Moderate wins Turkish Cypriot presidency, raising hopes for reunification talks
Tufan Erhurman, a centre-left moderate, won the Turkish Cypriot presidential election on Sunday, defeating incumbent hardliner Ersin Tatar in a pivota...
The S&P 500 and Nasdaq indices closed at record highs on Wednesday, buoyed by strong performances from Nvidia and power equipment manufacturer GE Vernova, amid signs of a potential US-European Union trade agreement reminiscent of a prior US-Japan deal.
Diplomatic sources suggest the prospective agreement may introduce a 15% tariff on European Union imports, possibly including vehicles, echoing the framework established between the U.S. and Japan.
The S&P 500 rose 0.78% to finish at 6,358.91 points, while the Nasdaq climbed 0.61% to 21,020.02 points. The Dow Jones Industrial Average increased by 1.14%, closing at 45,010.29 points, just shy of its 4 December record.
Shares of GE Vernova surged 14.6% to an all-time high after the company raised its revenue and free cash flow forecasts, beating second-quarter earnings expectations. The firm has now gained over 80% in 2025, driven by soaring electricity demand from Artificial Intelligence and cryptocurrency data centres.
Meanwhile, AI chip giant Nvidia advanced 2.25%, significantly contributing to the upward momentum in both the S&P 500 and Nasdaq.
Tesla shares edged up 0.14% ahead of its earnings report, due after market close. Analysts anticipate a sharp decline in revenue due to intensifying competition, a limited new model line-up, and a consumer backlash against CEO Elon Musk.
Alphabet, the parent company of Google, saw its stock slip 0.58%, also poised to release quarterly results after trading hours.
Texas Instruments dropped 13% following a disappointing earnings outlook, citing softer demand and tariff-related uncertainty. The report weighed on the broader analogue chip segment, pulling down shares of NXP Semiconductors, Analog Devices, and ON Semiconductor by between 1% and 4.6%.
U.S. existing home sales declined more than expected in June. Markets now await weekly jobless claims and S&P Global’s flash PMI figures for further insight into the economic landscape amid ongoing trade tensions.
Following last week’s mixed economic indicators, traders have largely ruled out an interest rate cut by the Federal Reserve at next week’s meeting. According to the CME FedWatch tool, the likelihood of a rate reduction in September is currently around 58%.
Advancing issues in the S&P 500 outpaced decliners by a 2.1-to-1 ratio. The index posted 50 new highs and 2 new lows, while the Nasdaq recorded 96 new highs and 20 new lows.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Tufan Erhurman, a centre-left moderate, won the Turkish Cypriot presidential election on Sunday, defeating incumbent hardliner Ersin Tatar in a pivotal vote that could revive stalled U.N.-backed reunification talks on the divided island of Cyprus.
U.S. President Donald Trump urged Ukrainian President Volodymyr Zelenskyy during a White House meeting on Friday to accept Russia’s conditions for ending the conflict between Russia and Ukraine, warning that Vladimir Putin had threatened to “destroy” Ukraine if it refused to comply, according to FT.
Countries criticized UK, France, Germany for ‘legally and procedurally flawed’ attempt to trigger ‘snapback mechanism’
The Metropolitan Police said on Sunday that it is “actively” looking into media reports that Prince Andrew attempted to obtain personal information about his late accuser, Virginia Giuffre, through his police protection officers.
Bolivia's presidential runoff on October 19, marked a historic shift in the country's political landscape, ending nearly two decades of left-wing dominance under the Movement to Socialism (MAS) party.
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