Trump's Nvidia shakedown is unprecedented and scary
Nvidia, which now has a weighting of 8 per cent in the S&P 500 – a record that eclipses the 7.6 per cent weighting Apple held in 2023 – has for months been lobbying Trump to lift the ban on exports of its H20 chip to China.
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The Age
7 minutes ago
- The Age
ASX set to edge lower on RBA day as Wall Street drifts
US stocks are drifting around their record heights on Monday as Wall Street waits for an upcoming update on inflation. The S&P 500 fell 0.1 per cent and is just below its all-time high set two weeks ago. The Dow Jones was down 171 points, or 0.4 per cent, and the Nasdaq composite fell 0.1 per cent, coming off its own record. Wall Street is bracing for the next inflation update. Credit: Bloomberg The Australian sharemarket is set to slip, with futures at pointing to a fall of 12 points, or 0.1 per cent at the open. The ASX added 0.3 per cent on Monday. The Australian dollar was 0.1 per cent lower at US65.12¢ at 5.12am AEST. Reporting season continues, with Seven West Media among the companies due up on Tuesday. The Reserve Bank is expected to announce an interest rate cut at 2.30pm AEST on Tuesday afternoon. The highlight of this week for Wall Street is likely to arrive on Tuesday, when the government will report how bad inflation was across the country in July. Economists expect it to show U.S. consumers had to pay prices for groceries, petrol and other costs of living that were 2.8 per cent higher in July from a year earlier, a slight acceleration from June's 2.7 per cent inflation. Loading Inflation has remained above 2 per cent, even if it has improved substantially from its peak above 9 per cent three years ago. And the worry is that President Donald Trump's tariffs could push it higher. That in turn is raising fears about a potential, worst-case scenario called 'stagflation' where the economy stagnates but inflation remains high. The Federal Reserve has no good tool to fix both at once, and it would need to concentrate on either the job market or inflation first. But helping one of those areas by moving interest rates would likely hurt the other. A top Fed official, Michelle Bowman, said on Saturday that she believes the job market is the bigger concern. She is still backing three cuts to interest rates by the Fed this year following this month's stunning, weaker-than-expected report on the U.S. job market. Trump himself has also been angrily calling for cuts to interest rates to support the economy.
Sydney Morning Herald
7 minutes ago
- Sydney Morning Herald
ASX set to edge lower on RBA day as Wall Street drifts
US stocks are drifting around their record heights on Monday as Wall Street waits for an upcoming update on inflation. The S&P 500 fell 0.1 per cent and is just below its all-time high set two weeks ago. The Dow Jones was down 171 points, or 0.4 per cent, and the Nasdaq composite fell 0.1 per cent, coming off its own record. Wall Street is bracing for the next inflation update. Credit: Bloomberg The Australian sharemarket is set to slip, with futures at pointing to a fall of 12 points, or 0.1 per cent at the open. The ASX added 0.3 per cent on Monday. The Australian dollar was 0.1 per cent lower at US65.12¢ at 5.12am AEST. Reporting season continues, with Seven West Media among the companies due up on Tuesday. The Reserve Bank is expected to announce an interest rate cut at 2.30pm AEST on Tuesday afternoon. The highlight of this week for Wall Street is likely to arrive on Tuesday, when the government will report how bad inflation was across the country in July. Economists expect it to show U.S. consumers had to pay prices for groceries, petrol and other costs of living that were 2.8 per cent higher in July from a year earlier, a slight acceleration from June's 2.7 per cent inflation. Loading Inflation has remained above 2 per cent, even if it has improved substantially from its peak above 9 per cent three years ago. And the worry is that President Donald Trump's tariffs could push it higher. That in turn is raising fears about a potential, worst-case scenario called 'stagflation' where the economy stagnates but inflation remains high. The Federal Reserve has no good tool to fix both at once, and it would need to concentrate on either the job market or inflation first. But helping one of those areas by moving interest rates would likely hurt the other. A top Fed official, Michelle Bowman, said on Saturday that she believes the job market is the bigger concern. She is still backing three cuts to interest rates by the Fed this year following this month's stunning, weaker-than-expected report on the U.S. job market. Trump himself has also been angrily calling for cuts to interest rates to support the economy.
The Advertiser
7 minutes ago
- The Advertiser
Europe races to influence US ahead of Trump-Putin talks
European leaders and Ukraine's Volodymyr Zelenskiy will speak to US President Donald Trump this week ahead of his summit with Russian leader Vladimir Putin, amid fears Washington may dictate unfavourable peace terms to Ukraine. Trump announced last week he would meet Putin on Friday in Alaska to negotiate an end to the 3.5-year war, which began with Russia's full-scale invasion of its neighbour. Ukraine and its European allies fear that Trump, keen to claim credit for making peace and also hoping to seal lucrative joint business deals with Moscow, could align with Putin to cut a deal that would be deeply disadvantageous to Kyiv. Germany said it was convening a series of top-level video conferences on Wednesday to prepare for the summit including one between European leaders, Zelenskiy, Trump and US Vice President JD Vance. It will be the first time Zelenskiy and Trump have spoken since the Alaska summit was announced. European leaders and EU and NATO officials would coordinate their approach beforehand, a German government spokesperson said. Zelenskiy said on Monday that concessions to Moscow would not persuade it to stop fighting in Ukraine and that there was a need to ramp up pressure on the Kremlin. "Russia refuses to stop the killings, and therefore must not receive any rewards or benefits," Zelenskiy wrote on X. Zelenskiy said Russia was preparing its troops for new offensives instead of getting ready to stop the war in Ukraine. "He is certainly not getting ready for a ceasefire and war end," Zelenskiy said in a nightly address. He added, without providing any specifics, that Russia was moving its troops for new operations on Ukrainian soil. He later held separate phone calls with the leaders of India and Saudi Arabia, which both have cordial ties with Moscow, in order to bolster international support for Kyiv's position ahead of the Trump-Putin talks. European Union foreign ministers were holding a video conference on Monday afternoon to discuss their support for Kyiv and the upcoming meeting. British Prime Minister Keir Starmer's spokesperson said London supported Trump's efforts to end the war in Ukraine but believed Kyiv must be involved in any settlement on ending the fighting. "We will never trust President Putin as far as you can throw him, but we will support Ukraine and President Trump and European nations as we enter these negotiations," Starmer's spokesperson told reporters. "Any peace must be built with Ukraine, not imposed upon it, and we will not reward aggression or compromise sovereignty." The Alaska meeting comes as Trump has hardened his stance towards Moscow, agreeing to allow additional US weapons to reach Ukraine and threatening tariffs against buyers of Russian oil. Even so, the prospect of Trump hosting Putin, on US soil, in what will be the first meeting between leaders of the United States and Russia since 2021, has revived fears that he might agree to a deal that forces big concessions from Kyiv or weakens European security. Trump has said any peace deal would involve "some swapping of territories to the betterment of both" Russia and Ukraine, prompting consternation in Kyiv and European capitals. "Regarding territorial issues, the Russian position is framed as a territorial swap, but it appears as a rather one-sided swap," a European Commission official said on Sunday. Russia occupies about a fifth of Ukrainian territory, while Ukraine holds barely any Russian territory. European leaders have underscored their commitment to the idea that international borders cannot be changed by force, fearing any deal forced on Kyiv could create a dangerous precedent. European leaders and Ukraine's Volodymyr Zelenskiy will speak to US President Donald Trump this week ahead of his summit with Russian leader Vladimir Putin, amid fears Washington may dictate unfavourable peace terms to Ukraine. Trump announced last week he would meet Putin on Friday in Alaska to negotiate an end to the 3.5-year war, which began with Russia's full-scale invasion of its neighbour. Ukraine and its European allies fear that Trump, keen to claim credit for making peace and also hoping to seal lucrative joint business deals with Moscow, could align with Putin to cut a deal that would be deeply disadvantageous to Kyiv. Germany said it was convening a series of top-level video conferences on Wednesday to prepare for the summit including one between European leaders, Zelenskiy, Trump and US Vice President JD Vance. It will be the first time Zelenskiy and Trump have spoken since the Alaska summit was announced. European leaders and EU and NATO officials would coordinate their approach beforehand, a German government spokesperson said. Zelenskiy said on Monday that concessions to Moscow would not persuade it to stop fighting in Ukraine and that there was a need to ramp up pressure on the Kremlin. "Russia refuses to stop the killings, and therefore must not receive any rewards or benefits," Zelenskiy wrote on X. Zelenskiy said Russia was preparing its troops for new offensives instead of getting ready to stop the war in Ukraine. "He is certainly not getting ready for a ceasefire and war end," Zelenskiy said in a nightly address. He added, without providing any specifics, that Russia was moving its troops for new operations on Ukrainian soil. He later held separate phone calls with the leaders of India and Saudi Arabia, which both have cordial ties with Moscow, in order to bolster international support for Kyiv's position ahead of the Trump-Putin talks. European Union foreign ministers were holding a video conference on Monday afternoon to discuss their support for Kyiv and the upcoming meeting. British Prime Minister Keir Starmer's spokesperson said London supported Trump's efforts to end the war in Ukraine but believed Kyiv must be involved in any settlement on ending the fighting. "We will never trust President Putin as far as you can throw him, but we will support Ukraine and President Trump and European nations as we enter these negotiations," Starmer's spokesperson told reporters. "Any peace must be built with Ukraine, not imposed upon it, and we will not reward aggression or compromise sovereignty." The Alaska meeting comes as Trump has hardened his stance towards Moscow, agreeing to allow additional US weapons to reach Ukraine and threatening tariffs against buyers of Russian oil. Even so, the prospect of Trump hosting Putin, on US soil, in what will be the first meeting between leaders of the United States and Russia since 2021, has revived fears that he might agree to a deal that forces big concessions from Kyiv or weakens European security. Trump has said any peace deal would involve "some swapping of territories to the betterment of both" Russia and Ukraine, prompting consternation in Kyiv and European capitals. "Regarding territorial issues, the Russian position is framed as a territorial swap, but it appears as a rather one-sided swap," a European Commission official said on Sunday. Russia occupies about a fifth of Ukrainian territory, while Ukraine holds barely any Russian territory. European leaders have underscored their commitment to the idea that international borders cannot be changed by force, fearing any deal forced on Kyiv could create a dangerous precedent. European leaders and Ukraine's Volodymyr Zelenskiy will speak to US President Donald Trump this week ahead of his summit with Russian leader Vladimir Putin, amid fears Washington may dictate unfavourable peace terms to Ukraine. Trump announced last week he would meet Putin on Friday in Alaska to negotiate an end to the 3.5-year war, which began with Russia's full-scale invasion of its neighbour. Ukraine and its European allies fear that Trump, keen to claim credit for making peace and also hoping to seal lucrative joint business deals with Moscow, could align with Putin to cut a deal that would be deeply disadvantageous to Kyiv. Germany said it was convening a series of top-level video conferences on Wednesday to prepare for the summit including one between European leaders, Zelenskiy, Trump and US Vice President JD Vance. It will be the first time Zelenskiy and Trump have spoken since the Alaska summit was announced. European leaders and EU and NATO officials would coordinate their approach beforehand, a German government spokesperson said. Zelenskiy said on Monday that concessions to Moscow would not persuade it to stop fighting in Ukraine and that there was a need to ramp up pressure on the Kremlin. "Russia refuses to stop the killings, and therefore must not receive any rewards or benefits," Zelenskiy wrote on X. Zelenskiy said Russia was preparing its troops for new offensives instead of getting ready to stop the war in Ukraine. "He is certainly not getting ready for a ceasefire and war end," Zelenskiy said in a nightly address. He added, without providing any specifics, that Russia was moving its troops for new operations on Ukrainian soil. He later held separate phone calls with the leaders of India and Saudi Arabia, which both have cordial ties with Moscow, in order to bolster international support for Kyiv's position ahead of the Trump-Putin talks. European Union foreign ministers were holding a video conference on Monday afternoon to discuss their support for Kyiv and the upcoming meeting. British Prime Minister Keir Starmer's spokesperson said London supported Trump's efforts to end the war in Ukraine but believed Kyiv must be involved in any settlement on ending the fighting. "We will never trust President Putin as far as you can throw him, but we will support Ukraine and President Trump and European nations as we enter these negotiations," Starmer's spokesperson told reporters. "Any peace must be built with Ukraine, not imposed upon it, and we will not reward aggression or compromise sovereignty." The Alaska meeting comes as Trump has hardened his stance towards Moscow, agreeing to allow additional US weapons to reach Ukraine and threatening tariffs against buyers of Russian oil. Even so, the prospect of Trump hosting Putin, on US soil, in what will be the first meeting between leaders of the United States and Russia since 2021, has revived fears that he might agree to a deal that forces big concessions from Kyiv or weakens European security. Trump has said any peace deal would involve "some swapping of territories to the betterment of both" Russia and Ukraine, prompting consternation in Kyiv and European capitals. "Regarding territorial issues, the Russian position is framed as a territorial swap, but it appears as a rather one-sided swap," a European Commission official said on Sunday. Russia occupies about a fifth of Ukrainian territory, while Ukraine holds barely any Russian territory. European leaders have underscored their commitment to the idea that international borders cannot be changed by force, fearing any deal forced on Kyiv could create a dangerous precedent. European leaders and Ukraine's Volodymyr Zelenskiy will speak to US President Donald Trump this week ahead of his summit with Russian leader Vladimir Putin, amid fears Washington may dictate unfavourable peace terms to Ukraine. Trump announced last week he would meet Putin on Friday in Alaska to negotiate an end to the 3.5-year war, which began with Russia's full-scale invasion of its neighbour. Ukraine and its European allies fear that Trump, keen to claim credit for making peace and also hoping to seal lucrative joint business deals with Moscow, could align with Putin to cut a deal that would be deeply disadvantageous to Kyiv. Germany said it was convening a series of top-level video conferences on Wednesday to prepare for the summit including one between European leaders, Zelenskiy, Trump and US Vice President JD Vance. It will be the first time Zelenskiy and Trump have spoken since the Alaska summit was announced. European leaders and EU and NATO officials would coordinate their approach beforehand, a German government spokesperson said. Zelenskiy said on Monday that concessions to Moscow would not persuade it to stop fighting in Ukraine and that there was a need to ramp up pressure on the Kremlin. "Russia refuses to stop the killings, and therefore must not receive any rewards or benefits," Zelenskiy wrote on X. Zelenskiy said Russia was preparing its troops for new offensives instead of getting ready to stop the war in Ukraine. "He is certainly not getting ready for a ceasefire and war end," Zelenskiy said in a nightly address. He added, without providing any specifics, that Russia was moving its troops for new operations on Ukrainian soil. He later held separate phone calls with the leaders of India and Saudi Arabia, which both have cordial ties with Moscow, in order to bolster international support for Kyiv's position ahead of the Trump-Putin talks. European Union foreign ministers were holding a video conference on Monday afternoon to discuss their support for Kyiv and the upcoming meeting. British Prime Minister Keir Starmer's spokesperson said London supported Trump's efforts to end the war in Ukraine but believed Kyiv must be involved in any settlement on ending the fighting. "We will never trust President Putin as far as you can throw him, but we will support Ukraine and President Trump and European nations as we enter these negotiations," Starmer's spokesperson told reporters. "Any peace must be built with Ukraine, not imposed upon it, and we will not reward aggression or compromise sovereignty." The Alaska meeting comes as Trump has hardened his stance towards Moscow, agreeing to allow additional US weapons to reach Ukraine and threatening tariffs against buyers of Russian oil. Even so, the prospect of Trump hosting Putin, on US soil, in what will be the first meeting between leaders of the United States and Russia since 2021, has revived fears that he might agree to a deal that forces big concessions from Kyiv or weakens European security. Trump has said any peace deal would involve "some swapping of territories to the betterment of both" Russia and Ukraine, prompting consternation in Kyiv and European capitals. "Regarding territorial issues, the Russian position is framed as a territorial swap, but it appears as a rather one-sided swap," a European Commission official said on Sunday. Russia occupies about a fifth of Ukrainian territory, while Ukraine holds barely any Russian territory. European leaders have underscored their commitment to the idea that international borders cannot be changed by force, fearing any deal forced on Kyiv could create a dangerous precedent.
