| Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping… The dollar, stocks and yields all rose after US President Donald Trump signaled openness to potentially reducing tariffs on China. The pound hemmed losses against the greenback after a US/UK trade deal of sorts was agreed. This followed an interest rate cut from the Bank of England that came with little assurance of further easing in view of the most recent tariff developments. Aussie and kiwi finished lower on the day and possibly the week with the weekend providing little respite as the US and China face off in Zurich to initiate trade talks. With so much at stake, maybe that’s why ASX stock futures are only up marginally compared to solid gains in developed market peers. Watching Trump reveal in the Oval Office what he described as “a tremendous trade deal” with the UK reminded me of the 1990s sitcom Seinfeld, the show that was literally about nothing, writes Robert Burgess for Bloomberg Opinion. To be clear, it’s not a deal but rather a framework for an agreement. Cardinal Robert Francis Prevost was elected as Roman Catholic pontiff, the first ever pope from the US and a possible bridge between the moderate and hardline sides of a divided Church. Prevost, 69, chose the name of Leo XIV for his pontificate and was greeted by thousands of cheering faithful as he stepped out onto a balcony overlooking St. Peter’s Square to be presented to the world.  Newly elected Pope Leo XIV appears at the balcony of St. Peter's Basilica. Photographer: Alberto Pizzoli/AFP/Getty Images Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package. The president’s proposal calls for creating a new 39.6% tax bracket for individuals earning at least $2.5 million, or couples making $5 million, according to people familiar. India said it “neutralized” Pakistani drone and missile attacks targeting several military sites on Thursday night, marking an escalation in hostilities between the two nuclear-armed neighbors. | 
