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• European leaders express Ukraine optimism after call with Trump
  German Chancellor Friedrich Merz said “there is hope for peace in Ukraine”...
  German Chancellor Friedrich Merz said “there is hope for peace in Ukraine” after he, Ukrainian President Volodymyr Zelensky, and other European leaders spoke virtually with President Trump ahead of his meeting with Vladimir Putin in Alaska tomorrow. Trump characterized the call as “very good,” adding, “I would rate it a 10.” He reportedly agreed that any peace plan must start with a ceasefire and would not be negotiated without Ukraine’s involvement. Trump has recently voiced his frustrations with Putin’s effort to prolong the war and threatened “severe consequences” for not agreeing to a ceasefire, though some allies are concerned he could soften his stance after meeting in person with the Russian leader this week.
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• ☕️What Else is Brewing Thursday Morning
   Air Canada is canceling flights as attendants go on strike. The...
   Air Canada is canceling flights as attendants go on strike. The Canadian flagship airline plans to start canceling flights today and suspend operations completely on Saturday after the union representing its flight attendants voted almost unanimously to go on strike. The union has asked for increased wages and an end to all unpaid work, saying the airline is “not interested” in resolving the dispute. CNN reported that Air Canada offered a 38% compensation increase over four years, among other benefits, but couldn’t reach an agreement after eight months of negotiations. Air Canada operates about 430 flights each day between Canada and the US.
  
  Ikea hired its first non-Swedish CEO, Juvencio Maeztu, a Spanish national who started as a store manager in 2001.
  
  Apple is plotting a big AI expansion with new robots, speakers, security cameras, and a lifelike version of Siri as part of “an effort to restore Apple’s mojo,” Bloomberg reported yesterday.
  
  The next Fed Chair nominee will reportedly be one of 11 candidates, including some private sector executives.
  
  President Trump announced that he will host the 48th annual Kennedy Center Honors himself. Honorees include George Strait and Sylvester Stallone.
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• Oil hits two-month low as US, IEA supply guidance weighs
  (Reuters) - Oil prices fell to over two-month lows on...

  (Reuters) - Oil prices fell to over two-month lows on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency, while investors eyed U.S. President Donald Trump's threat of "severe consequences" if Russia's Vladimir Putin blocked peace in Ukraine.

  
  

  Brent crude futures settled down 49 cents, or 0.7%, to $65.63 a barrel. During the session, it dropped to $65.01 a barrel, the lowest since June 6.

  
  

  U.S. West Texas Intermediate crude futures fell 52 cents, or 0.8%, to $62.65 a barrel. The contract fell to $61.94 a barrel during the session, the lowest since June 2.

  
  

  U.S. crude stocks rose by 3 million barrels to 426.7 million barrels, the Energy Information Administration said on Wednesday. Analysts in a Reuters poll had expected a 275,000-barrel draw.

  
  

  Net U.S. crude imports rose last week by 699,000 barrels per day, EIA said.

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• Dow closes up by almost 464 points, S&P 500 and Nasdaq hit new records on rate-cut optimism
  All three major stock indexes finished higher on Wednesday,...

  All three major stock indexes finished higher on Wednesday, with the S&P 500 and Nasdaq Composite climbing to fresh records despite bouts of weakness, as traders boosted the chances of 2025 interest-rate cuts.

  
  

  Questions over the timing of the first reduction may have played some role in holding back the extent of the S&P 500 and Nasdaq's gains. Fed-funds futures traders currently expect the Federal Reserve to begin cutting rates in October, which some people regard as being too late.

  
  

  Separately, U.S. government debt rallied across the board, sending 2- and 10-year Treasury yields to their lowest levels in about a week.

  
  

  The Dow rose 463.66 points, or 1%, to finish at 44,922.27, based on preliminary data. It fell short of closing above the 45,014.04 level that was needed to reach a new record.

  
  

  The S&P 500 advanced 20.82 points, or 0.3%, to end at 6,466.58, surpassing the previous record of 6,445.76 reached on Tuesday. Wednesday's level was the index's 17th record close of the year.

  
  

  The Nasdaq Composite rose 31.24 points, or 0.1%, to close at 21,713.14. That's above the previous record of 21,681.90 set on Tuesday. Wednesday's level was the Nasdaq's 20th record close of 2025.

  
  
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• Trump-Putin meeting: Here’s what their summit in Alaska could mean for oil prices
  President Donald Trump is set to...

  President Donald Trump is set to meet Russian President Vladimir Putin in Alaska on Friday, warning of “very severe consequences” if a Ukraine peace deal is not reached. The summit carries potential implications for global oil markets, which have remained sensitive to shifts in Russian supply since the invasion of Ukraine over three years ago.

  
  

  Analysts see two broad scenarios. A constructive agreement with partial sanctions relief for Russian oil exports could increase supply expectations and drive crude prices lower, according to Capital.com’s Daniela Sabin Hathorn. Conversely, a breakdown in talks could trigger tighter U.S. and European sanctions, potentially targeting Russia’s shadow fleet or countries trading with Russia, leading to a price rally. ClearView Energy Partners’ Kevin Book noted significant barriers to restoring Russian energy flows, including multiple EU sanctions packages.

  
  

  Trump framed the meeting as a precursor to a potential follow-up summit with Ukrainian President Volodymyr Zelensky, contingent on satisfactory outcomes. While geopolitical risk can influence oil prices, Book emphasized that markets remain skeptical, requiring substantial political momentum or tangible supply shifts for a lasting impact, given OPEC+’s contributions to current supply levels.

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