Good morning. President Trump disputes critical reports of how effective the US airstrikes were. The race for New York City mayor takes a stunning twist. And how to steal a house… Listen to the day’s top stories.

President Trump disputed an early intelligence report from the Pentagon that found the airstrikes he ordered on Iran had only a limited impact on its nuclear program. The attacks caused “total obliteration,” he said, while satellite imagery fails to provide conclusive evidence of deep penetration. And in a surprise announcement that appears to undermine years of US sanctions on Iran, Trump gave China the green light to buy Iranian oil.

Stunner in the City. Former NY Governor Andrew Cuomo conceded to upstart rival Zohran Mamdani in New York City's Democratic mayoral primary race, a remarkable showing for the 33-year-old Queens lawmaker who quickly rose from relative obscurity. Cash had recently poured into super PACs backing Cuomo's campaign, with donors including Home Depot co-founder Ken Langone and Michael R. Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP.

Federal Reserve Chair Jerome Powell said the inflation outlook is keeping interest rates on hold, and he gets the chance to expand on that in front of the Senate Banking Committee today. Stock futures were steady as the Israel-Iran truce appeared to hold, and oil rose after posting the biggest two-day decline since 2022.

The UK said it would buy at least 12 new US-made F-35A fighter jets capable of carrying nuclear weapons, in an attempt to curry favor with Trump. NATO is trying to use charm to keep the US president on its side after he fueled doubts about America’s commitment. Keep up with the summit in The Hague via our Live Blog.

Corporate update: Chip design company Ambarella is considering a potential sale, according to people familiar with the matter. Shares in payments processor Worldline tumbled more than 20% following a report that it covered up fraud by customers. And a Jane Street founder says he was duped into funding AK-47s and other weapons for an alleged coup plot in South Sudan.

Photographs of weaponry the defendants allegedly sought to buy and export to South Sudan to stage a coup. Photographer: US Department of Justice

Bloomberg Green Seattle: Join us July 14-16 for two days of compelling conversations where we’ll explore the urgent environmental challenges of today and the innovative ideas shaping tomorrow. Featured speakers include Ryan Gellert, CEO of Patagonia, Academy Award-winning actor Jane Fonda and many more. Click here for details.

Deep Dive: Your SALT Calculator

The state and local tax deduction, a write-off that primarily benefits  higher-income Americans living in high-tax areas, is one of the most disputed provisions of Trump’s tax bill.

• Answer five simple questions about your taxes to see your estimated gain under the bill approved in the House and currently being revised in the Senate, which raises the SALT cap from $10,000 to $40,000.
• Several House Republicans have threatened to block the bill if the cap is reduced. Read our explainer on why the deduction is key to Trump’s tax bill.

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The Big Take: Traders Shut Out

JPMorgan Chase traders regularly send out lists of loans they're looking to buy, but almost no one in private credit is willing to sell, due to a strong "us-versus-them" mentality. Read the story.

Opinion

A FedEx truck in San Francisco Photographer: David Paul Morris/Bloomberg

FedEx’s efforts over the next two years to combine its two distinct delivery networks—Express and Ground—carry much more risk than $4 billion of cost cuts that its chief executive already promised and delivered, writes Thomas Black. The company is at a crossroads.

Before You Go

Illustrator: Carolina Moscoso for Bloomberg Businessweek

How to steal a house. When Arash Missaghi was murdered in suburban Toronto last year, his killer accused him of swiping properties and ruining his investors’ lives. Read how Missaghi became probably Canada’s most prolific mortgage fraudster, operating during two decades when the nation was home to the world’s biggest real estate boom. 

Check out our new weekly Business of Food newsletter for everything you need to know on how the world feeds itself, from farming to supply chains to consumer trends.

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