Support for Joe Biden wavers among Democratic donors

Good morning. Joe Biden’s efficiency at a high-stakes press convention later this night can be beneath intense scrutiny as stress on him to give up the presidential race mounts.

Even because the US president prepares to shut this yr’s Nato summit in Washington, Democratic donors are warning that funding for the November election effort is “drying up” due to his refusal to step apart, threatening to undermine the social gathering’s effort to defeat Donald Trump.

The rising willingness of rich backers to stroll away from the marketing campaign, talked about in interviews with donors from Wall Road to Hollywood, poses a brand new existential threat to Biden’s re-election if he stays in a White Home race anticipated to be the costliest in US historical past. Here’s what longtime donors are saying.

• Twin blows: Social gathering veteran Nancy Pelosi stated yesterday that Biden had a “choice” to make about his future, and actor George Clooney called for a new nominee in an opinion piece for The New York Occasions.

• Assist dips: On the day of the June 27 debate, nationwide polling averages between Biden and Trump have been tied. Since then, they’ve sharply diverged.

Will Biden keep, or give up? Sign up for our US Election Countdown publication for the most recent updates on the presidential race. And right here’s what else I’m retaining tabs on at this time:

• Nato summit: Biden known as the UK “the knot tying the transatlantic alliance together”, tacitly endorsing Sir Keir Starmer’s plan for nearer EU ties, whereas the primary donated F-16 fighter jets are anticipated to achieve Ukraine quickly. Learn our FT View on the navy alliance’s difficult 75th year as its gathering in Washington concludes.

• Financial knowledge: The US and Germany report June inflation figures whereas the UK publishes its Could GDP estimate. The Worldwide Power Company has its oil market report.

• Corporations: Updates are anticipated from Hays, Severn Trent, Wooden Group and Workspace Group, whereas PepsiCo and Jet2 have outcomes.

5 extra high tales

1. Unique: PwC has warned its 26,000 UK workers that it’ll pay decrease bonuses in some divisions and hand out smaller wage will increase because the Massive 4 agency battles “difficult market circumstances”. PwC has additionally curtailed a pandemic-era perk of permitting workers to take a half-day on Fridays throughout the summer time, decreasing the profit from eight weeks final yr to 6 weeks. Simon Foy has more details from London.

2. Buyers are promoting out of the riskiest US junk bonds in favour of higher-quality debt, with the hole in borrowing prices of probably the most and least dangerous debt rising virtually to its widest since final Could. The pattern comes amid a surge in chapter filings and issues over how the weakest corners of company America will survive a protracted interval of excessive rates of interest. Read the full story.

3. Viktor Orbán’s solo journey to see Vladimir Putin in Moscow final week contravened EU treaties which forbid any “measure which may jeopardise the attainment of the Union’s goals”, the bloc’s authorized service stated in line with folks acquainted with the matter. The folks added that the Hungarian premier additionally violated a authorized provision that calls on all members to carry out international coverage actions “unreservedly in a spirit of loyalty and mutual solidarity”.

4. Regulators have accepted the largest overhaul of guidelines for London-listed firms in three a long time because the UK makes an attempt to revive its capital markets, which have been pummelled by worldwide competitors and an outflow of funding. The brand new regime will come into pressure on July 29. Here’s what the changes announced today entail.

5. Citigroup pays $135.6mn to US banking regulators for compliance failures in threat management and knowledge administration, the most recent black eye for the lender and its chief government Jane Fraser, whose tenure has been stricken by regulatory points. Here’s more on the “long-standing deficiencies” at the bank.

The Massive Learn

Because the eyes of the world have been centered on the devastation in Gaza, the Israel-occupied West Financial institution has been hit by a mixture of surging settler violence, escalating navy raids, intensified settlement growth and stifling financial stress. The strikes have accelerated the decades-long entrenchment of Jewish settlements — which most nations contemplate unlawful. The outcome has been to further undermine the tottering Palestinian Authority, simply because the worldwide neighborhood is pushing for it to manage each the West Financial institution and Gaza as soon as the struggle between Israel and Hamas is over.

We’re additionally studying . . . 

• UK immigration: The brand new Labour authorities faces a familiar trade-off between the economics and the politics of international staff, writes Alan Beattie.

• Emmanuel Macron: A weakened French president distracted by home issues is proving even less palatable to Europe than one who used to ruffle feathers along with his daring schemes.

• Battle in Ukraine: Kyiv has launched thousands of convicts to bolster its forces, after being initially reluctant to repeat a tactic Russia adopted early in its invasion.

Chart of the day

The variety of millionaires is ready to rise in 52 out of 56 nations by 2028, in line with a research by UBS. The UK and the Netherlands have bucked this worldwide pattern, with Britain anticipated to lose the most millionaires of any nation.

Take a break from the information

Renovating your property? FT Weekend columnist Luke Edward Corridor recommends asking your self what stories you want your house to tell — making an allowance for its model, age and structure — then allow them to run wild.

Further contributions from Benjamin Wilhelm and Gordon Smith