(US) Friday Morning Papers Summary

THE FINANCIAL TIMES -Kevin Warsh's first public remarks as Federal Reserve chairman reassured investors that the central bank remains committed to bringing inflation under control despite mounting political pressure from the White House.

Warsh adopted a distinctly hawkish tone, emphasizing that restoring price stability remains the Fed's primary objective even as economic growth moderates.

Combined with falling oil prices, his comments pushed long-term inflation expectations lower and helped stabilize Treasury markets after weeks of uncertainty over the future direction of U.S. monetary policy. -An attack on a commercial vessel in the Strait of Hormuz forced the International Maritime Organization to suspend plans to evacuate ships stranded in the Gulf.

The vessel was reportedly struck by an unidentified projectile, raising fresh concerns over maritime security despite the recent de-escalation between Washington and Tehran.

Shipping companies are reassessing routes through one of the world's most strategically important energy corridors, with insurers and traders warning that prolonged disruption could once again threaten global oil supplies. -Italian Prime Minister Giorgia Meloni has unveiled an overhaul of Italy's electoral system that opposition parties describe as an attempt to consolidate her coalition's grip on power ahead of next year's general election.

The proposed reforms would alter the allocation of parliamentary seats and strengthen bonuses awarded to winning coalitions, prompting critics to accuse the government of undermining democratic competition.

Meloni argues the changes are intended to improve political stability after decades of fragmented governments. -Ukraine's expanding drone campaign reached Moscow with sufficient intensity to force residents of the Russian capital into air-raid shelters for the first time since Russia's full-scale invasion began.

The attacks demonstrate Kiev's growing long-range strike capabilities and underscore the increasing vulnerability of Russia's political and economic center.

While the military damage appears limited, the psychological impact on Russian civilians marks an important shift in the conflict. - Rheinmetall is facing investor scrutiny after suffering a major setback in Germany's cancelled F126 frigate program, a contract valued at roughly €15B.

The defense company had invested heavily in the naval project as part of its long-term diversification beyond land systems.

The collapse of the program raises questions about execution risks within Germany's defense procurement system even as European military spending continues to rise sharply. -Global equity markets declined as investors questioned whether the rapid expansion of artificial intelligence spending can continue at its current pace.

Asian markets led the sell-off following concerns over enterprise AI demand, higher prices for new technology products and reports that the expected IPO of OpenAI may be delayed.

The retreat reflects growing sensitivity among investors to valuations after months of AI-driven market gains. -Jamie Dimon has once again reshaped the succession race at JPMorgan by promoting two additional executives viewed as potential future chief executives.

The move extends uncertainty over who will eventually replace the 70-year-old banking leader, whose tenure has already become one of the longest in modern financial history.

Dimon's continued influence over succession planning reinforces his central role within the world's largest bank by market value. - Binance will cease providing services to customers across the European Union after failing to obtain the licenses required under the bloc's Markets in Crypto-Assets (MiCA) framework.

The world's largest cryptocurrency exchange has begun notifying clients about withdrawal procedures as Europe's comprehensive digital asset regulations come into force.

The decision highlights the growing regulatory pressure facing major crypto platforms operating in advanced financial markets. - SpaceX is preparing to expand Starlink into the U.S. consumer mobile market, seeking to transform its satellite network from an internet provider into a mass-market mobile communications platform.

The initiative would allow smartphones to connect directly through Starlink satellites, challenging traditional wireless carriers and testing whether Elon Musk's company can successfully commercialize direct-to-device satellite communications on a national scale. -Europe is experiencing its hottest June on record, with scientists warning that nighttime temperatures and humidity are increasing particularly rapidly across the continent.

Researchers note that daytime maximum temperatures in Europe are rising roughly 3X faster than the global average, while persistently warm nights reduce opportunities for the human body to recover from extreme heat.

Health authorities are increasingly concerned about rising mortality risks, especially among elderly and vulnerable populations. -Zambia's state-owned mining company is seeking to revive its London Stock Exchange listing as part of a broader strategy to attract international investment into the country's mining sector.

The move comes amid renewed global demand for copper and critical minerals needed for the energy transition.

Officials hope improved access to international capital markets will help finance production expansion and modernize mining operations.

THE NEW YORK TIMES -Iran struck a commercial vessel in the Strait of Hormuz, forcing authorities to suspend maritime traffic through the world's most important oil shipping corridor.

The attack directly contradicted President Trump's recent claim that Iran no longer controlled the waterway and that commercial navigation had resumed safely.

Oil prices have increased, while shipping companies and insurers reassessed risks amid fears the ceasefire could rapidly unravel. -Despite months of emergency funding, the U.S. military continues to face critical