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Daily Briefing

French riots escalate, Pakistan clinches a crucial IMF bailout, and climate experts issue a dire warning.

Plus, we look at the fallout from the US Supreme Court's affirmative action ruling in today's Reuters World News podcast.

By Linda Noakes

Today's Top News

A car burnt during clashes between protesters and police in Roubaix, northern France, June 30, 2023. REUTERS/Pascal Rossignol

French President Emmanuel Macron will convene his cabinet for a second crisis meeting in two days, after the most destructive night of rioting yet in protest at the fatal shooting of a teenager by police. Here are some of the factors behind the unrest.
Former US President Donald Trump, a longtime admirer of Russian President Vladimir Putin, said Putin has been "somewhat weakened" by an aborted mutiny and that now is the time for the United States to try to broker a negotiated peace settlement between Russia and Ukraine. "I want people to stop dying over this ridiculous war," Trump told Reuters.
The US Supreme Court struck down race-conscious admissions programs at Harvard University and the University of North Carolina, effectively prohibiting affirmative action policies long used to raise the number of Black, Hispanic and other underrepresented minority students on American campuses. The court's two Black justices clashed over the ruling.
The target of keeping long-term global warming within 1.5 degrees Celsius is moving out of reach, climate experts say, with nations failing to set more ambitious goals despite months of record-breaking heat on land and sea.
Survivors of a boat disaster that likely killed hundreds of migrants near Greece have given accounts of traffickers in North Africa cramming them into a clapped-out fishing trawler. Some also said the tragic end, when it came, was precipitated by the actions of the Greek coastguard.
Storm Beatriz formed off Mexico's Pacific coast and will likely strengthen into a hurricane, prompting the government to issue warnings for popular beach resorts as it heads near shore.
Murky, dull skies loomed over tens of millions of Americans as smoke from prolonged Canadian wildfires drifted across the Midwest and East, causing unhealthy and, in some spots, dangerous conditions.

Business & Markets

The International Monetary Fund has reached a staff-level pact with Pakistan on a $3 billion stand-by arrangement, the lender said, a decision long awaited by the South Asian nation which is teetering on the brink of default. The deal is subject to approval by the IMF board in July.
The Dutch government announced new rules restricting exports of certain advanced semiconductor equipment, a move that comes amid US pressure on its allies to curb sales of high-tech components to China.
China's factory activity declined for a third straight month in June and weakness in other sectors deepened, official surveys showed, adding pressure for authorities to do more to shore up growth as demand falters at home and abroad.
Global mergers and acquisitions activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence.
For hedge funds, the second half of 2023 is all about pouncing on the ways in which inflation, aggressive rate hikes and decarbonisation are shaping the economy. Here's how they plan to trade.

The Week Ahead

The July 4 holiday in the United States may well bring a quiet start to the week for world markets. But don't bet on it.
China and Japan are worried about currency weakness, meaning investors are alert for signs of action from authorities. Australia's central bank meets and the most closely-watched US economic indicator is out Friday.
Markets are on the alert to which sectors will buckle under the sharpest jump in interest rates in decades, with big rate moves this month in Britain and Norway a reminder that the tightening is not over.
Here's a look at the week ahead from our markets team.

The Week In Pictures

Pilgrims in Mecca, a 'heat dome' in Texas, and Russia's aborted mutiny.

Take at look at our top news photos from this week.

And Finally...

The passenger rocket plane operated by Virgin Galactic lifts off at the Spaceport America facility, in Truth or Consequences, New Mexico, June 29, 2023. REUTERS/Jose Luis Gonzalez

A three-man crew from Italy soared more than 50 miles above the New Mexico desert aboard a Virgin Galactic rocket plane, the company's first flight of paying customers to the edge of space since British billionaire Richard Branson founded the venture in 2004.

Read more on the long-delayed breakthrough for Virgin Galactic

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