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President Biden defends his decision to drop his re-election bid but signals that he's

got more work left to do. Plus, how the luxury industry is reacting to Chinese consumers tightening their purse strings.

When you speak to luxury executives about, okay, so if you're not getting the growth from China,

where can you get it? The line that comes back quite often is the next China is China they're continuing to

advertising the market and obviously they can't all succeed but what they're all

trying to do is move a little bit up market and the NBA Inc's a landmark TV and streaming deal.

It's Thursday, July 25th.

I'm Luke Vargas for the Wall Street Journal,

and here is the AM edition of What's News,

the top headlines and business stories moving your world today.

Last night, President Biden gave his first address from the White House since he dropped

out of the 2024 presidential race.

Speaking softly and seeming pensive, Biden didn't directly address the debate performance

nearly four weeks ago that raised serious questions about his age and his ability to serve a second term,

but he did stress that it was time for a new generation of leaders,

and that his decision to end his re-election bid was in service of U.S. democracy.

You know, there is a time and a place for long years of experience in public life.

There's also a time and a place for new voices, fresh voices, yes younger voices, and that time

...