Americas

US Markets, Dollar Continue Slide, Speculation of Next Pope Begins and Gaza Restrictions Increase Andrew Sheves Good morning, Three headlines to start your day 🔻 US Market Fall Resumes Amid Trump-Fed Tensions After the long weekend, US markets slumped Monday with the S&P 500 and other major indexes dropping around 2.5% as President Trump criticized Fed Chair Powell over interest rates. The dollar weakened to a 15-month low while gold surged above $3,400 an ounce amid growing investor concerns about Fed independence and global trade tensions. More - Bloomberg ...

Diplomats’ Expulsion Increases Algeria-French Tensions Andrew Sheves Good morning, One quick headline this morning 🇩🇿** Diplomats’ Expulsion Increases Algeria-French Tensions** Algeria has ordered 12 French embassy officials to leave the country within 48 hours, escalating diplomatic tensions between the two nations. French Foreign Minister Jean-Noël Barrot linked the expulsions to Friday’s indictment of three Algerians in Paris, including a consular official accused of involvement in the 2024 abduction of Amir Boukhors, a prominent government critic with over one million online followers. The diplomatic row threatens to derail recent reconciliation efforts between the countries, with Barrot warning that France would “respond immediately” if Algeria proceeds with the expulsions. This incident follows several others straining French-Algerian relations, including Algeria’s previous ambassador recall after France supported Morocco’s claim to Western Sahara. More - BBC ...

Algeria Mali Tensions, US Iran Talks (Maybe) Andrew Sheves Good morning 🇩🇿** / 🇲🇱 Algeria-Mali Tensions** Algeria has closed its airspace to all flights from Mali after shooting down a Malian drone near their shared border, escalating diplomatic tensions between the neighbors. Mali accused Algeria of being a “sponsor and exporter of terrorism” and described the drone incident as a “hostile premeditated action,” while Algeria dismissed these allegations as “lacking in seriousness” that “warrant no attention or response.” The dispute has deepened regional instability as Mali fights Tuareg separatists along the northern border, with Mali withdrawing from a regional security grouping and recalling its ambassador from Algeria following the incident. More - BBC ...

Le Pen Barred from Politics, Uncertainty over Liberation Day Tariffs and Haggis Hunt Disruption. Andrew Sheves Good morning and happy April Fool’s Day. I’m glad to say the big announcement below is 100% real…. But first, some headlines to get you started. 🇫🇷 Le Pen Barred From Public Office Marine Le Pen has been barred from holding public office for five years after being found guilty of embezzling EU funds, likely eliminating her from the 2027 French presidential race. While she plans to appeal, this verdict throws her National Rally party into disarray, with 29-year-old Jordan Bardella potentially becoming the alternative candidate. The ruling could initially boost support among her base who view it as systemic persecution but may weaken the party’s long-term prospects. More - BBC ...

One week out from US ‘Liberation Day’ and Burundi Accuses Rwanda of Attack Plot Andrew Sheves Good morning. Next Wednesday is ‘Liberation Day’: the day when the off-again, on-again US tariffs are imposed across the board but the administration continues to change and adjust what is or is not potentially being targeted so this Bloomberg tracker is very useful. Meanwhile, in addition to the complexities of reciprocal tariffs, President Trump is also threatening ‘secondary tariffs’. ...

Hundreds Killed in Gaza Strikes, Trump Deportations backlash and Netanyahu Moves to Fire head of Shin Bet Andrew Sheves Good morning. 📞 US President Trump and Russian Putin will have a direct phone call today (morning ET) to discuss the proposed peace plan for Ukraine. Three headlines to kick off your Tuesday. 💥** Breaking: Extensive Israeli Strikes Across Gaza Kill Over 300** Beginning at 0200 local, Israel conducted extensive strikes across Gaza hitting 35 targets across the strip. Several senior Hamas leaders were killed in the strikes, along with hundreds of civilians. Israel also issued evacuation notices, establishing a ‘red zone’ along the entire Gaza border, forcing thousands of families to move. The strikes came after two months of relative peace during Phase One of a ceasefire when the hostage and prisoner changes took place, and aid was allowed back into the Gaza Strip. BBC - Live Updates ...

Duterte Arrested, Ukraine Ceasefire Talks Resume Amidst Moscow Drone Blitz, and US Markets Plunge Andrew Sheves Good morning. 🇵🇭 Breaking* Former Philippine President Rodrigo Duterte was arrested in Manilla in response to an ICC warrant alleging human rights abuses during his time as President. [More - BBC]* Two headlines to kick off your Tuesday 🇺🇦 Ukraine Ceasefire Talks Resume in Saudi U.S. Secretary of State Marco Rubio expressed optimism about Ukraine’s partial ceasefire proposal ahead of crucial talks in Saudi Arabia, calling it “the kind of concession needed to end the conflict.” Ukraine is expected to propose an aerial and naval truce during negotiations between Ukrainian officials and U.S. representatives including Rubio, National Security Adviser Mike Waltz, and Middle East envoy Steve Witkoff. The talks follow President Trump’s suspension of military aid to pressure Kyiv toward peace negotiations, with Rubio indicating aid could resume if Ukraine demonstrates commitment to a diplomatic solution. President Zelensky met with Saudi Crown Prince Mohammed bin Salman on Monday but will not participate directly in Tuesday’s discussions. More - BBC ...

Tariffs Kick In, Oil Production Increase and Gaza Ceasefire in Danger Andrew Sheves Good morning. Three quick headlines worth tracking. **President Trump Confirms Canada, Mexico and Chinese Tariffs. ** 🛑 Trump confirmed 25% tariffs on Canadian and Mexican imports will take effect Tuesday, with an additional 10% levy on Chinese goods, sending U.S. stock indexes sharply lower. Canada called the tariffs “an existential threat” with thousands of jobs at stake, while all three countries have promised retaliatory measures. The president dismissed economic concerns, suggesting foreign manufacturers should “build their car plants in the United States”. More - BBC ...

Ukraine Peace Talks Begin In Riyadh, Minus Ukraine Andrew Sheves Good morning. The US and Russian foreign ministers are meeting in Riyadh to discuss a peace plan for Ukraine. The meetings will set the scene for future discussions but have deliberately excluded European and Ukrainian participants. [More - BBC] Comment - These talks are taking place on the heels of last week’s comments by the US Defense Secretary, Pete Hegseth, that Ukraine would have to concede land already held by Russia and that NATO membership was off the table. Meanwhile, US documents sent to Kyiv appear to demand significant reparations be paid to the US without any meaningful security guarantees in return. The framing of these negotiations is shocking European capitals — a feature, not a bug, of the US approach — but significantly weaken Europe, threaten to bankrupt Ukraine, and undercut trust in the US and the NATO alliance. A deal on these terms will be less Winston Churchillian and more Neville Chamberlain. ...

Gaza ceasefire teeters; Indian forces kill 31 rebels; Cook Islands-China deal sparks tension Andrew Sheves Good morning. 🇵🇸 The ceasefire in Gaza is close to collapse as Hamas has suspended hostage transfers, accusing Israel of “violations and its failure to comply with the terms of the agreement.” Israel has responded by placing its military on high alert, while Donald Trump has said that if all hostages are not released by Saturday, the deal should be scrapped. (Note, the deal does not call for all hostages to be released by Saturday but in a phased transfer through March 1.) [Live coverage - BBC] ...