Your morning briefing, the business news you need in just 15 minutes.

On today's podcast:

(1) Keir Starmer signaled Ukraine can use Britain’s Storm Shadow missiles to strike military targets inside Russia, confirming he would continue the previous UK government’s policy on the use of its long-range weapons in the Russia-Ukraine war.

(2) Even as congressional Democrats argued Tuesday over whether to stand behind Joe Biden’s candidacy, the White House and lawmakers grasped for a unified strategy: trying to change the subject from the president’s mental acuity to Donald Trump’s policy goals.

(3) French President Emmanuel Macron’s former prime minister, Edouard Philippe, called for parties of the center and center-right to join forces to form a new government as political jockeying gains steam in the aftermath of a snap election that has left the country’s parliament deeply divided.

(4) Federal Reserve Chair Jerome Powell said officials are increasingly wary of potential risks to the labor market from high borrowing costs as they seek more evidence inflation is slowing down.

(5) China’s consumer prices eked out another small gain in June, hovering near zero for a fifth month, a sign that deflationary pressures continue to impede an economic recovery.