This article is the on-site version of Firstft Newsletter. Subscribers can sign up for the Asian, European/Africa and American versions to deliver their newsletter every morning. Explore all our newsletters here
Today’s Agenda: Traders dump casino debt. £48 billion for a new town in England. Israel’s plan to acquire Gaza. European Magapopulist. And are female experts more reliable?
good morning. Donald Trump claimed that Russia and Ukraine would “quickly” start negotiations on preparations for peace talks, but he showed that he would leave Moscow and Kiev to find a deal as a broker without the United States. This is what we know.
What happened: In a statement after a call between Russia’s Vladimir Putin and Ukrainian Voldimi Zelensky, the US president said the “conditions” of the deal could only be agreed by the fighting parties “as they know the details of the negotiations no one else knows.” Trump also said the Vatican is “very interested” in holding the talk. After speaking with Putin, Trump signaled European leaders that he would not put any additional pressure on Moscow while the discussion with Kiev was underway, according to those who explained the conversation.
Why it matters: Trump’s comments show that Washington may be retreating from his role as a mediator. Zelenskyy warns that if the US distances itself from peace negotiations, Putin will become “the only person to benefit.” One expert added that the call was “Putin’s victory” and that Russia was allowed to continue the war without facing additional sanctions. There are details on what Trump’s remarks mean for the conflict.
Opinion: The issue of Trump’s responsible for the issue is when it matters when peace talks fail, writes Gideon Lachmann.
Here is the other thing we keep tabs today:
Economic Data: Germany publishes April producer price index inflation data, while the UK publishes monthly bankruptcy figures.
High Level Meeting: G7 Finance Ministers and Central Bankers are in Canada for a three-day gathering. In Brussels, Kaha Karas, the EU’s high representative for foreign and security policy, discusses meetings with the bloc’s foreign and defense ministers.
Company: Google is holding its annual developer event in California, and is expected to unveil new products. Shell will hold its annual meetings, with results from Cranswick, SSP, Topps Tiles and Vodafone Publish. Check out this week’s newsletter for the full list.
Join us in our subscriber-only webinar on May 28th to join us on the US-era showdown, the most consequential geopolitical competition in our era. Sign up now and ask the panel questions.
Five more top stories
1. Donald Trump’s “big and beautiful” tax bill will spike U.S. public debt, sparking vigilance among investors, and encourage questions about Washington’s large-scale funding period. The proposed law that went on after Moody’s stripped the US of its untouched Triple A credit rating on Friday shows a “point of financial market inflection.”
2. Polish stock markets have risen more than 28% so far this year, emerging as one of the world’s top performance bruises this year. The rally was helped by a relatively insulated position from the World Trade War and an expected boost from the nearby German fiscal “bazooka.” This is what analysts are saying.
3. The value of French grocery casino debt has fallen to a highly distressed level, with traders currently citing a collateral loan of 1.4 billion euros for 61 cents in the euro. The deep discount to face value suggests that lenders are brave for the prospect of sudden losses as fears grow that continued revenue could lead to breach of their loan agreement next year.
4. The UK government’s plans for a new British town could cost up to £48 billion over the next few years. Read the full report and find out which areas have been identified as the most advantageous potential “Trailblazer” locations.
5. Benjamin Netanyahu said Israel plans to take over everything in Gaza as Israel escalated its attacks on a war-torn enclave. Israeli forces yesterday told all residents of the southern city of Khan Yunis to leave.
Visual story
The rapid aging population and the growing number of patients with chronic illnesses puts greater demands on the already overgrown NHS. The UK Government’s promised 10-year health plan aims to amend this, and the Minister argues that the answer lies in the better use of technology and data for its largest publicly funded health services in the world.
We’re reading too. . .
The chart of the day
While the market supports Trump’s deal with China, large US retailers have warned of higher prices across many products later this year, while small business owners say the disruption on “liberation day” has already declined as it creates a “ripple effect.” Will Trump’s tariff climb save the United States from the recession?
Some content could not be loaded. Please check your internet connection or browser settings.
Take a break from the news
Today’s recommended reading raises a very important question: Do you put your dog to sleep in your bed? For Hannah Shuckburgh, the answer is yes, and she explores why dogs make such a great bed fellow.
