Bonds & Stocks
The US reached a trade agreement with Japan, giving fresh fuel to the record-breaking run in stocks. Hopes for other trade deals before President Donald Trump's Aug. 1 deadline gave fresh impetus to the equity market, with the S&P 500's surge approaching 30%.
Economy
President Donald Trump reached a trade deal with Japan that will impose 15% tariffs on imports including automobiles from the key American ally, while creating a $550 billion fund to make investments in the US. The agreement, touted by Trump after he secured breakthroughs in a final 75-minute Oval Office meeting Tuesday with Japanese negotiators, spares the nation from a threatened 25% tariff that was set to take effect next week.
World
Russia and Ukraine are to hold a third round of negotiations in Istanbul, with expectations low for progress on a peace agreement. Ukrainian President Zelenskiy said his officials were ready for talks on prisoner exchanges and on preparing for a leaders’ meeting “to truly end this war.” Russia has rejected Ukraine's call for an unconditional truce and is maintaining demands for Kyiv to accept a neutral status and to withdraw its forces from four regions of eastern and southern Ukraine.