President Trump said an agreement had been reached for Hamas to disarm and for Israeli forces to withdraw from Gaza in stages, a potentially important step in a ceasefire process that has stalled for months. However, major questions remain over implementation, verification and whether all parties, including Israel, have formally accepted the arrangement.

Separately, US economic growth slowed to an annualised 1.5% in the second quarter, below expectations and down from 2.1% in the first quarter. Consumer spending rose by 3.2%, but higher imports weighed on headline growth, while inflation remained above the Federal Reserve’s 2% target.