Two additional interest rate reductions anticipated by the Fed this year

In this edition of our news roundup, we bring you the latest developments across the globe.

Middle East

Israel's ground offensive into Gaza City has further complicated prospects for a ceasefire in the enclave, which is currently facing a humanitarian catastrophe. The ongoing conflict has sparked international concern, with the EU recently announcing plans to impose sanctions and tariffs on Israel as it expands its war in Gaza, marking a far tougher stance against the country.

United States

In domestic news, the US is grappling with the aftermath of the assassination of conservative activist Charlie Kirk. The suspect has been charged with aggravated murder and other counts, and prosecutors have vowed to seek the death penalty. The assassination has been labeled an "American tragedy" and is increasing concerns over partisan divisions in the US, with a new Reuters poll showing roughly two-thirds of Americans believe harsh political rhetoric is encouraging violence.

Meanwhile, US President Donald Trump's state visit to the UK has pivoted to discussions of policy, trade, and potentially Jeffrey Epstein. The visit has been marked by a series of high-profile meetings, including a dinner with the British royals at Windsor Castle.

In other news, ABC suspended US television host Jimmy Kimmel's late-night talk show indefinitely, after he made remarks linking the killing of conservative activist Charlie Kirk to US President Donald Trump's MAGA movement.

Economy

The Federal Reserve made its first rate cut in nine months, signaling two more cuts this year. The move is aimed at boosting the economy and mitigating the impact of the ongoing pandemic. Lower borrowing costs are likely to fuel stocks higher, especially riskier ones promising big artificial intelligence gains.

In a related development, the US, Mexico, and Canada are initiating consultations ahead of a high-stakes review of their $2-trillion trade agreement. The review could have significant implications for the global economy, particularly for the North American market.

Technology

Meta unveiled its newest smart glasses, which let users see messages and watch videos on a high-resolution screen, and are controlled by hand gestures via a wristband. The new technology is expected to revolutionize the way we interact with digital devices.

China, meanwhile, has banned its largest technology companies from buying Nvidia's AI chips, Beijing's latest effort to gain global tech dominance over the US. The move is part of China's broader strategy to develop its own AI capabilities and reduce its reliance on foreign technology.

Politics

In Washington, the proposal from the Congressional Real Estate Caucus asks for joint recommendations from several government agencies on topics like housing programs and mortgage costs. The goal is "to unlock a whole-of-government approach," according to Rep. Mark Alford. The proposal comes amid growing concerns over a nationwide housing shortage.

Elsewhere, Western powers fear that the Kremlin is testing NATO defenses with military drills. The drills, named "Zapad 2025," have prompted Poland to call for a no-fly zone over Ukraine.

Africa

Africa imports the vast majority of its refined fuels despite being a major oil producer. Leaders across the continent have vowed in recent months to bolster their energy independence. A significant step towards this goal was the opening of a $19-billion refinery in Nigeria, which sent its first shipment of gasoline to the UK, marking a new chapter for the country as a major fuel exporter.

Asia

The US and China struck a "framework" deal over TikTok, with details to be finalized by US President Donald Trump and Chinese leader Xi Jinping on Friday. The deal is aimed at resolving tensions over the popular social media app, which has been under scrutiny for its ties to China.

In other news, China's defense minister warned that the world was increasingly subject to the "law of the jungle" in opening remarks at a top Beijing security conference. The remarks come as tensions between China and its neighbors continue to escalate.

That's all for this edition of our news roundup. Stay tuned for more updates as the story unfolds.