Good morning. Israel launches strikes against Hamas and suspends aid to Gaza. Kering is selling its beauty division to L’Oreal. And thieves hit the Louvre in a daring daytime jewel heist. Listen to the day’s top stories.
— Victoria Batchelor
Israel struck Hamas targets in Gaza and reportedly suspended all aid shipments after blaming the group for a Palestinian ambush that left two soldiers dead. Later Sunday, the military said it would return to enforcing the ceasefire. Hamas said it remains committed to the truce and accused Israel of breaching the agreement.
French bond futuresslid after S&P downgraded its sovereign credit rating, an unscheduled move that highlights the nation’s fiscal woes and places its debt at risk of forced selling by some funds. Elsewhere, Italy regained its highest score from any major credit assessor since 2018 after an upgrade by Morningstar DBRS.
Volodymyr Zelenskiy told NBC the war with Russia should be frozen along current battle lines before peace talks, even as Vladimir Putin insists on control of the entire Donetsk region. Donald Trump urged both sides to “make a DEAL” after meeting the Ukrainian president but refused to offer the Tomahawk missiles or other help that Kyiv says are necessary to force Moscow to the negotiating table.
Brexit will drag on British growth for several years but the economy will adjust in the longer term, Bank of England Governor Andrew Bailey said. Chancellor Rachel Reeves is considering reforming rules on tax-free individual savings accounts to increase UK share ownership, the Financial Times reported. Some of the country’s largest pension providers and insurers have teamed up to channel more money into infrastructure and AI.
Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
Within days, the shortages were being felt not just in India, but around the world. India’s festival buyers were joined by international investors and hedge funds piling into precious metals as a bet on the fragility of the US dollar—or simply to follow the market’s irrepressible surge higher.
The frenzy then rippled across to the London silver market, where global prices are set and where the world’s biggest banks buy and sell in huge quantities. Now, it had run out of available metal.
Traders describe a market that was all but broken, where even large banks stepped back from quoting prices as they fielded repeated calls from clients yelling down the line in frustration and exhaustion.
Underlying US-China tensions are profound and escalating, writes Hal Brands, and diplomacy between leaders probably won’t fundamentally change the trajectory of their ties. Xi Jinping understands this. Let’s hope Donald Trump does, too.
Forensics officers examine the cut window and balcony of the gallery crime scene. Photographer: Kiran Ridley/Getty Images
A Hollywood-level heist. It only took minutes for thieves to descend on the Louvre yesterday and make away with historic royal jewelry including a tiara, a sapphire necklace and earrings from the collection of Queen Marie-Amélie and Queen Hortense. The robbers are suspected to have used a furniture elevator to enter the museum.
MBS's flagship Neom development is part of a colossal project to reshape Saudi Arabia's economy—but not everything is going to plan. Our Bloomberg reporters answer your questions at 1pm UK time today.
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