It's getting uglier for the AI trade with every single day: the neocloud everyone said was "not just an AI middleman" asked for $30 billion. Well, buyers countered at $16 billion, and Microsoft just walked from its UK site, where power may not arrive until the 2030s.

"Internal documents reveal that hundreds of thousands of employees are to forgo pay raises. These latest plans..." 

• US President Trump signed an executive order waiving certain Graham Act sanctions, restrictions and duties on Russian energy revenues.
• Russian President Putin reportedly proposed a meeting with US President Trump and Chinese President Xi to discuss ending the war.
• US equity futures climb; French Luxury and Banks hit on protests.
• DXY modestly higher; Antipodeans outperform, EUR lags while USD/JPY regains 158.
• Fixed income benchmarks mixed; EGBs underperform as Dutch TTF cl

Houthi attacks a "deliberate escalation to impose economic & political costs."

...could force consumers to ration their consumption...

Only five of those who arrived in the mass entries have so far won refugee status for persecution over homosexuality...

...the gap between rents paid by existing tenants and rents charged for newly rented apartments is growing wider...

Who could have seen this coming?

In addition, data shows that migrants occupy 44% of the 2.2 million social housing units in the country...

• US President Trump said on Truth Social that he is negotiating peace between Russia and Ukraine and that significant progress is being made.
• US President Trump signed an executive order waiving Graham Act sanctions and tariffs on Russian energy, drawing bipartisan criticism.
• Pakistani Army Chief Asim Munir may visit Tehran this week, ISNA reported.
• Cost-of-living and education protests swept across Europe; around 550,000 people marched in France, with unrest also in Milan, Lisbon and Brussels.

Be on the lookout for John Brennan...

The world's bond markets have found their pain threshold, and the weakest borrowers are the first to hit it. In Europe, that's France. In the US, it's the neoclouds...

Such a summit - one without the involvement of Zelensky - would be "unprecedented and send alarm bells ringing in European capitals and beyond."

First time in the history of the US-Israel relations a US president issued such a public endorsement...

Officials said the investigation has been all but complete for several months...

A 17x semis multiple is cheap only if the debt that funds the customers stays cheap too...

An emergency session of parliament approves "defensive mission"...