Mark Levin digs into Putin's behind-the-scenes life
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Yahoo
15 minutes ago
- Yahoo
Geopolitics dominates, before Fed takes the stage
A look at the day ahead in European and global markets from Wayne Cole. You know it's crazy times, when speculation Putin sent his body double to Alaska doesn't sound so outlandish. What does seem clear is that President Trump has shifted back to echoing Moscow's line, tweeting Kremlin talking points about Crimea and Zelenskiy. Putin's position seems to be that Ukraine should give up all the land Russia has taken, and much that it has failed to take in more than three years of fighting. This has been repeatedly ruled out by Zelenskiy and European leaders, and it's notable they will be by his side in Washington when he meets Trump later today. Markets have judged there is a diminished threat of further U.S. sanctions or tariffs on Russian oil exports, and oil prices are down modestly with Brent off 0.3%. Share markets are mostly firmer as Japan and Taiwan make more records, and Chinese blue chips scale a 10-month top. European stock futures are up 0.2% or so, as are Wall St futures. Valuations have been underpinned by a solid earnings season as Goldman notes S&P 500 EPS grew 11% on the year and 58% of companies raised their full-year guidance. This week's results will provide some colour on the health of consumer spending with Home Depot, Target, Lowe's and Walmart all reporting. For monetary policy the main event will be the Federal Reserve's Jackson Hole jamboree where Chair Powell speaks on the economic outlook and the Fed's policy framework on Friday, though there doesn't seem to be a Q&A as yet. ECB President Christine Lagarde and Bank of England Governor Andrew Bailey are on panel discussions. Futures are about 85% priced for a Fed rate cut in September so anything less than dovish from Powell would be a setback for debt markets. While Fed expectations are anchoring short-term yields, the long end continues to fret about inflation, budget deficit and the politicisation of monetary policy, so steepening the yield curve. European bond yields have also been on the rise, perhaps in part on a realisation of how much governments are going to have to borrow to cover increased defence spending. Key developments that could influence markets on Monday: - EU trade figures for June, US NAHB housing survey (By Wayne Cole; Editing by Jacqueline Wong) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
16 minutes ago
- Boston Globe
Zelenskyy brings backup to the White House as Trump aligns more closely with Putin
By most accounts, the European officials want to ensure that Trump has not pivoted too close to the Russian side and does not try to strong-arm Zelenskyy into a deal that will ultimately sow the seeds of Ukraine's dissolution. And they want to safeguard against the risk of the United States, the linchpin of European security since NATO's creation in 1949, undermining that interest. In a call with Zelenskyy on Saturday, Trump offered support for U.S. security assurance for Ukraine after the war, a shift from his stance that Europe should bear the burden of protecting the country, though the specifics were unclear. Advertisement At a news conference Sunday in Brussels, Ursula von der Leyen, president of the European Union's executive arm, stressed the importance of security guarantees for Ukraine and respect for its territory. But she also said it was paramount to 'stop the killing' and urged talks among the presidents of Russia, Ukraine and the United States 'as soon as possible.' Advertisement One senior European diplomat, who spoke on the condition of anonymity out of fear of angering Trump, described a sense of panic among European allies. The diplomat had not seen a meeting like the one set for Monday come together so quickly since just before the Iraq War. The foremost concern, the diplomat said, was to avoid another scene like the one that took place in February when Zelenskyy met with Trump in front of the television cameras at the White House. At that meeting, Trump berated the Ukrainian president, saying 'you don't have the cards' in the war -- essentially telling a weak foreign power to bend to the demands of a far more powerful one. The president did so again Friday night, after Putin flew back to the Russian Far East, telling a Fox News interviewer that Ukraine was going to have to realize that Russia was a more 'powerful' country, and that power meant Zelenskyy was going to have to make concessions. On Sunday, Secretary of State Marco Rubio, who sat in on the meetings with Putin at the U.S. air base outside Anchorage, Alaska, disputed the idea that the Europeans were coming as a posse to protect Zelenskyy from a repeat of the February shouting match. 'They're not coming here to keep Zelenskyy from getting bullied,' Rubio insisted to Margaret Brennan on CBS' 'Face the Nation.' 'They are coming here tomorrow because we've been working with the Europeans,' he said, listing the many meetings the United States had engaged in before and after the Putin visit. 'We invited them to come.' European officials said Saturday that Trump told Zelenskyy he was free to bring guests to the meeting, and later the White House extended invitations to several European leaders. Advertisement Whatever the motive for the leaders to upend their schedules on short notice, there is little question that elements of the negotiation will test the cohesiveness of the Atlantic alliance. Putin's agenda is larger than just seizing part or all of Ukraine. For nearly a quarter-century, his grandest ambition has been to split NATO, dividing European allies from the United States. As Europe and Ukraine struggle to navigate Trump's sudden reversal of strategy for ending a war that has stretched well past three years, Putin has a renewed opportunity to realize his dream. The United States and its European allies now appear to be pursuing different negotiating strategies. The differences have been long brewing. But in the weeks before the Putin meeting, they broke out into the open. 'We're done with the funding of the Ukraine war business,' Vice President JD Vance said flatly a week ago. The Europeans, however, have promised continued support, through a grouping of countries operating outside of the NATO alliance. They got Trump to promise to supply weapons, as long as the United States was paid for them from European coffers. The message was clear: Defending Ukraine was Europe's problem, not Washington's. That was a wedge that Putin sought to exploit in Anchorage, and he did it skillfully. Trump has adopted many of Putin's talking points, and few of the West's. Even before he met face to face with Putin, he assured the Russian leader that Ukraine's application to join NATO would be put on long-term hold -- a position that his predecessor, Joe Biden, also took. At various moments, he hinted that Ukraine invited invasion by applying to the alliance and to membership in the European Union. Advertisement After the Friday summit with Putin, he went another step. Trump and European allies had agreed last week that a ceasefire must precede a peace accord, but he abandoned that view and sided with the Russian leader. 'With Trump abandoning the ceasefire, but making no reference to the 'severe consequences' he threatened, we are at a dangerous moment for the alliance,' said James G. Stavridis, a retired Navy admiral who served as NATO's supreme allied commander from 2009-13, when the United States still viewed Russia as a NATO partner, if a difficult one. This is exactly the kind of split that European leaders were trying to avoid after Trump's return to power in January. NATO's new secretary-general, Mark Rutte, a former prime minister of the Netherlands, visited Washington frequently for quiet meetings with Trump. He was determined to avoid the kind of public breach that took place in the first term, when Trump came to the edge of withdrawing the United States from what he called an 'obsolete' alliance. Rutte helped engineer the announcement in June, at a NATO summit, that nearly all members of the alliance had committed to spend 5% of their gross domestic product on defense. (Of that, 1.5% is infrastructure spending only tangentially related to military spending.) That gave Trump an early win -- and demonstrated that, even if a decade late, Europe was getting serious about taking responsibility for its own defense. Trump took credit, and left the summit praising NATO's reforms. Then European leaders designed the program to buy U.S. weapons for Ukraine, recognizing its appeal to the president. The United States could remain Ukraine's arms supplier, but at no cost to American taxpayers. Advertisement The strategy seemed to be paying off a few weeks ago, when Trump castigated Putin for holding friendly conversations while continuing to kill civilians. He set deadlines and threatened to impose secondary sanctions on countries that were buying oil from Russia. For the first time since Trump's inauguration, Washington's approach, including the threat of new sanctions on Russian oil and gas if there was no ceasefire, and Europe's continued military and economic pressure seemed roughly aligned. Last Wednesday, European leaders talked with Trump, and he agreed to hold firm with Putin that a ceasefire must precede a longer peace negotiation. That alignment is what blew up in Anchorage. 'It was determined by all that the best way to end the horrific war between Russia and Ukraine is to go directly to a Peace Agreement,' Trump wrote on his social media site early Saturday. Trump's flip-flops stand in contrast to Putin's determination to stay the course with the war, even as the body count of Russians killed has soared. 'Peace will come when we achieve our goals,' he proclaimed in late 2023. Even then, Putin privately was sending signals that he was open to discussing a ceasefire, but only if it froze existing battle lines -- meaning Ukraine would have to cede control over roughly 20% of its territory. His overtures were rebuffed at the time. But now the Russian military is making considerable gains, so Putin no longer has interest in a ceasefire. 'They feel like they've got momentum in the battlefield,' Rubio said, 'and frankly, don't care, don't seem to care very much about how many Russian soldiers die in this endeavor.' Advertisement 'It's a meat grinder,'' he added, 'and they just have more meat to grind.' That reality would seem to suggest that the timing is hardly right for a peace agreement. Putin may calculate his best strategy is to drag out the talks. But when European and U.S. officials gather at the White House on Monday, they will have more to discuss than just boundaries. The Europeans have to find a way to bring Trump on board for concrete security guarantees for Ukraine -- which could include a peacekeeping force that would deter Putin from restarting the war in a few years. In his conversation with European leaders after the Putin summit, Trump suggested for the first time that he might be willing to join that effort -- though the assumption is that he would contribute U.S. intelligence, not troops. In London on Sunday, after a virtual meeting of European countries that call themselves a 'coalition of the willing' -- a phrase used in the Iraq and Afghanistan wars -- British Prime Minister Keir Starmer issued a statement that commended Trump for his 'commitment to providing security guarantees for Ukraine.' That phrasing seemed intended to lock him into the effort. The statement reiterated that the United Kingdom and other European nations were ready to 'deploy a reassurance force once hostilities have ceased, and to help secure Ukraine's skies and seas and regenerate Ukraine's armed forces.' The United States has never been that specific. This article originally appeared in .
Washington Post
17 minutes ago
- Washington Post
Asian shares mostly gain as eyes turn to meetings at the White House and Jackson Hole
BANGKOK — Asian shares were mostly higher Monday after U.S. stocks edged back from their record levels on Friday. U.S. futures were little changed as investors watched for developments in the Ukraine crisis following a summit between President Donald Trump and Russian President Vladimir Putin that brought no breakthroughs.
