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On July 10th, Andy Burnham secured 322 nominations out of 403 Labour MPs on the first day of the Labour Party leadership election, becoming the sole frontrunner to succeed Keir Starmer as the new Labour leader. Burnham expressed his "deep gratitude" for the support from his colleagues, saying it reflected the Labour Party's desire to bring a new direction to British politics. His political platform includes reducing the concentration of power in Westminster, reshaping the economic model, and promoting broader economic growth. Since his competitors failed to secure the 81 nominations required to run, Burnham only needed one more vote to officially become the sole candidate. The Labour leadership election is scheduled to conclude on July 17th, and Burnham is expected to officially become Prime Minister on July 20th. Incumbent leader Starmer, as is customary, will not participate in the nomination vote.

According to CNN, US officials said the US did not launch a new attack on Iran in the past hour.

According to Fox News: U.S. Commerce Secretary Howard Lutnick said that Trump believes oil prices will remain low in the future.

Saudi Arabia and Canada issued a joint statement condemning Iran's attack on merchant ships in the Strait of Hormuz.

Federal Reserve: The Federal Reserve working group also includes economists Mankiw, Sargent, and Chetty, venture capitalist Anderson, and Xbox CEO Sharma.

The Federal Reserve stated that the working group will assess whether policy tools, analytical methods, and policy frameworks need improvement.

Federal Reserve: The leadership structure and objectives of the working group are designed to advance the implementation of monetary policy.

Federal Reserve: Five working groups will study core areas related to the overall operation of monetary policy.

The Federal Reserve announced that each of the five working groups will be co-led by three external experts and supported by Fed staff. Each working group will operate independently, based on facts and evidence, and will submit its findings to the Federal Open Market Committee.

The Federal Reserve: The working group is led by several former global central bank governors, including King, Rajan, Fraga, and former Federal Reserve Governor Stein.

On July 10th, Goldman Sachs announced a ban on its employees engaging in prediction market trading, with the exception of sports and entertainment betting. Goldman Sachs' personal trading policy prohibits trading in event contracts related to specific companies (including Goldman Sachs), election results, or any financial market performance. Goldman Sachs stated that repeated violations of its policy could result in termination or account closure. In cases of improper trading, the bank can require the forfeiture of profits exceeding $200 or their donation to charity.

Bank of England Chief Economist Peel: Interest rates will need to be raised in the coming year.

On July 10th, New York Fed Open Markets Account Manager Perry stated that there is no predetermined path for reserve management purchases, and the New York Fed's open market trading desk can adjust the purchase volume upwards or downwards based on money market conditions. Furthermore, Perry indicated that the trading desk is prepared to implement any changes and interest rate control frameworks that the committee may decide to pursue, coinciding with Fed Chairman Warsh's appointment of a working group on the Fed's balance sheet. The Fed began reserve management purchases last December due to anticipated rapid reserve outflows in April, driven by tax revenue inflows into the Treasury's general account. When the Treasury's bank account balances at the Fed increase, bank system reserves decrease.

European Central Bank President Christine Lagarde stated her willingness to discuss the joint EU borrowing proposal put forward by Spain, emphasizing that the digital euro will not replace cash. Negotiations are still ongoing.

European Central Bank President Christine Lagarde: I will not run for the French presidential election.

July 10th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 1.31% to 902 yuan/gram, the Shanghai Silver futures contract rose 3.22% to 14,693 yuan/kilogram, and the SC Crude Oil futures contract fell 3.22% to 465 yuan/barrel.

July 10th - As of 2:30 PM closing, the Shanghai Gold Futures main contract rose 1.31%, the Shanghai Silver Futures main contract rose 3.22%, and the SC Crude Oil main contract fell 3.22%.