
Market Rally 'Quite Fragile,' Says Goldman's Oppenheimer
European stocks have risen as US futures slipped as tariff turmoil threw up a mixed impact on company earnings and as investors looked ahead to key US economic data. Europe's Stoxx 600 index climbed 0.4%, with UBS Group shares rising after its net income beat estimates as volatile markets boosted trading profits. Societe Generale rallied 5% as it also benefited from a surge in equities trading. Asian stocks rose. A six-day rally in US stocks looked set to pause as S&P 500 and Nasdaq 100 contracts edged lower. Peter Oppenheimer, Chief Global Equity Strategist at Goldman Sachs joins Caroline Hepker and Lizzy Burden on Bloomberg Radio to discuss where markets could go from here. (Source: Bloomberg)
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NATO chief Rutte calls for 400% increase in the alliance's air and missile defense
LONDON (AP) — NATO members need to increase their air and missile defenses by 400% to counter the threat from Russia, the head of the military alliance plans to say on Monday. Secretary-General Mark Rutte will say during a visit to London that NATO must take a 'quantum leap in our collective defense' to face growing instability and threats, according to extracts released by NATO before Rutte's speech. Rutte is due to meet U.K. Prime Minister Keir Starmer at 10 Downing St. ahead of a NATO summit in the Netherlands where the 32-nation alliance is likely to commit to a big hike in military spending. Like other NATO members, the U.K. has been reassessing its defense spending since Russia's full-scale invasion of Ukraine in February 2022. Starmer has pledged to increase British defense spending to 2.5% of gross domestic product by 2027 and to 3% by 2034. Rutte has proposed a target of 3.5% of economic output on military spending and another 1.5% on 'defense-related expenditure' such as roads, bridges, airfields and sea ports. He said last week he is confident the alliance will agree to the target at its summit in The Hague on June 24-25. At the moment, 22 of the 32 member countries meet or exceed NATO's current 2% target. The new target would meet a demand by President Donald Trump that member states spend 5% of gross domestic product on defense. Trump has long questioned the value of NATO and complained that the U.S. provides security to European countries that don't contribute enough. Rutte plans to say in a speech at the Chatham House think tank in London that NATO needs thousands more armored vehicles and millions more artillery shells, as well as a 400% increase in air and missile defense. 'We see in Ukraine how Russia delivers terror from above, so we will strengthen the shield that protects our skies,' he plans to say. 'Wishful thinking will not keep us safe. We cannot dream away the danger. Hope is not a strategy. So NATO has to become a stronger, fairer and more lethal alliance.' European NATO members, led by the U.K. and France, have scrambled to coordinate their defense posture as Trump transforms American foreign policy, seemingly sidelining Europe as he looks to end the war in Ukraine. Last week the U.K. government said it would build new nuclear-powered attack submarines, prepare its army to fight a war in Europe and become 'a battle-ready, armor-clad nation.' The plans represent the most sweeping changes to British defenses since the collapse of the Soviet Union more than three decades ago.
Yahoo
17 minutes ago
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Iran says to submit own nuclear proposal to US soon
Iran said Monday it will soon present a counter-proposal on a nuclear deal with the United States, after it had described Washington's offer as containing "ambiguities". Tehran and Washington have held five rounds of talks since April to thrash out a new nuclear accord to replace the deal with major powers that US President Donald Trump abandoned during his first term in 2018. The longtime foes have been locked in a diplomatic standoff over Iran's uranium enrichment, with Tehran defending it as a "non-negotiable" right and Washington describing it as a "red line". On May 31, after the fifth round talks, Iran said it had received "elements" of a US proposal, with Foreign Minister Abbas Araghchi saying later the text contained "ambiguities". Foreign Ministry spokesman Esmaeil Baqaei criticised the US proposal as "lacking elements" reflective of the previous rounds of negotiations, without providing further details. "We will soon submit our own proposed plan to the other side through (mediator) Oman once it is finalised," Baqaei told a weekly press briefing. "It is a proposal that is reasonable, logical, and balanced, and we strongly recommend that the American side value this opportunity." Iran's parliament speaker has said the US proposal failed to include the lifting of sanctions -- a key demand for Tehran, which has been reeling under their weight for years. - 'Strategic mistake' - Trump, who has revived his "maximum pressure" campaign of sanctions on Iran since taking office in January, has repeatedly said it will not be allowed any uranium enrichment under a potential deal. On Wednesday, Iran's supreme leader Ayatollah Ali Khamenei said the US offer was "100 percent against" notions of independence and self-reliance. He insisted that uranium enrichment was "key" to Iran's nuclear programme and that the US "cannot have a say" on the issue. Iran currently enriches uranium to 60 percent, far above the 3.67-percent limit set in the 2015 deal and close though still short of the 90 percent needed for a nuclear warhead. Western countries, including the United States, have long accused Iran of seeking to acquire atomic weapons, while Iran insists its nuclear programme is for peaceful purposes The United Nations nuclear watchdog will convene a Board of Governors meeting from June 9-13 in Vienna to discuss Iran's nuclear activities. The meeting comes after the International Atomic Energy Agency released a report criticising "less than satisfactory" cooperation from Tehran, particularly in explaining past cases of nuclear material found at undeclared sites. Iran has criticised the IAEA report as unbalanced, saying it relied on "forged documents" provided by its arch foe Israel. Britain, France and Germany, the three European countries who were party to the 2015 deal, are currently weighing whether to trigger the sanctions "snapback" mechanism in the accord. The mechanism would reinstate UN sanctions in response to Iranian non-compliance -- an option that expires in October. On Friday, Araghchi warned European powers against backing a draft resolution at the IAEA accusing Tehran of non-compliance, calling it a "strategic mistake". On Monday, Baqaei said Iran has "prepared and formulated a series of steps and measures" if the resolution passed. "Without a doubt, the response to confrontation will not be more cooperation," he added. rkh-mz/ysm
Yahoo
18 minutes ago
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US stock futures little changed ahead of US-China trade talks
U.S. stock futures are little changed with inflation data due and possibly, some clarity on where the U.S. and China stand on trade issues and how the Senate may vote on the more than 1,000-page tax bill before it. The May consumer price index report, due midweek, could provide insight into whether the tariff rollercoaster is reviving inflation. It is the first full month of data since President Donald Trump announced his aggressive tariff plan on April 2. Many of the harshest tariffs have been rolled back or paused, but some have kicked in. Wholesale price data are due the next day and could give investors an idea of whether there is inflation coming down the pipeline to Americans. Wholesale prices are what businesses pay for their goods and services. At the end of the week, a new consumer sentiment reading from the University of Michigan also includes data on inflation expectations. Separately, officials from the U.S. and China are expected to hold trade talks in London, Trump said last week. The talks follow a phone call between Trump and Chinese President Xi Jinping after Trump accused China of violating terms of a tariff pause agreed on last month in Switzerland. At 5:45 a.m. ET, futures linked to the blue-chip Dow rose 0.12%, while broad S&P 500 futures added 0.12% and tech-heavy Nasdaq futures were flat. All three indexes closed higher last week, and the S&P 500 is now less than 3% from its record high. The S&P 500 topped the 6,000 mark for the first time since Feb. 21. Investors will also continue to watch the path of the One, Big Beautfil bill in the Senate after a public and fierce tit-for-tat exchange between Tesla chief executive Elon Musk and Trump over social media about the tax bill. Musk called the bill a "pork-filled Congressional spending bill is a disgusting abomination," and Trump called Musk "crazy." Cryptocurrency platform Gemini said it confidentially submitted a draft registration statement with the Securities and Exchange Commission (SEC) for an initial public offering of class A shares. The IPO is expected after the SEC review process, it said in a release. Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: US stock futures little changed ahead of US-China trade talks Sign in to access your portfolio