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Hearing called after the former chief medical advisor invoked the fifth and refused to answer questions at a hearing on Covid-19 Hello and welcome to our live coverage of US politics.The Senate is expected to vote today on whether to hold Anthony Fauci in contempt of Congress. Continue reading...

• US stocks remained near record highs on Wednesday, with the S&P 500 slipping 0.2% from its previous all-time high amid hopes for an agreement with Iran. • Market stability was mirrored in oil prices, which held steady as investors balanced geopolitical optimism against persistent inflation concerns. • The Federal Reserve continues to hold its benchmark interest rate steady while monitoring economic costs and the broader impact of inflation.

• Trading firms and platform providers maintained stability during a recent sell-off in Asian tech and semiconductor stocks, signaling a more sophisticated approach to managing extreme volatility. • Significant losses were incurred by retail investors using leveraged ETFs in South Korea, as well as momentum investors heavily concentrated in AI stocks. • Passive funds tracking semiconductor-heavy indices, specifically Taiwan's technology sector and South Korea's KOSPI, were also negatively impacted by the downturn.

• Wall Street indices climbed in early trading on Wednesday, with the Dow Jones Industrial Average gaining 487 points (0.9%), the S&P 500 rising 0.5%, and the Nasdaq Composite increasing by 0.3%. • This surge extends a record-setting momentum from Tuesday, when both the S&P 500 and the Dow closed at all-time highs. • The rally is driven by robust financial performance from companies as the latest earnings season nears its conclusion, providing a strong start to August.

• The United States reports that a deal to reopen the Strait of Hormuz is nearing completion following "positive" diplomatic talks between Iran and Oman. • Negotiators are currently focused on expanding safe shipping lanes through the strait, although several key differences between the parties remain unresolved. • This diplomatic push is critical as it attempts to secure global maritime trade routes amidst escalating military tensions between Israel, the US, and Iran.

The former public health official has slight lead over congresswoman Haley Stevens, but vote count could continue well into the dayEl-Sayed holds narrow lead in Michigan Senate primary but race too close to callUS representative Haley Stevens, who is currently trailing in the Democratic primary for Senate in Michigan, has cast herself throughout her campaign as a pragmatic problem-solver and workhorse.Stevens, who has represented Michigan’s 11th House district since 2019, after flipping the seat, has a long list of high profile endorsements from within the Democratic party that include the Senate minority leader, Chuck Schumer, the Michigan governor, Gretchen Whitmer, and Gary Peters, the retiring senator who holds the seat she is now running for. Her campaign had also been boosted by tens of millions of dollars in outside spending, including from groups affiliated with the American Israel Public Affairs Committee (Aipac), the pro-Israel lobbying organization. Continue reading...

Sarah Henderson says bill ignores gambling inducements, uniting parties and independents against controversial legislationFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastLabor will be forced to make major changes to its planned crackdown on online gambling advertising, as the Coalition, Greens and independents demand tougher rules to stop betting companies offering generous inducements as well as further limits on broadcast ads.After a two-day inquiry including sensational evidence that gambling companies allegedly provided illegal drugs and access to sex workers to keep problem gamblers betting, the Coalition confirmed on Wednesday afternoon it would seek “crucial amendments” before agreeing to support the government’s legislation. Continue reading...