Good morning. US trade talks with Asian countries are moving along “very well.” Volodymir Zelenskiy sounds hopeful after a meeting with Donald Trump. And read why London is the best place to drink whisky. Listen to the day’s top stories.
US Treasury Secretary Scott Bessent told ABC News that trade discussions with Asian countries are “moving along very well,” but with no sign of progress in talks between Beijing and Washington, China stocks slipped.
Source: Ukrainian Presidential Press Office/AP
Ukrainian President Volodymyr Zelenskiy said he’s hopeful for a lasting peace after huddling with Donald Trump, who later questioned whether Russian leader Vladimir Putin genuinely wants to end the war. North Korea confirmed for the first time that it deployed troops to Kursk, as Moscow said it had retaken the region from Ukraine.
European Central Bank: Governing Council member Klaas Knot told FD the June meeting will be “really complicated” due to uncertainty over US tariff policy and European fiscal plans. Fellow member Martins Kazaks said policymakers should only cut to accommodative territory if the growth outlook deteriorates.
The UK economy will grow only 0.8% this year and 0.9% in 2026, EY Item Club said, downgrading its outlook on shrinking exports and subdued household spending.
US and Iranian officials reported progress in nuclear talks and will meet again soon in Europe, although readouts indicated that substantial work remains.
Deep Dive: Earnings Conundrum
When Big Tech last delivered earnings, Trump had just started his term and stocks were soaring. Three months later, they are facing a far bleaker picture.
This week’s results from tech megacaps will land in a market obsessed with every twist of a trade war that’s wiped $5.5 trillion from the S&P 500 Index.
But while valuations are down, analysts have been slow to lower their profit estimates, raising the stakes for those reporting this week.
European banks may highlight more silver linings in earnings than their US peers, writes Paul J. Davies. The big theme is America’s trade-war disruption should be offset by investment ramping up in Europe.
Despite Scotland’s unparalleled whisky output, London is the best place to drink the stuff, Brad Japhe writes in the latest edition of Top Shelf. Read here to find out why.
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