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U.S. markets close for Independence Day as Biden reaffirms his presidential bid. Fed holds rates steady amid easing inflation; Germany’s economy weakens. In global affairs, Middle East tensions rise with Hezbollah-Israel clashes, and Italy’s PM considers a diplomatic visit to China.

Fed Chair Powell noted progress on inflation control, lifting European markets, while crude oil prices rose on a larger-than-expected U.S. inventory drop. Meanwhile, political events in France and the UK, along with reports of China developing attack drones for Russia, are drawing global attention.