Trump meets Putin for Ukrainian talk in Saudi Arabia

good morning. Today we cover:

Donald Trump’s 90-minute call with Vladimir Putin

Apple’s AI Partnership and Alibaba

“Nickel OPEC”

Advice on proper office wear

Donald Trump agreed to meet Vladimir Putin in Saudi Arabia after a 90-minute call between two leaders who showed a dramatic shift in relations between the US and Russia.

The US president said negotiations to end the war in Ukraine would begin “quickly” after speaking to his Russian counterpart. This was the first time Washington and Moscow spoke at the highest level since the full-scale invasion of Russia’s Ukraine in 2022.

The melting of US-Russia relations had an immediate impact on international financial markets. International oil benchmark Brent crude fell by 1%, with the euro making profits against the dollar while European stocks rose. The Ruble, the Russian currency, rose to its strongest level in five months yesterday compared to the greenback.

But Trump Putin’s conversation blinded the European capital. European officials worry that the US will move towards Russia into a more reconciliatory position and be excluded from peace negotiations, but will be expected to pay for the reconstruction and enforcement of the peace agreement.

The US president was called Ukrainian president Voldy Mie Zelensky after a conversation with Putin, but on a snub with Kiev, Trump made Ukrainian envoys to a team named to lead negotiations with Russia. Did not include it.

Trump told reporters in the Oval Office after calling he plans to meet Putin three times. The lecture will be hosted by Saudi Crown Prince Mohammed bin Salman, but no dates have been set yet. Read more about the melting of US-Russia relations.

To learn more about the new administration, please sign up for our White House Watch newsletter. And here’s the other thing we keep tabs today:

Economic Data: The U.S. Department of Labor plans to update its producer price index for January. Brazilian statistical agency IBGE has released its December retail sales data, while Argentina plans to release its January consumer inflation data.

Results: Deere, Molson Coors, Air Lease Corp, Coinbase and Federal Realty Investment Trust are among the companies reporting results.

Congress: President Donald Trump’s candidate is facing a confirmation hearing, heading FBI Kash Patel and education division Linda McMahon.

White House: When Indian Prime Minister Narendra Modi meets Donald Trump in Washington, trade, energy, defense and migration could be on the agenda.

Five more top stories

1. Exclusive: US private equity groups billions of dollars in data centers serving Buitedan due to a transaction frenzy threatened by US crackdown on access to the best chips of Chinese companies I’m investing in. Here’s how Tiktok owners can use their site to take advantage of legal loopholes to access high-end Nvidia chips.

2. Activist hedge fund Elliott Management has built almost £3.8 billion worth of stock as it asks UK oil majors to cut their spending on renewable energy and force large-scale sales, and BP has been established. has become the third largest shareholder. The two are close to the situation. This is what we know.

3. Insurance companies are facing billions of dollars in the Los Angeles wildfire, said this week despite dropping California clients before the catastrophe. Risk modelers say wildfires cost the global insurance industry around $400 billion, a loss of more than $240 million. The loss highlights the scale of the crisis in the California insurance market.

4. The surge in egg prices contributed to rising US inflation in January, strengthening Federal Reserve lawsuits attacking interest rate cuts and stocks and government bonds. Fed Chairman Jay Powell told lawmakers yesterday: “We’ve made great strides, but we’re not there yet,” he explains more about the US inflation and interest rate outlook.

5. The chairman of Alibaba said that Apple’s artificial intelligence will provide the technology sold in China to iPhone models that are available. The California company is working to reinvent AI at its core this year, betting that consumers will upgrade their smartphones and access new features that don’t work on older models. This is what we know about contracts.

FT View: No one wants to see authoritarian China dominate with AI, but America’s obvious preparation to dismantle the guardrail represents a bold and potentially reckless bet .

Big reading today

Elon Musk’s role at the heart of the US government has been criticized for its potential to benefit the world’s wealthiest people while hurting competitors. Musk, who has donated more than $250 million to Donald Trump’s 2024 reelection campaign, is now leading a cost-cutting drive across the government sector, including those that investigated or fined his companies Tesla and SpaceX. . What will mask business win from its proximity to Trump?

I also read and listen to it. . .

Casey Michelle: Donald Trump has incorporated sledgehammers into the cause of anti-corruption, and his decision to suspend enforcement of foreign corruption practices laws would open the door to bad actors.

Argentina: Despite Javier Millée’s pledge to turn the economy into dollars, the country’s currency is revived.

NYSE: The New York Stock Exchange is moving its 143-year-old Chicago business to Dallas a month after the Texas Stock Exchange applied to register with the Securities and Exchange Commission.

The chart of the day

In just under a decade Indonesia has become the world’s largest producer of nickel, a metal important for energy transitions, as it is used in electric vehicle batteries. The Southeast Asian country now manages more global nickel supply than OPEC oiled during the cartel peak of the 1970s. Since then, it has been about half of the world’s crude oil production. How Indonesia is using this new power will be extremely important for the global economy and international business.

Take a break from the news. . .

I want clothes that move into new, more advanced roles and reflect change. How can I find the right piece? Style columnist Anna Berkeley answers readers’ questions about office dress codes.