| Open hostilities between Israel and Iran entered a fourth day, with Iran launching waves of drones and missiles over the past 24 hours and Israel hitting Tehran and killing another key military official. Read our Big Take here on what the latest developments mean for Iran’s clerical regime. The UN atomic watchdog is meanwhile convening an emergency meeting to assess the impact of Israel’s strikes on the Islamic Republic’s nuclear facilities, along with their disruption on oversight of Iran’s stockpile of near-bomb grade uranium. Trump has taken the global economy on a roller-coaster ride in recent months, pushing to create a world in which he is the ultimate arbiter on trade, security and power relationships. His bid to upend the global trading system started right at the beginning of his first term in January 2017, when he abandoned the Trans-Pacific Partnership, a move that, according to forecasts by Bloomberg Economics, means the global economy will be $1 trillion smaller by 2030 than it otherwise would have been.  Vehicles at the Port of Seattle. Photographer: David Ryder/Bloomberg Trump will be the center of attention today at the Group of Seven summit in Canada, where fellow world leaders’ main goal will be to try to influence him on issues including trade, Russia’s war on Ukraine and the spiraling Middle East conflict. Summit host Prime Minister Mark Carney is showcasing a Canadian foreign policy that’s more hardheaded than that of his predecessor, Justin Trudeau, emphasizing economic ties, hard power and alliances that would reduce dependence on the US.
China’s biotechnology stocks have shaken off a four-year slump to be among the hottest performers in Asia this year, offering further evidence that the mainland is becoming a center for global innovation. The biotech rally outpaces the gain in China’s tech stocks driven by the release of DeepSeek’s breakthrough artificial-intelligence app, and comes despite US efforts to curb Beijing’s advance in both fields. Taiwan has blacklisted Huawei and SMIC, dealing another major blow to the two companies spearheading China’s efforts to develop cutting-edge AI chip technologies. The restrictions, made on national security grounds, are likely to at least partially cut off the firms’ access to Taiwan’s plant construction technologies, materials and equipment essential to build AI semiconductors, like those made by TSMC for Nvidia. Britain appointed the first woman to lead its MI6 secret intelligence service, promoting Blaise Metreweli, the director general of technology and innovation — a role known as ‘Q’ that was made famous in the James Bond movie franchise.  The MI6 building in London. Photographer: Jeremy O'Donnell/Getty Images The man suspected of the fatal shooting of a Democratic state lawmaker and her husband in Minnesota has been taken into custody after a manhunt that lasted more than a day. In a show of support for European Union partner Denmark, President Emmanuel Macron used a trip to Greenland to assert that France’s armed forces would be available to conduct joint exercises there to bolster security in the Danish territory coveted by Trump. Chinese President Xi Jinping is heading to Kazakhstan for talks with Central Asian leaders, providing a counterpoint to the G-7 summit by visiting the vast resource-rich region at the nexus of competing interests from Washington to Beijing. Can Europe defend itself? You’re invited to our virtual briefing on the geopolitical climate and industrial context that will shape the next decade, featuring an exclusive presentation by Bloomberg Intelligence plus insights from Bloomberg journalists and industry experts. Join us Wednesday, June 18 at 3:30 p.m. BST. Register today. | 
