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It’s all over bar the delegate count, writes Ed Luce. On Tuesday night Hillary Clinton became the first female presumptive nominee in US presidential history. Donald Trump, meanwhile, became the first likely nominee not to have held elective office since Dwight Eisenhower in 1952.

The former secretary of state is already looking ahead to the general election contest against the former reality TV star. She is likely to have a lot to work with, including Mr Trump’s refusal to condemn the Ku Klux Klan, which Republican House speaker Paul Ryan denounced on Tuesday. (FT, NYT)

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In the news

Moody’s shifts to negative outlook on China Moody’s has warned it may downgrade China’s sovereign rating, a sign of increasing investor concern over the country’s rising debt and dwindling foreign exchange reserves. The US rating agency revised its outlook on China from stable to negative — the first major step on the country by a rating agency since Fitch downgraded its rating three years ago. That cut was the first since 1999. (FT)

Report highlights cancer drug waste Almost $3bn a year in expensive cancer drugs is wasted because their single-use packages contain more medication than is needed. A study by researchers at Memorial Sloan Kettering Cancer Center in New York focused on 20 cancer drugs that are administered intravenously or injected. These come in dosages based on patients’ weights and body sizes, but often the doses are too large and the remainder is tossed out, the analysis found. (WaPo)

Nato accuses Russia Nato’s top commander has accused Russia and the Syrian regime of “weaponising” immigration by using bombs aimed at civilians to deliberately cause large flows of refugees and challenge European political resolve. Asked at a Senate hearing whether Russia was aggravating the Syrian refugee crisis in order to divide countries in the EU, he replied: “I can’t find any other reason for them [air strikes against civilians] other than to cause refugees to be on the move and make them someone else’s problem.” (FT)

US launches cyber war against Isis The cyberwarfare operation is in support of Iraqi and Kurdish forces attempting to retake the Iraqi city of Mosul. Ashton Carter, US defence secretary, said the attacks were intended to disrupt the group’s command and control, “to cause them to lose confidence in their networks, to overload their networks so they can’t function, and to do all of these things that will interrupt their ability to command and control forces there, control the population and the economy”. (Ars Technica)

It’s a big day for

Pedro Sánchez, Spain’s socialist leader, who is struggling to get enough support from MPs to form a coalition government. He needs the support of more than half of Spain’s 350 MPs in today’s vote. If he fails, Mr Sánchez has another opportunity on Friday, but his chances are seen as slim. What happens then? (euobserver, FT)

Scott Kelly and Mikhail Kornienko The US astronaut and Russian cosmonaut have touched down on Earth after almost a year in space. Their extended mission aboard the International Space Station was twice the length of a normal stay as part of an effort to study the effects of long-duration space flight on the body. (BBC)

North Korea The UN Security Council is set to vote on whether to impose the toughest sanctions on North Korea in two decades in response to the country’s recent nuclear test. (USA Today)

Food for thought

Asia’s alarming debt mountain Emerging Asia has witnessed the world’s sharpest increases in corporate and household debt since the global financial crisis. Standard & Poor’s warned last month that emerging Asian corporates have to repay a staggering $1tn of debt over the next four years — much of it denominated in dollars at a time when the greenback is strengthening. (NAR)

How great republics meet their end The rise of Donald Trump may signal the end of America, warns Martin Wolf. “Mr Trump is a promoter of paranoid fantasies, a xenophobe and an ignoramus. His business consists of the erection of ugly monuments to his own vanity . . . Mr Trump is grossly unqualified for the world’s most important political office.” (FT)

The Great Land Rush An investigative series into the global race for one of the world’s most precious resources: land. Big investors are pouring in billions. They promise progress. But their arrival can upend livelihoods — and spark life-and-death struggles. FT correspondents report from Ethiopia, Myanmar and Indonesia. (FT)

Is your phone listening to you? Researchers Ken Munro and David Lodge created a proof-of-concept Android app capable of listening in to conversations around a smartphone. Mr Munro says that “we gave ourselves permission to use the microphone on the phone, set up a listening server on the internet, and everything that microphone heard on that phone, wherever it was in the world, came to us and we could then have sent back customised ads”. Google says it explicitly bans app developers from collecting personal data in this way. (BBC)

Tips to stay sane on business trips It is a condition that afflicts business travellers the world over: hotel gloom — that amorphous melancholy that starts to creep in when you find yourself in another identical room and not quite sure what do. And the key to preventing it taking hold? A little more advance planning. (NYT)

Video of the day

Donald Trump and the future of the US Martin Wolf speaks to editor Lionel Barber about the US presidential race, and argues that the survival of the American republic is threatened by Republican candidate Donald Trump. (FT)

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