This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Today\u2019s agenda:<\/strong> <\/em>Israel-Iran truce; Russian shadow crypto payments; New York mayoral race; oil markets shrug off Middle East tumult; and St Paul\u2019s Cathedral 350th year in pictures<\/p>\n Good morning. We start with the Nato summit today, as world leaders gathered at The Hague brace themselves for Donald Trump. Here\u2019s what to expect.<\/p>\n What did Trump say? <\/strong>The US president has sparked alarm by telling reporters that Washington\u2019s commitment to Nato\u2019s Article 5, which refers to its mutual defence pact, \u201cdepends on your definition\u201d. Trump said there were \u201cnumerous definitions\u201d of Article 5. \u201cI\u2019m committed to being their friends. I\u2019m going to give you an exact definition when I get there.\u201d<\/p>\n Why it matters: <\/strong>The US is irreplaceable as a Nato member, with many European countries depending on American arms and intelligence assets. The summit rests on what Trump decides, officials say, with the entire meeting \u201ccarefully choreographed\u201d to avoid provoking him. Nato secretary-general Mark Rutte has also praised Trump for making Europe \u201cpay in a BIG way\u201d<\/a>, referring to a defence spending target of 5 per cent of GDP. Trump has previously threatened to only defend allies that spend more on defence. <\/p>\n What to look out for: <\/strong>Apart from whether Trump waters down security commitments for Europe, Spain\u2019s resistance to spending more on defence has also undermined efforts among Nato members to show unity<\/a>. While many allies including Germany, France and the UK have committed to meeting Trump\u2019s new target, Spain has secured an opt-out, increasing the likelihood of a clash at the summit. Trump has called it a \u201cproblem\u201d and said it was \u201cvery unfair to the rest of the people\u201d.<\/p>\n Here\u2019s more on what to expect at today\u2019s gathering.<\/a><\/p>\n Europe shouldn\u2019t go it alone: <\/strong>Working on defence production<\/a> together with the US is vital to mutual security, writes former US defence secretary Lloyd Austin. <\/p>\n<\/li>\n<\/ul>\n And here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n Economic data:<\/strong> France has its consumer confidence survey for this month.<\/p>\n<\/li>\n Results:<\/strong> Babcock, General Mills, Halfords, Liontrust and Micron report earnings.<\/p>\n<\/li>\n Glastonbury: <\/strong>The largest greenfield music and performing arts festival in the world begins in Somerset, England.<\/p>\n<\/li>\n<\/ul>\n Join FT experts and guests for a subscriber-only webinar at 1pm BST today as they discuss the Middle East conflict and what it means for the world. <\/em>Register for free.<\/em><\/a><\/p>\n 1. The US air strikes on Iran set back Tehran\u2019s nuclear progress by less than six months, <\/strong>according to an early US intelligence assessment, casting doubt on Trump\u2019s claims that the programme had been \u201cobliterated\u201d. The findings were furiously rejected by the White House, which said they were leaked by \u201can anonymous, low-level loser in the intelligence community\u201d<\/a>.<\/p>\n Fragile truce: <\/strong>The president lashed out<\/a> at both Israel and Iran as he tried to preserve the shaky ceasefire he brokered in a flurry of telephone diplomacy<\/a>.<\/p>\n<\/li>\n A new Middle East: <\/strong>The US and Israeli campaign to defang Iran could herald a fresh era of instability<\/a> for the region. <\/p>\n<\/li>\n The \u201812-day war\u2019: <\/strong>Trump\u2019s evocation of the memory of the six-day war of 1967 is double-edged<\/a>, writes Gideon Rachman.<\/p>\n<\/li>\n<\/ul>\n 2. The UK is set to buy US-made jets that can carry nuclear weapons, <\/strong>Prime Minister Sir Keir Starmer is set to announce today at the Nato summit. Under the plans, Britain will join the military alliance\u2019s airborne nuclear mission, and the 12 F-35 stealth fighters are expected to carry American atomic bombs. Here\u2019s more on the sweeping defence overhaul.<\/a><\/p>\n US-UK ties: <\/strong>A majority of Britons view the US as a \u201cserious threat\u201d<\/a> to security after the election of Trump, according to a recent survey. <\/p>\n<\/li>\n<\/ul>\n 3. Exclusive: A new cryptocurrency token designed to allow cross-border payments in spite of western sanctions on Russia,<\/strong> launched by a fugitive Moldovan oligarch and a Russian defence sector bank, has moved some $9.3bn on a dedicated crypto exchange in just four months since it was launched, the FT has found. Read the full story.<\/a><\/p>\n 4. Exclusive: EDF could sell some assets under a portfolio review <\/strong>as its boss seeks to meet French government demands to focus on new nuclear reactors. People with knowledge of the matter said Bernard Fontana told insiders he wanted to assess which assets were not profitable or did not fit with the state-owned energy group\u2019s strategic priorities<\/a>.<\/p>\n 5. OpenAI and Sir Jony Ive have been accused of trying to \u201cbury\u201d a rival start-up<\/strong> that forced their $6.4bn AI device venture to pull down marketing materials. The chief executive of iyO said he had been \u201cblindsided\u201d by the launch of io, OpenAI\u2019s partnership with Apple\u2019s former design chief, as both companies had previously been in deal talks with his similarly named start-up<\/a>.<\/p>\n For at least three decades, Iran\u2019s supreme leader Ayatollah Ali Khamenei and the hardline centres of power that surround him have resisted structural reforms. But the shocking repercussions of Israel and the US\u2019s assault mean that a shift in direction now seems inevitable, analysts say, setting into motion what could be the most consequential changes since the 1979 Islamic revolution<\/a>.<\/p>\n HSBC: <\/strong>The bank\u2019s latest reorganisation has arguably left it with few options<\/a> to boost revenue as it faces trade tariffs and lower interest rates.<\/p>\n<\/li>\n Deal hunger:<\/strong> US banking mergers will accelerate<\/a> over the next year, executives predict, driven by a more favourable approach from regulators.<\/p>\n<\/li>\n Ukrainian refugees: <\/strong>Strong labour markets and policies have helped those fleeing Russia\u2019s invasion to succeed in other countries<\/a>, writes Sarah O\u2019Connor.<\/p>\n<\/li>\n New York vote:<\/strong> Former governor Andrew Cuomo has conceded<\/a> to progressive rival Zohran Mamdani, in a mayoral race that has highlighted a rift in the Democratic party<\/a>.<\/p>\n<\/li>\n<\/ul>\n As Iran started firing missiles at a US air base in Qatar on Monday, oil traders responded with remarkable speed \u2014 not by buying, but by selling.\u00a0Many observers were surprised at the speed of the sell-off, in a market that typically surges at any sign of geopolitical strife. Here\u2019s why traders shrugged off the Middle East tumult<\/a>.<\/p>\n To celebrate the 350th anniversary of St Paul\u2019s, the FT\u2019s Charlie Bibby was allowed unprecedented access to its inner workings. Our chief photographer reveals the unsung heroes who make the world-famous London cathedral tick<\/a>.<\/p>\n\n
\n
Five more top stories<\/h3>\n
\n
\n
News in-depth<\/h3>\n
We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
\n
Chart of the day\u2009<\/h3>\n
![\"Line](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd6c748xw2pzm8.cloudfront.net%2Fprod%2F7b4f2f10-5117-11f0-ade8-9f0ec0dd6e43-standard.png?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture><\/figure>\nTake a break from the news<\/h3>\n
![\"Montage](\"https:\/\/www.ft.com\/__origami\/service\/image\/v2\/images\/raw\/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9bb9beff-3310-458a-ae66-064fedb9cab2.jpg?source=next-article&fit=scale-down&quality=highest&width=700&dpr=1\")
<\/picture>
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia, Europe\/Africa…\n","protected":false},"author":6,"featured_media":32516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-32515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-us","cs-entry","cs-video-wrap"],"_links":{"self":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32515"}],"version-history":[{"count":0,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/posts\/32515\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=\/wp\/v2\/media\/32516"}],"wp:attachment":[{"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialrush.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}