Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.
Getty Images
Survey Monday
President Donald Trump has reignited cryptocurrency interest after naming five digital assets that would be added to his planned U.S. strategic reserve. His comments sparked a crypto rally, with bitcoin (BTC-USD) back above $90,000 after last week's selloff. Do you plan to invest in crypto?
Take the survey here and don't forget to share your thoughts in the WSB comments section.
Rallying support
European leaders have rallied to support Ukraine in the wake of the heated meeting between Ukraine President Volodymyr Zelenskyy and Donald Trump on Friday, which once again fueled concerns of the U.S. potentially pulling support for Kyiv. A proposed plan towards a peace deal could potentially include an initial one-month truce with Russia, which would cover air, sea and energy infrastructure - but not ground fighting.
Path to peace: Following a summit with European leaders in London on Sunday, U.K. Prime Minister Keir Starmer said the U.K., France and others will work with Ukraine on a plan to end the fighting, and then present the plan to the U.S. Starmer said Europe must do the "heavy lifting," but insisted that the effort "must have strong U.S. backing." The leaders also agreed to keep military aid flowing to Ukraine and keep increasing economic pressure on Russia, ensure Ukraine's sovereignty and security, and develop a "coalition of the willing" to defend a potential peace deal.
Starmer also announced a more than $2.7B loan to provide more military aid to Ukraine - backed by profits from frozen Russian assets - and a new deal for Ukraine to use around $2B of U.K. export finance to buy over 5,000 air defense missiles. The European Council will meet on Thursday to discuss a military aid package for Ukraine, likely worth more than $20B, and steps to increase defense spending.
Bigger picture: "While the U.S. has taken a step back from brokering a peace deal, markets are not pricing out the chance of a Ukraine-Russia truce," Francesco Pesole, FX strategist at ING, noted. As a result, hopes of increased military spending are driving European defense stocks higher. The Stoxx 600 Aerospace and Defense index surged nearly 7% on Monday. Notable gainers include the U.K.'s BAE Systems (OTCPK:BAESY), France's Dassault Aviation (OTCPK:DUAVF), Thales SA (OTCPK:THLEF), and Germany's Rheinmetall (OTCPK:RNMBF). The pan-European STOXX 600 index (STOXX) was up nearly 1%, starting the week on a high note after nine straight weekly gains.
What else is happening...
Crypto revival? Trump hypes strategic reserve, SEC nixes probes.
Servers in Singapore fraud case may contain Nvidia (NVDA) chips.
China telling AI execs to avoid U.S. travel over security concerns.
Google (GOOG) co-founder urges AI staff to 'turbocharge' efforts.
AbbVie (ABBV) forays into obesity market with $2.2B Gubra deal.
IRA tax credit repeal could drive up electricity prices, reports say.
Prada (OTCPK:PRDSY) nears €1.5B deal to buy Versace (CPRI).
'Tesla Takedown' protesters target CEO Elon Musk's bottom line.
Hedge funds selling indexes, ETFs at fastest pace in a year.
Jeremy Grantham warns U.S. stock market in a 'super bubble.'
Today's Markets
In Asia, Japan +1.7%. Hong Kong +0.3%. China -0.1%. India -0.2%.
In Europe, at midday, London +0.6%. Paris +0.8%. Frankfurt +1.4%.
Futures at 6:30, Dow +0.2%. S&P +0.4%. Nasdaq +0.5%. Crude flat at $69.77. Gold +1.3% to $2,884. Bitcoin +7.4% to $92,501.
Ten-year Treasury Yield +4 bps to 4.26%.
Today's Economic Calendar
09:45 AM PMI Manufacturing Index
10:00 AM ISM Manufacturing Index
10:00 AM Construction Spending
11:35 AM Fed's Musalem: U.S. Economy and Monetary Policy
Companies reporting earnings today »
