Good morning. The Manhattan gunman was targeting the NFL, according to law enforcement officers. Howard Lutnick says the US may extend its trade truce with China. And why an insider trading gang in France allegedly recruited a student. Listen to the day’s top stories.
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The gunman who killed at least four people and himself at a Midtown Manhattan tower was targeting the NFL, but ended up on Rudin Management’s floor by mistake, two law enforcement officers said. A manifesto and notes found on him indicated a fixation with Chronic Traumatic Encephalopathy, caused by head trauma. The harrowing scene unfolded in an office building that also houses Blackstone and KPMG.
A 90-day extension of the US-China trade truce is possible, Commerce Secretary Howard Lutnick said. Meanwhile, Taiwan’s president appeared to cancel an overseas trip set for next week after the Trump administration failed to greenlight a US stopover on concerns it may jeopardize trade talks with Beijing.
Apple’s decision to assemble more iPhones in India has allowed the South Asian nation to overtake China as the top source of smartphones sold in the US. Elsewhere in the corporate world, Harley-Davidson is in talks to sell a stake in its financing unit as well as its motorcycle loan portfolio to Pimco and KKR in a deal worth $5 billion, according to people familiar. And oil giant Vitol handed a record $10.6 billion to its executives and senior staff through share buybacks last year.
Wall Street strategists have a message for those worrying about signs of excessive optimism emerging as US stocks: Any pullback will probably create a buying opportunity. Morgan Stanley, HSBC and UBS are maintaining long-term bullish views despite concerns. That pullback opportunity doesn’t seem to be in the cards for the time being—futures are pointing to a gain at the market open today.
The Duke University campus in North Carolina. Photographer: Lance King/Getty Images
The Education Department said it launched an investigation of Duke University and the Duke Law Journal over allegations of civil rights violations, the latest move by the Trump administration to probe schools over their hiring and admissions processes. But there are signs that the long running clash with Harvard may be ending. The New York Times reported that the university may be open to spending up to $500 million to end its dispute with the White House.
Deep Dive: Insuring Against Disasters
Charred homes and burnt cars in Pacific Palisades, Los Angeles. Photographer: Agustin Paullier/AFP/Getty Images
The wildfires that devastated Los Angeles in January are set to drive this year’s overall insured losses well above the historical average, according to reinsurer Munich Re.
Not since 2011, when a tsunami triggered a nuclear meltdown at the Fukushima nuclear power plant in Japan, have first-half insured losses stemming from natural catastrophes been greater.
If history is any guide, the remaining months of 2025 will see even bigger losses as the US hurricane season unfolds.
The increase in natural catastrophes has coincided with a rapid rise in global temperatures, with last year marking the planet’s hottest on record.
The Big Take
The skyline in Taipei. Foreign inflows into Taiwanese stocks surged in the second quarter. Photographer: I-Hwa Cheng/AFP/Getty Images
As well as sparking a stampede out of the dollar, Trump’s global trade war has revived investor interest in developing nations. Billions of dollars are pouring into emerging markets, an area that for decades had been relegated to a mere afterthought in investing circles.
The Formula E race in Monaco. Photographer: Alejandro Martinez Gonzalez/Hans Lucas/AFP/Getty Images
Lewis Hamilton’s next race car should be electric, Lara Williams writes. Formula E, a single-seater motorsport championship for electric vehicles, is growing up fast and can have a big impact on reducing CO2 emissions from road transport.
The building which houses the Rothschild & Co. office in Paris. Photographer: Nathan Laine/Bloomberg
An insider-trading gang allegedly recruited a future Rothschild banker as a student, according to French authorities. The group allegedly offered housing help, career advice and even tips on his appearance, with investigators believing the gang was cultivating a future source deep inside the finance world.
