Trump and Putin agree on 30-day energy ceasefire

U.S. stocks fell again today, unable to recover from early losses. The Dow Jones dropped 260 points, the S&P 500 lost 60 points, and the Nasdaq fell by 304 points. This downturn continued amidst concerns over upcoming tariff plans from the U.S. and economic reports that suggested weaker consumer confidence in New Zealand. In international news, U.S. President Donald Trump and Russian President Vladimir Putin agreed to a ceasefire on topics related to energy and infrastructure. They aim for a temporary halt on attacks against energy facilities for 30 days, as a step toward a more enduring peace. They also discussed swapping prisoners of war and establishing teams to address the ongoing conflict in Ukraine. However, Putin stressed that any ceasefire should halt Ukrainian military mobilization. Meanwhile, gold prices surged to a record high, trading above $3,000. This spike is attributed to growing economic uncertainty. Crude oil prices decreased slightly, and inventory data showed a larger-than-expected increase in crude stocks. In Europe, the market reacted positively to Germany's approval of fiscal reforms that will increase defense spending and support infrastructure projects. European indices posted gains while U.S. markets struggled. Reports indicated that the German Bundestag passed the reforms by a significant majority. In the forex market, the euro rose in value against the dollar, influenced by fluctuating trading conditions. The British pound also saw gains, while the Japanese yen remained stable. Overall, financial markets are in a state of uncertainty as geopolitical tensions continue to impact investor sentiment.