Germany takes foot off debt brake

Germany pass historic debt reform in the Bundestag, launching a fiscal bazooka of infrastructure and defence spending. Chancellor-in-waiting Friedrich Merz says the move will help create a new European security alliance. Russian President Vladimir Putin holds a near-two hour phone call with U.S. President Donald Trump and agrees to cease attacks on Ukrainian energy installations but hopes of an immediate truce fall short. Ukrainian President Volodomyr Zelenskyy says his country’s involvement in peace talks is paramount. Nvidia CEO Jensen Huang unveils the firm’s next generation of super-chips. And the BoJ decides to stay put on rates, signalling Tokyo’s growing concerns over Trump tariffs. The Federal Reserve is due to make its rate decision later today.