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Good morning from the newsroom of the Financial Times.

Today is Wednesday, June 26. Good morning from the Newsroom of the Financial Times.

Today is Wednesday, June 26th,

and this is your FT news briefing.

Fed Chairman Jay Powell reinforces expectations

of a rate cut in July.

FedEx says that trade battles will hit its 2020 results,

and investors in the US Drugs Group Abb Bock at its purchase of Botox Maker Allergan.

Plus, the F.T.'s David Crow explains how a group of new digital banks is challenging

H.S. Bic.'s dominance in Hong Kong. I'm Mark

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

U.S. stocks fell the most in almost a month on Tuesday. That was after Federal Reserve officials

spoke about their outlook on the U.S. economy.

Thank you, Neil, and good afternoon.

It's a pleasure to be here today.

That's Federal Reserve Chairman Jay Powell

at an event on Tuesday, hosted by the Council on Foreign Relations in New York.

Mr Powell warned that concerns about trade tensions have translated into a drop in business

confidence.

He also reinforced expectations that the Fed will likely trim U.S. interest rates next month.

...