Tuesday☕️

Trending:

• Turkey To Back Sweden's NATO Bid
• Foxconn Withdraws From Indian Manufacturing Deal

Markets:

• Yesterday's U.S. stock market:

• Yesterday's crypto market:

Turkey To Back Sweden's NATO Bid:

• Turkey (a member of NATO) has decided to back Sweden's bid to join NATO. Turkey's endorsement comes after obtaining assurances from Sweden about their stance on Kurdish separatists and a promise to lift certain defense-related sanctions.
• This unexpected agreement arrives just before a crucial NATO summit in Lithuania and sends a clear message of unity within NATO in the face of Russian aggression. The decision is poised to significantly alter the power dynamics in the region, particularly across the Baltic Sea, where a NATO expansion could create a strategic advantage.
• Despite previous Turkish concerns over Sweden's actions, including the sanctioned Quran burnings and perceived support for Kurdish groups, Turkey's newfound support marks a drastic change in its approach towards NATO enlargement.
• The move signifies Turkey's evolving foreign policy strategy and its desire to navigate complex geopolitical realities, ultimately signaling a willingness to compromise for greater strategic gains within NATO.

Foxconn Withdraws From Indian Manufacturing Deal:

• Foxconn, a major supplier for Apple, has withdrawn from a $19.5 billion partnership with Indian firm Vedanta, which would have established semiconductor and display manufacturing in Gujarat, India.
• This decision, described as a "mutual agreement", is a setback to Indian Prime Minister Narendra Modi's plan to make India a hub for high-tech manufacturing. Foxconn maintains its optimism about India's potential in the semiconductor industry.
• The termination of this venture occurs amidst US and Chinese leaders and businesses navigating complex relationships, attempting to balance their interdependence while often criticizing each other.
• The move also comes as American companies, including Apple, encourage their suppliers to expand their supply chains beyond China due to increasing geopolitical and economic tensions.

Statistic:

• Largest companies by market cap as of yesterday:
• Apple, USA, $2.966T
• Microsoft, USA, $2.467T
• Saudi Aramco, Saudi Arabia, $2.078T
• Alphabet (Google), USA, $1.479T
• Amazon, USA, $1.304T
• NVIDIA, USA, $1.041T
• Tesla, USA, $854.52B
• Meta Platforms (Facebook), USA, $753.69B
• Berkshire Hathaway, USA, $747.79B
• TSMC, Taiwan, $517.44B

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