Plus, at least eleven killed in one of Spain's deadliest wildfires.
 

Daily Briefing

Daily Briefing

By Kate Turton

Hello. At least eleven people have died and 19 are missing in one of Spain's deadliest wildfires, Iran says it hit US military targets in the Gulf, and Trump makes the stock market his scoreboard, but many Americans aren't even in the game.

Plus, we look inside the US race for drone delivery dominance.

Today's Top News

 

An emergency worker looks on during a wildfire in Almeria, Spain, in this screengrab taken from a handout video. @Plan_INFOCA via X/Handout via REUTERS

  • At least 11 people died attempting to flee a wildfire in southern Spain, and 19 were missing, with firefighters still battling to bring one ‌of the country's deadliest blazes on record under control.
  • After NATO leaders gathered a fractious summit in Ankara, their host, Turkish President Recep Tayyip Erdogan, handed each an unusual parting gift: ‌a vintage revolver, along with live ammunition, indicating it was not just for show.
  • Andy Burnham is on the brink of becoming Britain's next prime minister after an overwhelming show of support from Labour lawmakers left him ‌all but certain to replace Keir Starmer.
  • Iranian armed forces launched attacks on US military infrastructure in Gulf states following US strikes on Iran's southern coastal and eastern provinces, further eroding a ‌three-week-old ceasefire.
  • A large and powerful typhoon approached a remote chain of islands in Japan's southwest, prompting authorities to warn of violent winds, torrential rain, landslides and flooding in what could be the region's most destructive storm in years.
  • Ousted Bangladeshi Prime Minister Sheikh Hasina, facing a death sentence back home where her party is banned, told Reuters she and senior party colleagues plan to return from exile in India around December and surrender.
  • China's submarine-fired ballistic missile test into the southern Pacific on Monday gave its military leadership an opportunity to examine some of the most complex and sensitive operations of its evolving nuclear deterrent, analysts and diplomats say.
  • FIFA's handling of two World Cup red-card cases came under renewed scrutiny after England defender Jarell Quansah got a two-match suspension while US striker Folarin Balogun avoided an immediate ban for a similar challenge.That has left former international referees unable to reconcile the two decisions.
 

Business & Markets

 
  • US President Donald Trump has increasingly cast Wall Street's gains as a measure of his presidency, treating record stock prices as proof that his policies are working even as many Americans remain squeezed by high living costs and millions own no stock at all.
  • The EU charged Meta's Instagram and Facebook with breaching its tech rules, with regulators targeting features they say are designed to keep users hooked and demanding changes to autoplay ‌and infinite scroll or risk fines.
  • Reuters exclusively reveals Meta is going into production on its own AI chip in September — part of a $145 billion AI bet. Reporter Katie Paul explains why breaking free from Nvidia could be the key to Meta taking on OpenAI and Anthropic. Listen now.
  • Rare earths startup ReElement Technologies has stopped seeking an $80 million Pentagon loan that was part of a broader push by the Trump administration to jump-start domestic production of critical minerals to challenge China's dominance of the sector, two administration officials told Reuters.
  • Could SK Hynix's blockbuster Nasdaq listing trigger a wave of Asian chipmakers listing their ADRs in the US? We explore what it means for the AI trade on the Reuters Morning Bid podcast.
 

The Week Ahead

    • Erica Schwartz, Trump's nominee to lead the US CDC, will appear before the Senate Committee on Health, Education, Labor and Pensions.
    • A packed week of US economic data could give investors their clearest read yet on whether inflation is cooling. The spotlight falls on June consumer price inflation, followed by producer prices a day later. 
    • The world's largest manufacturer of advanced AI chips, Taiwan's TSMC, will report second-quarter earnings.
    • Here's all you need to know about the coming week in financial markets.
 

Inside the US race for drone delivery dominance

 

A drone used for Walmart deliveries in Ellenwood, Georgia, United States in this screengrab from video. REUTERS/Jayla Whitfield-Anderson

Engineer Beth Flippo uprooted her family in 2021, trading New Jersey for the rambling fields of Ohio to run a pilot program delivering groceries via drone for Kroger. It lasted just eight months before both parties agreed to suspend it.

"We couldn't make any money," said Flippo, head of drone company Dexa.

Success would have meant placing workers around town to watch the drones, as US federal rules prohibited ‌flying them outside human sight.

Such hurdles may soon be a thing of the past. Spurred by an executive order by Trump's administration in June 2025, the Federal Aviation Administration has proposed new rules to speed the deployment of drones.

Read more