The Trump administration on Tuesday handed Wall Street a massive victory, as watchdogs eased the Volcker Rule's ban on banks making speculative investments. Big banks, notably Goldman Sachs, have lobbied aggressively to weaken the rule for years. Critics warn the rollback could again endanger the financial system by allowing lenders to recklessly trade hundreds of billions of assets like they did before the 2008 financial crisis. —Josh Petri

Here are today’s top stories

Italian Prime Minister Giuseppe Conte announced his resignation on Tuesday, blaming his nemesis Matteo Salvini, leader of the anti-establishment Five Star Movement, for his demise. 

The U.K. may delay naming a successor to BOE Governor Mark Carney until after Brexit, a sign that Prime Minister Boris Johnson is preparing the groundwork for a general election.

Apple plans to roll out its movie and TV subscription service by November. On Tuesday, however, the company launched its credit card.  

China has detained an employee of the U.K. consulate in Hong Kong, in a case that threatens to further strain ties between Beijing and London.

The Athletic, a sports news site, has over 400 editorial staffers covering more than 270 teams and reaches half a million readers. But can it turn a profit?

At $2.1 million, the gene therapy Zolgensma is the world's most expensive medicine. Now approved by the FDA, the treatment appears to cure in one shot a rare disease that can be a death sentence for infants and toddlers. Parents are fighting to get it.

What’s Luke Kawa thinking about? The Bloomberg cross asset reporter says not all changes in bond yields are created equal, an arcane phenomenon that may help explain why global borrowing costs have been so haywire as of late.

What you’ll need to know tomorrow

• Jeffrey Epstein wrote a will just two days before his suicide.
• WeWork analyst calls its IPO filing a "masterpiece of obfuscation."
• Veteran investor Mark Mobius says buy gold "at any level."
• Facebook's Libra is already facing European antitrust scrutiny.
• Huawei founder warns the company is at a "live or die moment."
• Trump says he can order a capital gains tax cut without Congress.
• Two communist lawmakers try to cut Chile's work week to 40 hours.

What you’ll want to read tonight in Pursuits

The Secrets Behind the World's Craziest Cakes

Dinara Kasko is pushing the boundaries of basic cake geometry. Using heady algorithms, computer imaging, and 3D printing, Kasko creates sculptural works striated into sharp origami folds, bristling with spikes, or sliced into a grid of precisely pitched pyramids. Here's how she does it.

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