Sunak avoids wipeout in key elections

Plus, US leading indicators point to recession.

View in Browser Sign up for Reuters newsletters Daily Briefing Britain's Sunak has an unexpected electoral win, Russia practises seizing ships in the Black Sea, and dead EV batteries turn to gold. Plus, can Barbie and the atomic bomb combine forces to save the summer box office? Entertainment reporter Lisa Richwine joins today's Reuters World News podcast to talk all things 'Barbenheimer'.   By Linda Noakes Today's Top News Prime Minister Rishi Sunak visits Uxbridge, July 21, 2023 British Prime Minister Rishi Sunak's governing Conservatives lost two strategically important parliamentary seats but unexpectedly retained Boris Johnson's old constituency in a setback for the opposition Labour Party. The result won Sunak some breathing space to try to narrow Labour's large lead in the polls before a national election expected next year. Russia pounded Ukrainian food export facilities for a fourth day in a row and practised seizing ships in the Black Sea in an escalation of what Western leaders say is an attempt to wriggle out of sanctions by threatening a global food crisis. Meanwhile, President Volodymyr Zelenskiy dismissed Vadym Prystaiko as Ukraine's ambassador to Britain, days after the envoy publicly criticised him. Greece struggled to contain a wildfire west of Athens that burnt forestland for a fifth day as another heatwave hit the country, while Beijing braced for severe flooding as summer storms rolled across China. As the costs of climate change rack up, a debate is surging among governments: who should pay? The United States voiced mounting concern over Army Private Travis King, who dashed into North Korea two days ago, saying Pyongyang had a history of mistreating captured Americans. King disappeared into a North Korea where lingering COVID concerns have made the already secretive country more isolated than ever. Alabama executed a man for beating an elderly woman to death two decades ago, the state's first execution since Governor Kay Ivey lifted a suspension on capital punishment in February following a review. Women in India's northeastern state of Manipur attacked the house of the main suspect in a sexual assault case that has enraged the nation, police said. Business & Markets Russian President Vladimir Putin visits a Novatek facility in the Murmansk region of Russia, July 20, 2023 Increased supplies of liquefied natural gas from Russia's Novatek mean the company is close to overtaking Kremlin-controlled Gazprom as the country's leading fuel supplier to Europe, Reuters calculations show. Novatek's rise towards the coveted top spot underlines how much the Ukraine conflict has disrupted the world's energy industry. An index designed to track turns in US business cycles fell for the 15th straight month in June, dragged down by a weakening consumer outlook and increased unemployment claims, marking the longest streak of decreases since the lead-up to the 2007-2009 recession. A little-publicized clause in the US Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China's dominance of the field. India ordered a halt to its largest rice export category in a move that will roughly halve shipments by the world's largest exporter of the grain, triggering fears of further inflation on global food markets. Major brands, including the investment arm of the IKEA group, are following automakers' lead in snapping up stakes in suppliers of raw materials and energy, seeking greater control over their production to meet emissions targets and limit disruptions. Chinese authorities announced measures intended to help boost sales of automobiles and electronics with the goal of shoring up a sluggish economy, but the steps failed to impress investors who have been clamoring for stronger stimulus. The Week Ahead The peak holiday season is gearing up, but school's not quite out for summer in financial markets. With the US Federal Reserve, European Central Bank and Bank of Japan meeting, the first snapshot of July business activity, earnings and a Spanish election on the calendar, there's lots going on. US inflation is cooling but markets expect one more rate hike on Wednesday, while ECB policymakers have a well-flagged rate hike to deliver on Thursday. Here's a look at the week ahead from our markets team. A Space Race On The Korean Peninsula Equipped with new launch vehicles and fueled by national pride, North and South Korea are chasing ambitious orbital goals. Our graphics team took a look at an eventful year for the rival space programs of Seoul and Pyongyang. And Finally... Take a break from doomscrolling with some images from the lighter side of life, captured by our photographers this week. Slideshow: Our oddest photos of the week Sponsors are not involved in the creation of newsletters or other Reuters news content. Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? Forward this newsletter to them. They can also sign up here.   Want to stop receiving this email? Unsubscribe here. To manage which newsletters you're signed up for, click here. Reuters Terms & Conditions and Privacy Statement © 2023 Thomson Reuters. All rights reserved. 3 Times Square, New York, NY 10036