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Turkey has secured a method to continue paying for Russian natural gas imports, utilizing Austria's Raiffeisen Banking Group after US sanctions on Gazprombank expired. This workaround allows Turkey to process payments through a subsidiary in Russia not affected by sanctions, with US approval.Additionally, Turkish Foreign Minister Hakan Fidan is set to visit Russia for talks with high-level officials, including President Vladimir Putin, focusing on enhancing bilateral relations in trade, energy, and tourism.
The Swiss stock market continued its upward trend, with the SMI rising 0.5% to 12,420 points, fueled by optimism over potential trade deals and peace talks regarding Ukraine. Sika led the blue-chip gains with a 1.9% increase, while UBS faced pressure amid concerns over stricter capital requirements. VAT Group's shares fell 2.6% as it revised its sales growth outlook for 2025-2029.
The Swiss stock market continued its upward trend, gaining 0.5% to 12,420 points, fueled by optimism over potential trade deals and peace talks regarding Ukraine. Sika, Novartis, and Roche saw gains, while UBS faced pressure amid concerns over stricter capital requirements. VAT Group's shares fell 2.6% as it revised its sales growth outlook for 2025-2029.
The DAX has surged past the 24,000-point mark for the first time, driven by optimism surrounding potential peace talks between Ukraine and Russia and easing trade tensions. The upcoming Ifo business climate index and purchasing managers' figures are anticipated to provide further economic insights.
European equity markets are experiencing a third consecutive session of gains, driven by strong corporate earnings and a significant UK-EU agreement aimed at improving post-Brexit relations. While optimism grows, President Trump's recent call with Putin did not yield a ceasefire deal, although further talks are planned. Key economic data, including UK inflation and purchasing managers' indices, is set for release this week, influencing market expectations.
Microsoft is integrating Elon Musk's Grok AI model into its cloud services, expanding its offerings to developers and businesses. This move aims to position Microsoft as a competitive alternative to OpenAI and other tech giants. Additionally, at its Build conference, Microsoft unveiled a new GitHub coding agent and the NLWeb project for creating AI-powered web interfaces.
A former FBI counterintelligence agent claims that Russia's GRU targeted Elon Musk through personal vulnerabilities related to sex and drugs, allegedly with President Putin's approval. The operations aimed to collect compromising material to influence Musk and other tech leaders, highlighting a modern evolution of espionage tactics. Despite the serious allegations, the credibility of the claims remains under scrutiny, especially as the agent faces legal issues for leaking classified information.
Former FBI agent Jonathan Buma claims that Russia's GRU targeted Elon Musk for exploitation, leveraging his vulnerabilities to potentially blackmail him. Buma noted that Musk's lifestyle choices, including drug use and connections to the rave scene, were seen as opportunities for Russian intelligence. Musk has reportedly been in contact with Putin since 2022, while his popularity in the U.S. has declined amid controversies surrounding his support for Ukraine and his role in the Trump administration.
The S&P 500 rose following a US-China agreement to lower tariffs for 90 days, with the US cutting tariffs on Chinese goods to 30% from 145%, and China reducing its tax on US imports to 10% from 125%. US Treasury Secretary Scott Bessent noted both nations aim to avoid decoupling, while ongoing discussions could lead to a more durable deal. Despite challenges ahead, investors are optimistic about potential market opportunities during this cooling-off period.
US equity markets ended the week lower amid uncertainty before US-China trade talks, with the S&P 500 down 0.5%. Following initial discussions, President Trump announced "great progress," hinting at a potential tariff reduction from 145% to 80%, while global peace initiatives boosted market sentiment. Key economic data, including CPI and earnings reports from major companies, are anticipated this week.
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