Morning Headlines

U.S. forces carried out another wave of strikes on Iranian military sites on July 16, targeting coastal surveillance and missile facilities while a naval blockade of Iranian ports remained in force. Iran's military warned it would crush 'all infrastructure in the region' if the U.S. attacks civilian sites, raising fears of a wider regional war as ceasefire talks remain stalled.

The Trump administration announced sweeping 25% tariffs on most Brazilian imports, effective July 22, following a yearlong USTR investigation into discriminatory barriers and lax anti-corruption enforcement — opening a significant new front in U.S. trade policy in Latin America. Brazil condemned the move, and a separate forced-labor probe could add another 12.5% on top.

China's GDP grew 4.7% year-on-year in the first half of 2026, but Q2 slipped to just 4.3% — the weakest reading since 2022 — as sluggish consumer spending and business investment offset strong exports driven partly by the global AI boom. The figure falls within Beijing's 4.5–5% annual target but underscores persistent structural headwinds facing the world's second-largest economy.

Labour Party leadership nominations closed today with Andy Burnham mathematically certain to be the only candidate, meaning he will be formally announced as Britain's next prime minister on July 17 — ending a leadership crisis triggered by Keir Starmer's resignation in June. Burnham's near-certain appointment will make him the UK's seventh prime minister in ten years.

SpaceX is targeting a July 16 evening launch for Starship's 13th test flight, the first to carry a commercial payload — 20 next-generation Starlink V3 satellites — while also attempting a Raptor engine relight in orbit and a Super Heavy booster catch. Success would mark the transition of the world's most powerful rocket from test vehicle to operational launcher.