooting at a Fourth of July parade in the Chicago suburb of Highland Park, Illinois, July 4, 2022. REUTERS/Cheney Orr WORLD
A gunman perched on a rooftop opened fire on families waving flags and children riding bikes at a Fourth of July parade, killing six and wounding more than 36 in the Chicago suburb of Highland Park. An elderly man from Mexico and a synagogue teacher were among the dead.
Two Philadelphia police officers were shot near the Benjamin Franklin Parkway as thousands of people celebrated a Fourth of July concert and fireworks show with the crowd scattering in panic when shots were fired.
The Ohio city of Akron declared a state of emergency, setting a curfew and canceling Independence Day fireworks, after protests over the police killing of an unarmed Black man turned unruly on Sunday night.
President Joe Biden said freedoms in America were under assault and urged citizens to engage in "principled patriotism" while the country faced economic challenges and national divisions. "From the deepest depths of our worst crises, we've always risen to our higher heights," Biden said in remarks at the White House.
After thirteen states passed laws that aimed to trigger full or partial bans to abortion, we look at how worries have been heightened for unauthorized immigrants in the U.S.
| BUSINESS & MARKETS The euro sank to a two-decade low versus the dollar as another surge in natural gas prices reignited worries about the health of the euro zone economy and data showed euro zone business growth slowed sharply in June.
News that Norwegian offshore workers began a strike that will reduce oil and gas output added to fears about a European energy shortage.
The Bank of England warned that the economic outlook for Britain and the world had darkened and told banks to ramp up capital buffers to ensure they can weather the storm, while Australia's central bank raised interest rates for a third straight month and flagged more ahead as it struggles to contain surging inflation even at the risk of triggering an economic downturn.
By some early estimates, the U.S. economy, as measured by gross domestic product, may have shrunk in the three months from April through June. Add that to the decline from January through March, and that would be a contraction for two quarters in a row. By an often-cited rule of thumb, that means the world's largest economy is in recession. But deciding when a recession has begun or predicting when one might occur is not straightforward.
China will set up a state infrastructure investment fund worth $74.7 billion to spur infrastructure spending and revive a flagging economy, sources told Reuters. Chinese Vice Premier Liu He had a "constructive" virtual dialogue with U.S. Treasury Secretary Janet Yellen, with both sides agreeing to better coordinate macro policies, according to China's commerce ministry.
Scandinavian airline SAS has filed for bankruptcy protection in the United States to help accelerate restructuring plans, warning strike action by pilots had impacted its financial position and liquidity.
| | | | | | | | | | | Video of the day  Scientists to restart CERN collider's hunt for 'dark matter' Scientists at Europe's physics research center will this week fire up the 27 kilometer-long Large Hadron Collider, the machine that found the Higgs boson particle, after a prolonged shutdown for maintenance and upgrades. | | | Thanks for spending part of your day with us. | | | | | |
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