Biden stumbles in debate with Trump | Invesloan.com

Good morning.

Top Democrats have called on Joe Biden to halt his bid for re-election after his stumbling performance in the presidential debate with Donald Trump reignited concerns about the 81-year-old president’s age and fitness for office.

Speaking with a raspy voice on Thursday night, Biden repeatedly tripped over his words and gave rambling answers or appeared to lose his train of thought, while Trump accused him of being the worst president in US history.

The debate was a high-stakes opportunity for Biden to allay widespread concerns about his age. But one Democratic lawmaker said Biden’s performance had sparked widespread panic on Capitol Hill.

“Many House Democrats tonight, representing a wide cross-section of the Democratic caucus, were privately texting one another that Biden needs to announce he’s decided not to run for re-election. We need a new nominee,” the lawmaker said.

“Biden needs to do the patriotic thing and step aside. We need an open convention, which would excite the American people unlike anything we have ever seen.” Lauren Fedor has more on the Democratic reaction.

And here’s what else I’m keeping tabs on today and over the weekend:

• Central banks: Richmond Federal Reserve president Thomas Barkin and Banque de France governor François Villeroy de Galhau speak at the Global Interdependence Center’s conference in Paris.

• Economic data: The European Central Bank releases its consumer expectations survey, Germany has May labour market statistics and the UK publishes final first-quarter GDP figures.

• Elections: Iran holds its presidential election today, and France goes into the first round of parliamentary elections on Sunday.

• EU: Belgium’s six-month presidency of the Council of the European Union ends on Sunday, with Hungary taking over on Monday.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Exclusive: The US, Israel and Ukraine are in talks to supply Kyiv with up to eight Patriot air defence systems, dramatically improving its ability to counter Russian air strikes. While not finalised, the arrangement would mark a shift in relations with Moscow for Israel, which has been cautious about taking sides over the invasion of Ukraine.

2. EU leaders have endorsed a second five-year term for Ursula von der Leyen as European Commission president, though she failed to secure the backing of Italy and Hungary. Von der Leyen must now win a majority in the European parliament to secure her position, with a vote scheduled to take place in the week of July 15.

3. Exclusive: A Russian oligarch transferred the ownership of his Italian luxury resort a day after Moscow’s full-scale invasion of Ukraine in 2022, in a move that preceded western sanctions. Musa Bazhaev, whose interests span energy, commodities and telecommunications, was hit with sanctions by the EU and the UK less than two months later. Read the full report.

4. Financial markets will keep France’s far-right Rassemblement National “on a very tight leash” if the party wins the upcoming election, limiting its scope for a big spending push, one of France’s best-known fund managers has said. Édouard Carmignac said the market reaction to Emmanuel Macron’s election announcement demonstrated the RN’s lack of room for extra borrowing. Read his full interview with Harriet Agnew.

• Macronism’s dazzling rise and fall: The French president wanted to save his country from the far right, but now it has never been closer to power.

5. Rishi Sunak’s battle bus is the eye of the political storm from which the UK prime minister is conducting a frenetic final week of campaigning. George Parker gives us a glimpse of the mood inside, with the Conservatives still far behind in the polls.

• Campaign tactics: Labour’s door-knocker deployment of activists deep into Tory territory shows ambition for securing a record majority.

• Broken Britain: To list the problems with the UK economy is to see the difficulties of fixing them, but there is some hope, writes Tim Harford.

Don’t miss our Europe Express newsletter, which will be free to read for the next few weekends as we break down the French elections and what it means for the region (also available en français).

The Big Read

A combination of scandal, poor management and incumbency at a time of economic malaise has eroded Scotland’s once-dominant party. With voters eager for change, polls suggest the Scottish National party could lose a large number of its Westminster seats in the upcoming election. Nevertheless support for independence remains strong.

We’re also reading . . . 

• South Africa: The power-sharing agreement between the African National Congress and the Democratic Alliance is a minor miracle, but huge challenges remain, writes the Financial Times editorial board.

• The forever renters: Older people cut off from the housing ladder are a growing market for the UK’s build-to-rent sector, with developers catering to the new demographic.

• Taylor Swift effect: Major sporting and cultural events are fuelling a surge in hotel and airfare prices in Europe, rattling inflation-wary central bankers.

Chart of the day

With less than a week until polling day, the Conservatives are heading for the worst UK general election result in their 190-year history. Much of the narrative in recent weeks suggests this election was lost only in the past few months as Nigel Farage entered the fray and his Reform UK party began eating into the Conservatives’ right flank, but this is false. Voting data shows that as early as January 2022, the Conservatives were on course to lose an election.

Take a break from the news

What’s the best seat in a restaurant? For many, it’s at the counter of a fashionably open kitchen, intended so you can experience the fire and knives of service. But food writer Tim Hayward argues that to find the true heart of any restaurant, you must follow the smokers out back by the bins.

Additional contributions from Benjamin Wilhelm and Gordon Smith