Ukraine and Russia agree on further prisoner swap after brief talks
Ukrainian Defence Minister Rustem Umerov told journalists that the first priority was to exchange seriously injured and seriously ill prisoners of war.
The second category would be young soldiers between the ages of 18 and 25. The agreement, he said, had been reached on specific categories and "not on numbers."
The head of the Russian delegation, Vladimir Medinsky, confirmed the agreement on the exchange of prisoners in the categories mentioned. He said the aim is to exchange at least 1,000 prisoners of war in each group.
In addition, according to both sides, an agreement was also reached on the exchange of 6,000 bodies of soldiers killed in action.
Umerov said Kiev had proposed the end of June to the Russians as the next date for follow-up talks.
Ukraine also reiterated its call for a meeting at the highest level. "All key issues can only be resolved at the top leadership level," Umerov said, adding that US President Donald Trump's participation was also possible.
The proposals for the desired ceasefire had been handed over, he said. The Russian document was currently being evaluated, said Ukrainian Foreign Ministry spokesman Heorhii Tykhyi.
Ukraine has been fighting a Russian invasion with Western support for over three years.
Second round of talks was brief
Monday's talks - the second recent round of direct talks between Russia and Ukraine - were brief, running only a little over an hour.
The delegations met in Çırağan Palace in Istanbul, with Turkish officials acting as mediators.
Prior to the talks, the warring parties outlined their demands for an end to the fighting in written proposals, but their positions remain far apart.
The two countries met for the first round of direct talks since 2022 in mid-May, which resulted in the largest prisoner exchange since the beginning of the war, with 1,000 detainees released on each side.
The Russian delegation in Istanbul was again led by presidential adviser Medinsky, and the Ukrainian one by Defence Minister Umerov.
The talks were intended to discuss ways out of Russia's three-year war against Ukraine.
Kiev had demanded an unconditional 30-day ceasefire as a first step; Moscow had tied a ceasefire to conditions that included Western states refraining from supplying weapons to Ukraine.
In the days before the meeting, the two sides massively expanded their attacks, resulting in casualties and damage in both countries.
Ukraine on Sunday carried out one of its most ambitious attacks on Russian territory, hitting several airfields with remote combat drones.
List of 'abducted' children
During the second round of negotiations, Ukraine handed Russia a list of minors it considers to have been abducted.
"We are talking about hundreds of children whom Russia illegally deported, forcibly resettled or detained in the temporarily occupied territories," wrote Andriy Yermak, the head of the Ukrainian presidential office, on Telegram on Monday.
The return of these children is part of a just and stable peace. "Now the ball is in Russia's court," he continued.
Von derLeyen calls for new sanctions if Ukraine talks falter
Meanwhile, EU Commission President Ursula von der Leyen said Europe is prepared to impose new sanctions on Russia if peace negotiations do not advance.
She told German broadcaster ZDF on Monday that if Russian President Vladimir Putin does not take the talks seriously, the EU will go ahead with more sanctions against Russian targets, including the Nord Stream gas pipelines and the Russian shadow fleet.
Von der Leyen added that she had spoken with US Senator Lindsey Graham, who is preparing another package of sanctions for the US Senate.
The EU recently put its 17th package of sanctions against Russia into effect. An 18th package is already in the works, aimed in part at preventing the restart of the Nord Stream pipelines. Additional measures include further lowering the price cap on Russian oil and new sanctions targeting the Russian financial sector.
Russia unveils peace demands for Ukraine
Russia has for the first time publicly released a 12-point memorandum outlining its conditions for a peace settlement with Ukraine, state news agency TASS reported on Monday.
The document calls for Ukraine to recognize the annexation of Crimea, Donetsk, Luhansk, Kherson and Zaporizhzhya as part of Russia — a demand Kiev rejects as illegal. It also insists Ukraine adopts a permanently neutral status and abandons any future aspirations to join NATO.
Other conditions include Ukraine remaining free of nuclear weapons, reducing the size of its armed forces and disbanding both nationalist military groups and the National Guard.
The Kremlin also demands that Russian be recognized as an official language and that the rights of Russian-speaking minorities be guaranteed.
Further requirements include lifting sanctions against Russia, restoring diplomatic relations and resuming the transit of Russian gas through Ukraine to Europe.
The memorandum proposes that any peace treaty be formalized through a legally binding UN Security Council resolution.
The document was handed over to Ukrainian representatives in Istanbul. Ukraine said it would review the proposal. Russia proposes two ceasefire options
According to Russian state media citing the Russian delegation's documents, Moscow also offered two ceasefire options during negotiations in Istanbul.
The first option requires Ukraine's full withdrawal from the four annexed regions — Luhansk, Donetsk, Zaporizhzhya and Kherson — despite Russia controlling only parts of them.
Russian forces control nearly all of Luhansk, about 70% of Donetsk and roughly two-thirds of both Kherson and Zaporizhzhya regions. However, the regional capitals — Kherson and Zaporizhzhya — remain under Ukrainian control.
The second option calls for a ceasefire along the current front lines. Under the plan, Kiev would end mobilization efforts and stop receiving foreign weapons. A joint monitoring centre would be established to oversee compliance. Ukraine would also pledge to stop sabotage operations on Russian territory.
Once martial law is lifted, nationwide elections would be held within 100 days, according to the proposal.
Ukrainian officials also presented their own memorandum during the Istanbul talks, but the two sides remain far apart on core issues.
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Stock market today: Dow, S&P 500, Nasdaq waver with Ukraine's fate, Fed policy in focus
US stocks wavered on Monday as investors turned their focus to a high-stakes US-Ukraine meeting, kicking off a week dominated by a Federal Reserve speech that could define the outlook for interest rates. The S&P 500 (^GSPC) rose above the flatline, while the Dow Jones Industrial Average (^DJI) flipped between negative and positive territory, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) was also little changed. Geopolitics are front of mind as Volodymyr Zelensky and European allies spoke with President Trump in Washington, D.C., with the Ukrainian president facing US pressure to accept a peace deal that favors Russia. The meeting follows Trump's encounter with his Russian counterpart, Vladimir Putin, at their Alaska summit. But markets are also looking ahead to the main event this week, Jerome Powell's comments at the Jackson Hole symposium on Friday. His speech — likely to be Powell's last as Fed chair — will be closely followed for clues to the path of monetary policy, after inflation and retail data prompted Wall Street to temper rate cut hopes last week. The annual gathering of central bankers often brings signals of key shifts in Fed thinking, and its policymakers are facing a dilemma over what action to take. The release of minutes from the Fed's July meeting on Wednesday will set the stage for Jackson Hole in a week light on economic data. Meanwhile, second quarter earnings season is winding down, with Palo Alto Networks (PANW) and Blink Charging (BLNK) reports on Monday's docket. With most of the reports in, the results have been mostly positive. Highly anticipated earnings from Walmart (WMT), Target (TGT), Home Depot (HD), and Lowe's (LOW) are due later in the week, likely to provide insights into consumer spending. Shares of Intel (INTC) fell to session lows after Bloomberg reported the Trump administration was contemplating a 10% stake in the chip maker. Last week shares jumped after reports that Trump was considering using funds from the Chips act to invest in the company. Intel drops to session lows after report Trump administration wants 10% stake in chip maker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value," "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Terawulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator Terawulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as Terawulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, Terawulf announced a $400 million debt offering Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. Terawulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." Terawulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Intel drops to session lows after report Trump administration wants 10% stake in chip maker Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Intel (INTC) shares dropped nearly 4% to session lows on Monday after Bloomberg reported the White House is eyeing a 10% stake in the chipmaker. Last week, the stock popped after a report indicated President Trump's intent to invest in the company after meeting with CEO Lip-Bu Tan, who has been at the job since March. Trump had previously publicly called for Lip-Bu Tan to resign, calling him "highly conflicted." Intel is undergoing a turnaround plan after years of lagging its peers in the chip and AI space. Goldman Sachs economics team: More job report weakness is coming Yahoo Finance's Francisco Velasquez reports: Read more here. Yahoo Finance's Francisco Velasquez reports: Read more here. Mega caps' stock market dominance 'may be done' The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value," "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. The stock market has been all about large market capitalization companies for over a decade. Dating back to 2015, Bank of America Securities Head of US equity and Quantitive Strategy Savita Subramanian found that the largest 50 stocks in the S&P 500 (^GSPC) have outperformed the benchmark index by 73 percentage points. Subramanian points out the last notable run of similar outperformance for the 50 largest stocks in the index came in the late 1990s leading into the bursting of the dot-com bubble. Subramanian thinks a similar tide shift might be coming to markets now. "History would suggest there is more to go in cap-weighted dominance," Subramanian wrote in a note to clients. "But if the Fed's next move is a rate cut, and if the Regime indicator is shifting to a Recovery, we think the run may be closer to done." BofA's "regime indicator," which includes a variety of factors such as corporate earnings revisions, inflation data and economic growth projections, has started to point to the recovery phase. This combined with a Federal Reserve that markets believe will cut interest rates by at least half a percentage point before the end of year, is a positive setup for value stocks, Subramanian argues. And the largest stocks in the market right now are "anti value," "[Federal Reserve] easing has been accompanied by Mega caps lagging more than leading, and higher inflation should support a broadening of the S&P 500 beyond defensives/secular growth," Subramanian wrote. Private club operator Soho House going private in $2.7 billion deal Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Shares of Soho House (SHCO) jumped as much as 16% on Monday after news that the private members club operator is set to go private, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Terawulf stock jumps as Google ups stake in bitcoin miner to 14% Bitcoin miner and data center operator Terawulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as Terawulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, Terawulf announced a $400 million debt offering Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. Terawulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." Terawulf is one of many bitcoin miners transitioning to provide AI infrastructure. Bitcoin miner and data center operator Terawulf (WULF) saw its stock jump nearly 11% after announcing that Google is taking a 14% stake in the company. In return for the equity stake, Google is providing a backstop as Terawulf uses debt financing to expand a Lake Mariner data center campus in western New York, making it one of the largest campuses in the US. In connection with the project, Terawulf announced a $400 million debt offering Monday. The new data center capacity will be leased by AI cloud provider Fluidstack. The deal was first unveiled when the company released its second quarter earnings results last week. Terawulf initially said Google would provide a $1.8 billion backstop in exchange for an 8% stake in the company during its earnings call, but that figure was upped to $3.2 billion Monday. CEO Paul Prager said its Lake Mariner campus will be one of the "cornerstone assets for the future of AI infrastructure." Terawulf is one of many bitcoin miners transitioning to provide AI infrastructure. Novo Nordisk gains after the bell as company offers discounted Ozempic Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Danish pharma giant Novo Nordisk (NVO) saw its US-listed shares gain more than 5% Monday after the open as the company said it would offer patients its diabetes drug Ozempic for less than half the price if they pay cash. The move makes the medication more affordable for patients who don't have insurance coverage, though the reduced price still amounts to $499, keeping it out of reach for many Americans. Also on Monday, GoodRx announced it will begin selling both of Novo Nordisk's GLP-1 drugs for $499 a month. Shares had climbed premarket Monday after the company said Friday it received approval from the FDA for its liver disease MASH. Also boosting shares, Novo Nordisk reportedly will not charge more for pill versions of its weight-loss injections, which are expected to launch in 2026. This would be a departure from drugmakers' typical practice of charging more for new medications. The moves come after President Trump has ramped up pressure on drugmakers to lower prices, though his tariffs could raise prices. Read more here. Stocks muted at the open US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. US stocks stalled at the market open as investors awaited a high-stakes US-Ukraine meeting, kickstarting a week leading up to Federal Reserve Chair Jerome Powell's most important policy speech of the year in Jackson Hole on Friday. The S&P 500 (^GSPC) fell just below the flat line, and the Dow Jones Industrial Average (^DJI) was also roughly flat, coming off a second straight winning week for the major gauges. The tech-heavy Nasdaq Composite (^IXIC) added nearly 0.1%. Trump wants to take Fannie Mae and Freddie Mac public. The plan has some problems. Yahoo Finance's David Hollerith reports: Read more here. Yahoo Finance's David Hollerith reports: Read more here. Solar stocks rally as Trump administration releases new guidance on tax credits Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Solar stocks continued rallying in premarket trading on Monday after the Trump administration clarified new eligibility requirements for tax credits that weren't as burdensome as feared. Shares of residential solar company Sunrun (RUN) have gained 38% since Friday. SolarEdge shares rose 19%, and First Solar (FSLR) and Enphase Energy (ENPH) stocks are both up more than 10%. Bloomberg reports: Read more here. Good morning. Here's what's happening today. Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Economic data: NAHB homebuilder sentiment (August) Earnings: Palo Alto Networks (PANW), Blink Charging (BLNK) Here are some of the biggest stories you may have missed over the weekend and early this morning: Powell's dilemma heading into his final Jackson Hole speech Trump eyes Fannie and Freddie IPO, but the plan faces hurdles What to watch this week: Powell at Jackson Hole. Walmart earnings China's $11 trillion stock market is a headache for both Xi and Trump US warns that India is 'cozying up' to Russia Tesla almost halves UK lease fee as sales slump: Report Goldman: S&P 500 earnings have blown past forecasts Bond market's rate-cut bets hit decisive stretch with Powell Novo Nordisk stock rises after Wegovy gets new US approval US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. US-listed shares in Danish drugmaker Novo Nordisk (NVO) are gaining before the bell, as investors welcome a US boost for its flagship Wegovy. Novo is also reportedly planning to hold off from charging more at next year's launch of pill versions of its weight-loss injections, a departure from usual practice as President Trump puts pressure on pharma companies to cut US prices. Reuters reports: Shares in Novo Nordisk rose on Monday, after the Danish drugmaker got US approval for its weight-loss drug Wegovy to treat a serious liver condition. That was positive news for Novo which has lost more than one-third of its market value in recent weeks. ... Three weeks ago, investors wiped $70 billion off its market value, after Novo — which became Europe's most valuable listed company following the launch of Wegovy in 2021 — issued a profit warning and named a company veteran as new CEO. On Friday, the U.S. Food and Drug Administration granted accelerated approval for Wegovy to treat metabolic dysfunction-associated steatohepatitis, or MASH, making it the first GLP-1 class therapy cleared for the progressive liver condition that affects around 5% of adults in the United States. Read more here. Powell at Jackson Hole, Walmart earnings: What to watch this week The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. The investing world is gearing up for Jerome Powell's comments at Jackson Hole — the most important Fed monetary policy speech of the year, says Yahoo Finance's Myles Udland. The Fed chair's appearance dominates the week's calendar for markets, which also brings a clutch of retail giant earnings. Myles reports: Read more here. Goldman team likely to stay in Trump's crosshairs President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." President Trump has recently offered a few choice words on the work from Goldman Sachs' economics team, led by long-time economist Jan Hatzius. The team is unlikely to garner some praise from Trump today. Here's what Hatzius and his team served up in a new note on Monday morning: "After the recent downward revisions to payrolls, our estimate of trend job growth is now clearly below even that . And while the picture could change again for better or worse, future revisions to job growth are more likely to be because the birth-death model is likely a bit too generous, changes in trend payroll growth can initially be partially misattributed to changes in seasonal factors, revisions to the raw payrolls data tended to be negative in past slowdowns, data from ADP raise doubts about officially reported payroll growth in healthcare, and the household survey is now overstating immigration and employment gains. Like the slowdown in activity growth this year, the slowdown in job growth appears to have arisen from more than just the direct effects of trade and immigration policy changes. We are particularly worried that 'catch-up hiring' in a few industries now appears over and job growth outside those industries has fallen to around zero. And while job openings remain at a decent level, they started to decline again earlier this year." Sign in to access your portfolio
CNN
2 minutes ago
- CNN
Analysis: Trump's empty threats on Russia sanctions
Donald Trump Russia War in UkraineFacebookTweetLink Follow For years, Donald Trump criticized presidents for empty threats. He often pointed to then-President Barack Obama failing to enforce his 'red line' on Syria using chemical weapons. During his first term in 2017, Trump called it a 'blank threat' that cost us 'in many other parts of the world.' When Trump pulled the United States out of the Iran nuclear deal in 2018, he intoned: 'Today's action sends a critical message: The United States no longer makes empty threats. When I make promises, I keep them.' When Russia invaded Ukraine in 2022, Trump decried the Biden administration for letting Vladimir Putin off 'with no repercussions whatsoever.' But Monday, as Trump prepares to meet with Ukrainian President Volodymyr Zelensky and a host of European leaders, his own threats to sanction Russia are looking pretty empty. The president last month issued a tight new deadline for Russia to agree to a peace deal or face supposedly crippling economic punishment. That deadline passed 10 days ago with no new sanctions on Moscow, although he did announce higher tariffs on India for buying Russian oil, set to go into effect later this month. And on the day of his sanctions deadline, Trump instead announced he'd be meeting with Putin, which he did on Friday in Alaska. But to the extent we know anything that came of that summit, it seems to be that Trump has not only backed off on his sanctions threat – at least for now – but he's also backed off on his push for a ceasefire in Ukraine. He instead wants a full peace deal now – which could take much longer to hash out and could buy Putin time, with little to no public evidence that the Russian president is serious about peace. There is something to be said for being nimble in foreign policy and adjusting to new inputs. But there's also something to be said for making threats that you intend to back up. And Trump's commentary here has been clear. For months now, he's said sanctions were right around the corner. 'If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries,' Trump said on social media on January 22. Nearly seven months later, 'soon' apparently still hasn't arrived. When asked in May about a package of Russia sanctions that has widespread support in the Senate, Trump told Fox News it was 'turkey time.' 'That would be crushing for Russia, because they're having a hard time now with the economy,' Trump said. 'Turkey time' was three months ago. Russia still hasn't been crushed. By July, Trump got more explicit with his timeframe. He initially said Russia had 50 days to cut a deal or face sanctions and 'secondary tariffs.' Two weeks later, he tightened that to 10-12 days and then 10 days, with a deadline of August 8. 'So, what I'm doing is we're going to do secondary sanctions unless we make a deal,' Trump said. The planned meeting with Putin appeared to forestall that deadline, at least temporarily. But Trump assured it was a new deadline. Asked last Wednesday what would happen if Putin didn't agree to stop the war after the Alaska meeting, Trump said: 'There will be very severe consequences.' The Russian leader hasn't agreed to stop the war, and the very severe consequences haven't arrived yet. The situation is dynamic, particularly with Monday's meetings at the White House. But the administration appears to be inching back from its threats. Asked about the sanctions Friday night on Fox News, Trump responded: 'We don't have to think about that right now.' Secretary of State Marco Rubio on Sunday actually pitched sanctions as an impediment to a potential peace deal. Appearing on multiple shows, he suggested the administration would wait until there was no hope of peace. 'The minute you issue new sanctions … our ability to get them to table will be severely diminished,' Rubio said of Russia on NBC's 'Meet the Press.' He added on CBS' 'Face the Nation,' 'You've basically locked in at least another year to year-and-a-half of war and death and destruction. We may unfortunately wind up there, but we don't want to wind up there.' While Trump has called economic punishment 'very devastating,' his administration has also recently rather curiously focused on the idea that sanctions on Russia might not even be that effective – noting Putin has dealt with them for years. In other words, it sounds a lot like they're laying a predicate for not following through on these threats any time soon. If that's the case, it wouldn't be the biggest surprise. Trump has a tendency to set deadlines for himself that ultimately fall by the wayside. 'Two weeks' has become an inside joke in DC political circles, owing to the many times the president has promised a decision or announcement and never followed through. Even when Trump announced the 10-day deadline for Russia, I wrote about how we probably shouldn't take it at face value. But as a former version of Trump would seem to agree, major foreign-policy threats are in a different class than promising a policy or personnel decision. Trump got extensive political mileage out of savaging Obama for his red line on Syria, because the stakes were so huge. He pitched the Democratic president as too timid to make good on the threat. The question now is whether Trump is doing the same with Putin. Maybe Trump has reason to believe there are serious prospects for a peace deal that warrant this pause. But Trump has certainly shown a reluctance to truly get tough with the Russian leader before. And some more hawkish Republicans are urging Trump to keep up the pressure. Sen. Lindsey Graham told Fox News' 'Sunday Morning Futures' that Trump can end the war, while re-upping the importance of the threat of sanctions. And perhaps tellingly, he said it required getting 'tough.' 'I'm cautiously optimistic we'll get there, if we're tough,' the South Carolina Republican said. Trump's former vice president, Mike Pence, said it was time for the Senate to pass Graham's sanctions bill. 'I know his style in dealing with these dictators; it's the velvet glove,' Pence told CNN's Jake Tapper on 'State of the Union.' 'But I think the hammer needs to come, and it needs to come immediately.' The hammer appears to have been holstered for now. And you could understand if these Republicans worry that Trump's harder line on Putin has been, too.
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