The FT News Briefing is supported by Equinole, the UK's energy partner.

Learn more at equinole.co.uk

Good morning from the Financial Times. Today is Friday, July 1st.

And this is your FT News Briefing.

China's middle class is fed up with COVID lockdowns and many are searching for a way out.

And on Wall Street, things just keep getting worse.

It's been an absolute stinker of the first half of the year.

Somehow, we're already halfway through 2022.

And it's just been horrendous.

We'll hear more from our markets editor, Katie Martin.

But first, the US Supreme Court yesterday

rained in regulators' ability to reduce carbon emissions.

I'm Jess Smith in Fromark, Filipino.

And here's the news you need to start your day.

The US Supreme Court yesterday dealt a blow to President Joe Biden's plans to fight

climate change. The court ruled that the country's top environmental regulator,

the EPA, was not authorized by Congress to reduce carbon emissions when the agency was first set

up in 1970. The decision limits the EPA's power to regulate greenhouse gas emissions from power

plants. The suit was brought by a host of Republican states and the coal industry.

In the dissenting opinion, liberal justices argued that the EPA does have the authority to

regulate stationary sources of pollutants that are harmful to the public,

and that includes greenhouse gases.

...