Welcome to Markets Desk, your midday read on the stories moving the needle.
Vladimir Putin has reportedly ordered Russian military commanders to abandon the rules of war entirely, according to Ukrainian President Zelenskyy speaking to the Financial Times. If confirmed, the directive signals a dangerous escalation in battlefield conduct, one that will keep geopolitical risk premiums elevated across energy and defense-linked assets.
Turning to trade, U.S. Trade Representative Greer has pushed back on expectations of a near-term deal with India, saying an agreement is not imminent following the Modi-Trump call. New Delhi remains exposed to the threat of up to one hundred percent tariffs tied to its continued purchases of Russian oil, leaving bilateral trade negotiations in a fragile and unresolved state.
And in semiconductors, Micron is warning that memory supply will tighten meaningfully by two thousand twenty eight, a signal that the AI infrastructure build-out is consuming capacity faster than the industry can replenish it. Meanwhile Sandisk, constrained by existing contracts, dropped roughly twenty three percent last quarter, underscoring how pricing structures can blunt a company's ability to capitalize on a tightening market.
That's the tape. Markets Desk, signing off the floor.
