Bloomberg News Now: Debt Ceiling, Trump-Xi Call, Ukraine Drone Strikes, Cancer Immunotherapy, and Steel Tariffs

US Debt Ceiling and Trade Negotiations

• ⚠️ The deadline for increasing the U.S. federal debt ceiling is approaching, with Treasury Secretary Scott Bessen stating the U.S. will not default.
• 🤝 Republican leaders are attaching a debt limit increase to President Trump's tax and spending bill, making negotiations complex.
• 🇨🇳 The Trump administration is accusing China of breaking a trade truce, with President Trump expecting to discuss trade issues with Xi Jinping.

Ukraine Conflict and Russian Bombings

• 💥 Russia's defense ministry accuses Ukraine of a terror attack after two bridges were bombed in regions bordering Ukraine.
• ✈️ Ukrainian drones attacked Russian strategic airfields, including one in eastern Siberia, damaging over 40 aircraft, including long-range bombers capable of deploying nuclear weapons.
• 🕊️ Peace talks between Moscow and Kiev are scheduled for Turkey, with Ukrainian President Zelensky confirming participation.

Middle East Conflict and Aid

• 💔 Dozens were killed and scores wounded in the Gaza Strip while on their way to receive food, according to health officials.
• 🛡️ Israel's army stated it did not fire at civilians within or around a U.S.-backed aid center in southern Gaza.

Cancer Immunotherapy Advancements

• 🔬 Immunotherapy treatments, including drugs like Imfinzi and Imjudo, are showing promise in treating early and mid-stage cancers such as gastric, colon, and head and neck cancers.
• 💪 Instead of directly poisoning cancer cells, these treatments train the body's immune system to attack cancer cells, potentially removing remaining cells after surgery.
• 📈 The development of immunotherapy for earlier-stage cancers could expand its use, transform care for stubborn diseases, and create new revenue for pharmaceutical companies.

Economic and Market Updates

• ✈️ Delta Airlines CEO Ed Bastian notes price sensitivity among economy class passengers but expects improvement later this year, with business class demand remaining strong.
• 📈 President Trump is expected to announce a doubling of steel and aluminum tariffs to 50% starting Wednesday.
• 📊 The May jobs report is anticipated, with a slowdown in job growth expected, and earnings reports from companies like Lululemon and Campbell will provide insights into the impact of tariffs on consumers.
• 🛢️ OPEC+ agreed to increase oil output by 411,000 barrels a day in July.