This week, the conflict in Ukraine and the United States President Donald Trump's tariffs remained in the limelight while the European Union's response to the rapprochement between Washington and Moscow also drew attention. Meanwhile, Trump temporarily paused some tariffs on Canada and Mexico while Beijing retaliated to US levies with sanctions and counter-tariffs on American products.
In the geopolitical arena, the EU decided to massively increase defense spending in the aftermath of Trump insisting on the rapid end to the conflict. Political temperature was further raised over the French president's remarks about potentially using the country's nuclear arms to defend allied nations, prompting quick condemnation by the Kremlin.
In the world of business, major companies reported their earnings, including Broadcom, Aramco, Adidas, and Target, among others. Meanwhile, tech giant Apple unveiled its new M3 Ultra chip and MacBook Air while TSMC announced a $100 billion investment in the US. Concurrently, stock markets had a tumultuous week of trading due to economic uncertainty arising from the unfolding trade war.
Economic data came pouring in from the US with the release of the latest jobs numbers, wholesale inventories, composite PMI, and services data. Meanwhile, across the Atlantic, Eurozone's economic indicators such as GDP, inflation, and unemployment numbers indicated economic trends on the continent. At the same time, the European Central Bank (ECB) cut its interest rate by 25 basis points.
In other news, Pope Francis' condition remained stable but complex while in the Middle East, the ceasefire in Gaza held out despite mounting tensions between Israel and Hamas.
