UK's Labour sweeps to power

And struggling Biden faces big test with ABC interview.

Sign up for Reuters newsletters  Daily Briefing Daily Briefing By Kate Turton Hello, today Britain will have a new prime minister, as Keir Starmer's Labour Party wins a huge majority in a parliamentary election. Plus, Gaza ceasefire hopes rise and President Joe Biden faces a big test in his upcoming ABC interview. Today's Top News   Keir Starmer speaks at a reception to celebrate victory, at the Tate Modern in London, Britain, July 5, 2024. REUTERS/Suzanne Plunkett UK election Keir Starmer vowed to rebuild Britain as its next prime minister after his Labour Party surged to a landslide victory in a parliamentary election, ending 14 years of often tumultuous Conservative government. As the former public prosecutor prepares to take the reins, we ask who is the UK's new PM and what has he promised? He enters power with one of the longest lists of problems ever to face an incoming prime minister, here are some of the challenges ahead for Starmer. Labour is on course to capture 410 of the 650 seats in parliament, according to an exit poll, an astonishing reversal of fortunes from five years ago when it suffered its worst performance since 1935. See the results in graphics. Listen as Alistair Smout joins the Reuters World News podcast with insights on the election results. In other news Efforts to secure a ceasefire and hostage release in Gaza were gathering momentum after Hamas made a revised proposal on the terms of a deal and Israel said it would resume stalled negotiations. Iranians will vote in a run-off presidential election amid voter apathy and heightened regional tensions. The run-off follows a June 28 ballot with historic low turnout, when over 60% of Iranian voters abstained from the snap election for a successor to Ebrahim Raisi. US President Joe Biden said "I'm not going anywhere" as he faced calls by many Democrats to end his re-election bid, using the Fourth of July celebrations to hit back at doubts about his stamina and mental acuity to continue his campaign. Mexico's top tourist destinations were on "red alert" as Hurricane Beryl strengthened to a Category 3 storm after leaving behind a deadly trail of destruction across several Caribbean islands. Business & Markets   China announced the next step in its anti-dumping investigation into European brandy imports, ramping up tensions on the same day the European Commission's provisional tariffs on Chinese-made electric vehicles take effect. The UK financial sector is warming to Labour's pro-business overtures and pledges to provide stability and support, but many in the City remain wary it could be targeted to prop up Britain's stretched public finances further down the line. The Federal Reserve has taken great strides in lowering inflation back down toward its 2% target rate but is still "a way" from achieving the goal, New York Fed Bank President John Williams said. Japanese household spending unexpectedly fell in May as higher prices continued to squeeze consumers' purchasing power, data showed, complicating the central bank's decision on how soon to raise interest rates. Bitcoin was set for its biggest weekly fall in more than a year as traders fretted over the likely dumping of tokens from defunct Japanese exchange Mt. Gox and further selling by leveraged players after the cryptocurrency's strong run. Germany's lower house of parliament has passed legal amendments allowing apartment owners and tenants to install solar systems on their balconies, as the country seeks to increase uptake of the energy form. The Week Ahead Federal Reserve Chair Jerome Powell's testimony and US inflation data top the agenda in the week to come, with US banks reporting earnings and rate decisions due in New Zealand and South Korea. Meanwhile, the tectonic plates of politics continue shifting, with France's Sunday election following hot on the heels of the UK vote. Here is your look at what matters for markets in the coming week. Host nation Germany, along with, Spain, France and England, will play in the quarter-finals of the Euros. Struggling Biden faces big test with ABC interview, vows to fight on   Biden insists he is staying in the race and that his health is not faltering. REUTERS/Elizabeth Frantz/File Photo President Joe Biden, scrambling to defuse a political crisis over his shaky debate performance, will participate in a television interview on Friday that will be closely watched for signs of whether his mental acuity is failing. Biden will travel to Madison, Wisconsin, to rally Democratic voters. During the trip he will be interviewed by ABC News, part of a flurry of events over the next week aimed at showing Americans he still has the stamina to run against Republican candidate Donald Trump in the Nov. 5 election. Listen to White House correspondent Jeff Mason on the Reuters World News podcast outlining what Biden will need to deliver.  Read more And Finally... Golden retrievers Bond and Bree wait to eat their wedding cake. REUTERS/Nicoco Chan It was a dream wedding, complete with picturesque outdoor setting, white lace gown and a delectable cake. The perfect day for golden retrievers - Bree and Bond - to tie the knot in front of their closest human and canine friends. Pet weddings are on the rise in China. Read more Sponsors are not involved in the creation of newsletters or other Reuters news content. Advertise in this newsletter or on Reuters.com Reuters Daily Briefing is sent 5 days a week. Think your friend or colleague should know about us? 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