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Good morning from the Newsroom of the Financial Times.

Today is Friday, July 19th, and this is your FT news briefing.

The US Navy shoots down an Iranian drone in the Strait of Hormuz.

Boeing says it will take a nearly $5 billion charge for the grounding of its 737 max

jet.

The head of the New York Fed raises investor expectations of aggressive rate cuts,

and Microsoft Tops earnings forecasts thanks to the software company's cloud business.

Plus 2019 is shaping up to be a record setting year for private equity deals, and

We Work founder Adam Newman has sold his shares and taken out loans against the company.

I'm Mark Filipino, and here's the news you need to start your day.

On Thursday, the U.S. Navy shot down an Iranian drone that President Trump said was threatening an American warship.

Mr. Trump told reporters that the drone was flying in the Strait of Hormuz when it came within a thousand yards of the

USS boxer and had ignored multiple calls to stand down. This is the latest of

many provocative and hostile actions by Iran against vessels operating in international

waters. The United States reserves the right to defend our personnel, our facilities, and interests.

A Pentagon spokesman said the ship was forced to take defensive action to, quote,

ensure the safety of the ship and its crew.

Meanwhile, Iran's foreign minister, Mohammed Javad Zarefe, told reporters

in New York he had no news about Iran losing a drone. This is the latest episode adding pressure in one of the world's most important oil

shipping lanes. Earlier on Thursday, Iran's revolutionary guards said they had seized

...