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This might not be Christmas, but the war in the Middle East is over — at least according to U.S. President Donald Trump.
On Monday, Trump declared at the Knesset, Israel’s parliament, that the “long and painful nightmare” was finally over for both the Israelis and Palestinians. More straightforwardly, Trump gave an unequivocal “yes” when asked by reporters if the war in the Middle East has ended, Reuters reported.
A similarly hopeful mood permeated markets, though for different reasons. After hitting China with 100% additional tariffs and triggering a sell-off on Friday, Trump appeared to walk back his stance, posting on Truth Social that “it will all be fine” with China.
And thus was TACO back on traders’ menus: Major U.S. stock indexes rebounded, with technology stocks leading the charge. Quantum computing names popped after JPMorgan Chase
Broadcom, meanwhile, surged almost 10% after it jointly announced a partnership with — who else? — OpenAI to build and deploy custom chips. But where this puts Nvidia
Though Christmas has yet to arrive, OpenAI is starting to look like the tech sector’s Santa Claus, who has his sack full of presents — and, more importantly, cash, according to Oracle
— CNBC’s Holly Ellyatt contributed to this report.
What you need to know today
Broadcom joins the OpenAI party. The two companies announced Monday that they’re planning to develop and deploy OpenAI-designed chips, amounting to 10 gigawatts, starting late next year. Shares of Broadcom
China clamps down on South Korean firms. Five U.S. subsidiaries of Hanwha Ocean were added to Beijing’s sanction list on Tuesday, causing the company’s stock to plunge. The subsidiaries are allegedly involved in Washington’s probe into China’s shipping industry.
A Tata Group company acquires iPhone supplier. The India unit of Justech Precision, a Chinese industrial firm that provides equipment to Foxconn, was bought byTata Group’s Titan Engineering and Automation for close to $100 million, according to two sources.
U.S. stocks rebound. On Monday stateside, major U.S. stock indexes regained some of Friday’s losses. Asia-Pacific markets were mixed Tuesday. LG Electronics India’s stocks spiked over 45% on its market debut, overtaking its parent company’s market capitalization.
[PRO] European sectors less affected by trade war. The continent isn’t in the crosshairs of Trump’s latest tariffs, but a weakening U.S. dollar could affect Europe’s exports. UBSleaving out a notable one.
And finally…
The U.S. has stepped in with an extraordinary bailout of Argentina. Here’s what it means
In a move that Treasury Secretary Scott Bessent announced Thursday on social media site X, the U.S. is providing a $20 billion currency swap line with Argentina’s central bank — essentially exchanging stable U.S. dollars with volatile pesos.
The move comes amid liquidity concerns in Argentina that threatened stability for the country as it faces key midterm elections. There are equal parts economic and political stakes with the venture, which marks the first U.S. intervention of this nature since rescuing Mexico in 1995.
— Jeff Cox
Correction: This story has been updated to reflect that Tata Group’s Titan Engineering and Automation acquired Justech’s India unit. The previous version misstated the acquiror’s name, based on the article referred to.
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