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April 2025

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Ceding large swathes of Ukrainian land to Russia under a peace proposal suggested by US President Donald Trump would be “a capitulation,” Germany’s defense minister warned on Sunday, as North Korea acknowledged for the first time it had deployed troops to fight for Moscow.

Ukraine knew that it may have to cede some territory to reach a lasting ceasefire deal “but they will certainly not go as far — or should not go as far — as the latest proposal by the American president,” Defense Minister Boris Pistorius told German public broadcaster ARD.

“Ukraine on its own could have got a year ago already what was included in that (Trump proposal), practically through a capitulation,” he said. “I cannot discern any added value.”

Trump has been frustrated that his efforts to broker a peace deal between Moscow and Kyiv after three years of war have so far fallen short, and the White House has since mounted an increasingly urgent push to strike a deal.

A US peace plan includes American recognition of Russia’s control over Crimea – the southern Ukrainian peninsula that Moscow illegally annexed more than a decade ago – and would grant Russia additional Ukrainian territory occupied since its full-scale invasion began in 2022, according to officials familiar with the plan.

Ukrainian President Volodymyr Zelensky on Saturday conceded that Ukraine lacks the military might needed to retake Crimea by force but has long made it clear that making territorial concessions is a red line. Recognizing Crimea as Russian would also be illegal under Ukraine’s constitution.

“This [territory] is not my property. This is the property of the Ukrainian people,” he said at a Friday briefing.

Following Trump and Zelensky’s remarkable face-to-face meeting at the Vatican before Pope Francis’ funeral on Saturday, the US president said they briefly discussed the issue of Crimea and that he believes Zelensky “wants to make a deal.”

Trump also criticized President Vladimir Putin in some of his strongest comments against the Russian leader to date.

“I want him to stop shooting, sit down and sign a deal,” Trump said Sunday as he returned to Washington to begin what aides say will be a critical week in determining the future of US-led efforts to broker an end to the war. “We have the confines of a deal, I believe, and I want him to sign it and be done with it and just go back to life.”

In a post on his Truth Social platform sent as he returned from Rome, Trump raised the prospect of applying new sanctions on Russia after its deadly assault on Kyiv last week, and questioned whether Putin is interested in peace, saying, “it makes me think that maybe he doesn’t want to stop the war, he’s just tapping me along.”

The next week will be “very critical” in determining whether the US can continue attempting to broker peace in Ukraine, Secretary of State Marco Rubio said Sunday, telling NBC that “we’re close” to a deal “but not close enough.”

North Korean troops in Kursk

On Monday, North Korea publicly acknowledged for the first time that it deployed troops to fight for Russia in its war with Ukraine, touting its combat sub-units’ contributions to “precious victory” in the invaded Russian region of Kursk.

“The operations for liberating the Kursk area to repel the adventurous invasion of the Russian Federation by the Ukrainian authorities were victoriously concluded,” North Korea’s Central Military Commission said, according to state-run news agency KCNA.

Putin on Saturday claimed his country’s forces have recaptured Kursk, the border region where Ukraine launched a surprise offensive last year, though Kyiv insists its troops are fiercely battling to preserve their foothold in the territory.

“Our Korean friends acted out of a sense of solidarity, justice and genuine comradeship,” Putin said in a statement Monday.

“We pay tribute to the heroism, high level of special training and self-sacrifice of the Korean soldiers who, shoulder to shoulder with Russian fighters, defended our homeland as their own,” he added.

North Korean soldiers have been supporting Russia’s battle to oust Ukraine’s forces from its borders, while Kyiv had poured precious resources into holding onto its territory there, with the view of using it as a key bargaining chip in any peace talks. The operation was also launched to relieve pressure from the embattled eastern front line.

Ukrainian officials and Western intelligence reports found that about 12,000 North Korean soldiers had been sent to fight in Russia, but Pyongyang had never confirmed their presence.

In March, South Korea’s military said 3,000 more North Korean soldiers had been sent to Russia, replacing the roughly 4,000 troops who were killed or injured in combat.

North Korea’s Central Military Commission said leader Kim Jong Un ordered the deployments based on a strategic partnership treaty with Russia, KCNA reported.

Putin and Kim signed a landmark defense pact in Pyongyang last year, as the two autocratic nations ramped up ties to a “new level,” and pledged to provide immediate military assistance in the event the other is attacked.

“They who fought for justice are all heroes and representatives of the honor of the motherland,” Kim reportedly said, adding that a monument would be erected to commemorate his troops’ actions.

Russia acknowledged the involvement of North Korean soldiers in its operations for the first time on Saturday. In a post on Telegram, Valery Gerasimov, chief of the Russian General Staff, thanked the North Korean soldiers, praising their “high professionalism, steadfastness, courage and heroism in battle.”

As well as troops, South Korea’s military said in March that North Korea has sent a “significant amount” of short-range ballistic missiles and hundreds of pieces of 170-millimeter self-propelled howitzers and 240-millimeter multiple rocket launchers.

The US Department of State said it was concerned by North Korea’s direct involvement in Russia’s war in Ukraine

North Korea’s “military deployment to Russia and any support provided by the Russian Federation to (North Korea) in return must end,” a State Department spokesperson told Reuters.

South Korea’s Defense Ministry said on Monday that North Korea had “effectively admitted to its criminal actions” by finally officially announcing the deployment.

“North Korea’s involvement in the war in Ukraine is a violation of UN resolutions and an illegal act that threatens world peace. This must be condemned by the international community,” the ministry added.

North Korea’s confirmation that its troops were fighting in Russia, months after they were deployed, mirrors Putin’s long-standing denials that Russian troops had been deployed to Crimea in 2014.

The crisis there started shortly after 2014 mass protests in Ukraine that toppled the country’s Russian-backed regime of Viktor Yanukovych. Russian soldiers dressed as civilians or in uniform without identifying insignia – at the time referred to as “little green men” – started popping up outside government buildings and military bases across Crimea.

While Moscow denied any involvement in the appearance of the little green men in Crimea, the territory held a sham referendum on joining Russia just weeks after the covert operation. Putin would later acknowledge he had deployed Russian troops there.

This post appeared first on cnn.com

Chinese leader Xi Jinping has not spoken to US President Donald Trump on the phone recently, Beijing said Monday, reiterating that no talks are taking place between the two countries to resolve their tariff war.

The statement from a Chinese Ministry of Foreign Affairs spokesperson is an outright rejection of Trump’s claim in an interview with Time magazine last week that Xi had called him, as the world’s two largest economies remain locked in a dispute over sky-high trade levies.

“As far as I know, there has been no recent phone call between the two heads of state,” Guo Jiakun told a regular news conference. “I want to reiterate that China and the United States are not engaged in consultations or negotiations on the tariff issue.”

China has maintained its tough public stance on the trade war even as Trump softened his tone last week, saying that astronomical US tariffs on Chinese goods will “come down substantially” and promising to be “very nice” at the negotiating table as he attempts to get Xi to initiate talks.

“He’s called. And I don’t think that’s a sign of weakness on his behalf,” Trump said, referring to Xi, in the Time interview published on Friday.

According to publicly available records, the last time the two leaders spoke by phone was on January 17, days before Trump’s inauguration for his second term.

Since last week, Trump has repeatedly said that his administration is talking with Chinese officials to strike a trade deal – only to be met with flat denials from Beijing each time.

On Friday, hours before Trump’s interview with Time was published, China’s Foreign Ministry urged the US not to “mislead the public” on trade negotiations between the two sides.

Trump’s apparent willingness to deescalate the trade war has been brushed off by Beijing, which has instead demanded the US remove all tariffs on China.

Since returning to the White House, Trump has imposed levies of 145% on Chinese goods, though he exempted imports of electronics such as smartphones and computers from his so-called “reciprocal” tariffs.

China has raised tariffs on US imports to 125%, but it has also quietly rolled back the levies on some semiconductors made in the United States, according to import agencies, as Beijing tries to soften the blow of the trade war on its all-important tech industry.

This post appeared first on cnn.com

China and the Philippines have each unfurled their national flags on tiny sandbars in the South China Sea, staking competing sovereignty claims in strategic waters seen as a potential flashpoint for global conflict.

The rival photo opportunities unfolded on Sandy Cay, a string of three uninhabited sandbars which lie near a Philippine military outpost in the disputed Spratly Islands.

The release of the images comes as US and Philippine forces hold their largest-ever annual joint military drills in nearby waters – and just weeks after US Defense Secretary Pete Hegseth vowed to enhance America’s military alliance with the Philippines to “reestablish deterrence” to counter “China’s aggression” in the region – during his first trip to Asia.

Bracketed by China and several Southeast Asian nations, parts of the vital South China Sea are claimed by multiple governments, but Beijing has asserted ownership over almost all of the waterway, in defiance of an international court ruling.

Over the past two decades, China has occupied a number of obscure reefs and atolls far from its shoreline across the South China Sea, building up military installations, including runways and ports.

The public relations wrestling match over Sandy Cay risks further stoking long-running tensions between the Philippines and China. It also poses a key test to the Trump administration on how it will respond, especially as key cabinet officials have repeatedly emphasized the need for the US to focus its attention and resources on countering China’s ambitions in the Indo-Pacific region.

Competing claims

The latest maritime dispute surfaced last week, when China’s state-controlled media claimed that China Coast Guard “implemented maritime control” and “exercised sovereign jurisdiction” over Tiexian Reef – the Chinese name for Sandy Cay – in mid-April.

A photo aired on China’s state broadcaster Saturday showed four Chinese officers in black uniforms walking along the white sandbar as a fifth officer held an inflatable boat by the water. Another photo showed four officers holding up a Chinese flag in what the broadcaster described as “a show of sovereignty.”

“China Coast Guard officers landed on Tiexian Reef to conduct patrols and recorded video evidence of the illegal activities carried out by the Philippine side,” said the state broadcaster CCTV. It added that the officers also cleaned up leftover plastic bottles, wooden sticks and other debris on the reef.

The Philippines was quick to unleash its own publicity move in response, sending teams to multiple sandbars.

On Sunday, a spokesperson for the Philippines Coast Guard said the country’s navy, coast guard and police deployed four teams in rubber boats to Pag-asa Cay 1, Cay 2 and Cay 3 – names the Philippines uses to refer to Sandy Cay.

During the inter-agency operation, the officers “observed the illegal presence” of a nearby China Coast Guard vessel and seven Chinese maritime militia vessels.

An image posted by Philippines Coast Guard spokesperson, Jay Tarriela, on X showed five officers holding the national flag on a white sandbar.

In a statement late on Sunday night, a spokesperson for the China Coast Guard said six personnel from the Philippines had “illegally landed” on the Tiexian Reef despite “warnings and dissuasion” from the Chinese side.

“China Coast Guard law enforcement officers then boarded the reef to verify and deal with the situation in accordance with the law,” spokesperson Liu Dejun said, urging the Philippines to “immediately stop its infringement.”

At a press conference Monday, Tarriela said each team had brought with them a Philippine flag to pose for photos on the sandbars on early Sunday morning.

“The other objective of our operation is to check whether the Chinese government installed different infrastructure or monitoring devices or whatsoever,” Tarriela told reporters.

“(From) the photos and videos we have already, we can totally debunk the lie and disinformation the People’s Republic of China that they have already occupied the Pag-asa cays.”

Military alliance

Confrontations between China and the Philippines in the contested waters have become increasingly fraught in recent years, fueling fears of a global conflict that could drag in the US, a mutual defense ally of Manila.

Sandy Cay lie near Thitu Island, known as Pag-asa Island by Manila and the site of a Philippines military facility. In 2023, Manila opened a coast guard monitoring base there to counter what it called Chinese aggression in the vital waterway.

Under the Biden administration, US officials repeatedly assured the Philippine that the US would come to its defense if attacked in the South China Sea.

US President Donald Trump is a more mercurial figure who has long viewed historical US agreements through a more mercantile lens and has called for allies to pay more for protection.

But Trump’s cabinet contains vocal China hawks, notably Hegseth and Secretary of State Marco Rubio, who have both spoken publicly on needing to push back against China’s growing assertiveness in the South China Sea.

On April 21, the US and the Philippines kicked off their annual Balikatan – meaning “shoulder to shoulder” – military exercises, which are expected to run for three weeks and have grown in scale each year.

This year, the US military has deployed an anti-ship missile launcher for the first time on the northern tip of the Philippine archipelago, just across the strait from Taiwan, a self-governing democracy Beijing has vowed to take by force if necessary.

The Philippines also hosted Japanese forces as full-fledged participants for the first time as party of the multinational military drills, a sign of strengthening security cooperation between Manila and Tokyo.

This post appeared first on cnn.com

Yemen’s Houthi rebels on Monday alleged a US airstrike hit a prison holding African migrants, killing at least 68 people and wounding 47 others. The US military had no immediate comment.

The strike in Yemen’s Saada governorate, a stronghold for the Houthis, is the latest incident in the country’s decadelong war to kill African migrants from Ethiopia and other nations who risk crossing the nation for a chance to work in neighboring Saudi Arabia.

It also likely will renew questions from activists about the American campaign, known as “Operation Rough Rider,” which has been targeting the rebels as the Trump administration negotiates with their main benefactor, Iran, over Tehran’s rapidly advancing nuclear program.

The US military’s Central Command, in a statement early Monday before news of the alleged strike broke, sought to defend its policy of offering no specific details of its extensive airstrike campaign. The strikes have drawn controversy in America over Defense Secretary Pete Hegseth’s use of the unclassified Signal messaging app to post sensitive details about the attacks.

“To preserve operational security, we have intentionally limited disclosing details of our ongoing or future operations,” Central Command said. “We are very deliberate in our operational approach, but will not reveal specifics about what we’ve done or what we will do.”

It did not immediately respond to questions from The Associated Press about the alleged strike in Saada.

Graphic footage shows aftermath

Graphic footage aired by the Houthis’ al-Masirah satellite news channel showed what appeared to be dead bodies and others wounded at the site. The Houthi-run Interior Ministry said some 115 migrants had been detained at the site.

The rebels’ Civil Defense organization said at least 68 people had been killed and 47 others wounded in the attack.

Footage from the site analyzed by the AP suggested some kind of explosion took place there, with its cement walls seemingly peppered by debris fragments and the wounds suffered by those there.

A woman’s voice, soft in the footage, can be heard repeating the start of a prayer in Arabic: “In the name of God.” An occasional gunshot rang out as medics sought to help those wounded.

African migrants caught in middle

Ethiopians and other African migrants for years have landed in Yemen, braving the war-torn nation to try and reach Saudi Arabia for work. The Houthi rebels allegedly make tens of thousands of dollars a week smuggling migrants over the border.

Migrants from Ethiopia have found themselves detained, abused and even killed in Saudi Arabia and Yemen during the war. An Oct. 3, 2022, letter to the kingdom from the U.N. said its investigators “received concerning allegations of cross-border artillery shelling and small arms fire allegedly by Saudi security forces, causing the deaths of up to 430 and injuring 650 migrants.”

Saudi Arabia has denied killing migrants.

Monday’s alleged strike recalled a similar strike by a Saudi-led coalition battling the Houthis back in 2022 on the same compound, which caused a collapse killing 66 detainees and wounding 113 others, a United Nations report later said. The Houthis shot dead 16 detainees who fled after the strike and wounded another 50, the U.N. said. The Saudi-led coalition sought to justify the strike by saying the Houthis built and launched drones there, but the U.N. said it was known to be a detention facility.

“The coalition should have avoided any attack on that facility,” the U.N. report added.

That 2022 attack was one of the deadliest single attacks in the years long war between the coalition and the Houthi rebels and came after the Houthis struck inside the UAE twice with missiles and drones, killing three in a strike near Abu Dhabi’s international airport.

US military: 800 strikes conducted so far

Meanwhile, US airstrikes overnight targeting Yemen’s capital killed at least eight people, the Houthis said. The American military acknowledged carrying out over 800 individual strikes in their monthlong campaign.

The overnight statement from Central Command also said “Operation Rough Rider” had “killed hundreds of Houthi fighters and numerous Houthi leaders,” including those associated with its missile and drone program. It did not identify any of those officials.

“Iran undoubtedly continues to provide support to the Houthis,” the statement said. “The Houthis can only continue to attack our forces with the backing of the Iranian regime.”

“We will continue to ratchet up the pressure until the objective is met, which remains the restoration of freedom of navigation and American deterrence in the region,” it added.

The US is targeting the Houthis because of the group’s attacks on shipping in the Red Sea, a crucial global trade route, and on Israel. The Houthis are also the last militant group in Iran’s self-described “Axis of Resistance” that is capable of regularly attacking Israel.

US discusses deadly port strike

The US is conducting strikes on Yemen from its two aircraft carriers in the region — the USS Harry S. Truman in the Red Sea and the USS Carl Vinson in the Arabian Sea.

On April 18, an American strike on the Ras Isa fuel port killed at least 74 people and wounded 171 others in the deadliest-known attack of the American campaign. Central Command on Monday offered an explanation for why it hit the port.

“US strikes destroyed the ability of Ras Isa Port to accept fuel, which will begin to impact Houthi ability to not only conduct operations, but also to generate millions of dollars in revenue for their terror activities,” it said.

Meanwhile, the Houthis have increasingly sought to control the flow of information from the territory they hold to the outside world. It issued a notice Sunday that all those holding Starlink satellite internet receivers should “quickly hand over” the devices to authorities.

“A field campaign will be implemented in coordination with the security authorities to arrest anyone who sells, trades, uses, operates, installs or possesses these prohibited terminals,” the Houthis warned.

Starlink terminals have been crucial for Ukraine in fighting Russia’s full-scale invasion and receivers also have been smuggled into Iran amid unrest there.

This post appeared first on cnn.com

In this video, after last week’s sharp market rally, Mary Ellen breaks down where the markets stand now, which leading sectors are showing the most strength, and how to recognize if your stocks are entering a new uptrend. Get expert insights on market leadership, sector rotation, and key signals to watch as momentum builds in specific areas of the market. This is a must-watch for investors looking to stay on top of current stock trends and spot early breakout opportunities.

This video originally premiered April 25, 2025. You can watch it on our dedicated page for Mary Ellen’s videos.

New videos from Mary Ellen premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

Following a strong move the week before, the markets took on a more consolidatory look over the past five sessions. Following ranged moves, the Nifty closed the week on just a modestly positive note. From a technical standpoint, the Nifty tested a few important levels on both daily and weekly charts. However, the trading range narrowed. The Index oscillated in a 517.60-point range over the past week. The volatility surged again; the India VIX spiked 10.93% to 17.16. The headline index went on to close with a modest weekly gain of 187.70 points (+0.79%).

The coming week is shortened, with Thursday being a trading holiday due to Maharashtra Day. We could write about more than one thing that the markets could be worried about over the coming days. It could be the lowered growth forecasts by the IMF that include India and other economies; it could also be the heightened possibility of escalating geopolitical tensions between India and Pakistan. However, all that said, the markets are also at a crucial technical juncture. The Nifty has closed just at the 200-DMA placed at 24050. Besides this, Index has also defended the 50-week MA at 23925. This makes the 23,900-24,050 zone a crucial support area for the Nifty. The consolidation is imminent as the Nifty has rebounded over 11% from its April 07 lows, and minor corrective retracements cannot be ruled out. However, if 23900 is breached, the markets may see some extended retracements.

The weekly RSI is at 55.46; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and stays above its signal line. A candle resembling a Shooting Star has emerged, increasing the likelihood of consolidation. Importantly, any candle formation should not be traded in isolation and must be used in conjunction with the overall technical setup.

The pattern analysis shows that the Nifty has defended the 50-week MA placed at 23925. The Index has also tested a rising trendline resistance; it violated this trendline support on its way down, and now this is expected to act as resistance. Overall, the zone of 24050-23900 is a crucial support zone for Nifty. If the level of 23900 is violated, it can lead to incremental weakness.

Overall, the technical structure of the market suggests that it is time for one to focus more on protecting gains at higher levels. While there could be some reactions by the markets due to external factors, the underlying buoyancy stays intact. The only thing to be cautious about is the natural corrective retracements that the market may experience following the steep upward move that has taken place. Investors must keep fresh purchases should be kept in low-beta stocks that have strong relative strength. With sector rotation visible, a cautious outlook is advised for the day.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show the Nifty PSU Bank Index has rolled inside the leading quadrant. The Consumption, Commodities, Financial Services, Infrastructure, Metal, and Nifty Bank Indices are also inside the leading quadrant. While the weakening of Relative Momentum is seen in the Metal and Financial Services Index, they are likely to outperform the broader markets relatively.

The Nifty Services Sector Index has rolled inside the weakening quadrant.

The Midcap 100 and the Realty Index are showing strong improvement in their Relative Momentum while staying inside the lagging quadrant. The IT and the Auto Index continue to languish inside the lagging quadrant.

The Media Index has rolled inside the Improving quadrant, indicating a likely beginning of its phase of relative outperformance. The Nifty PSE, Energy, and FMCG Indices are also inside the improving quadrant.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

The Zweig Breadth Thrust for the S&P 1500 triggered on Thursday as stocks surged last week. In poker terms, this thrust signals an abrupt participation shift as stocks move from folding to all-in within ten days. A bullish thrust signal is only part of the puzzle. How do we know when this signal fails? Today’s report will look at the ZBT signal in the S&P 1500 and offer an exit strategy. Stick around to the end for an offer to access a fully quantified strategy based on the Zweig Breadth Thrust.

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TrendInvestorPro subscribers have access to three timely reports. The first report/video explains the mechanics of the original NYSE-based Zweig Breadth Thrust indicator and then shows a modern version using S&P 1500 Advance-Decline Percent. Second, we also presented a trading strategy using ZBT signals for entry and another indicator for exits. The third report/video covers the setups and thrust signals for the percent above SMA indicators. Some of these indicators also triggered this week, but not all. Click here to take a trial and get full access.

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ZBT Triggers for S&P 1500, but Not S&P 500

The first chart shows the Zweig Breadth Thrust (ZBT) indicator triggering bullish as it moved from below -20% to above +23% within ten trading days (blue line). This thrust signal means S&P 1500 advance-decline breadth became oversold with strong selling pressure and then recovered in dramatic fashion with a surge in upside participation. Moreover, this shift occurred within a 10 day window. This reversal of fortune was both sudden and sharp.

Note that the Zweig Breadth Thrust triggered an epic signal in November 2023, and we were on it. See this report (11-November-2023) for details on the original NYSE-based Zweig Breadth Thrust. See this report (18-November-2023) for details on using S&P 1500 Advance-Decline Percent to create a Zweig Breadth Thrust indicator.  

S&P 500 ZBT Falls Short

The ZBT indicator for the S&P 500 did not trigger. The indicator was below -20% on April 8th and did not make it back above +23% within the 10 day window. In fact, the indicator did not make it back above +23% this week. This shows less upside participation within the S&P 500, and more upside participation within the S&P 1500. Small and mid cap breadth outperformed large-cap breadth this week.

Where’s the Exit?

The Zweig Breadth Thrust is only used for bullish signals, which means chartists must find another indicator to signal a failed thrust. As its name implies, a thrust is a strong upward move that is powerful enough to foreshadow an extended advance. The Zweig Breadth Thrust in November 2023 provides a classic example as SPY continued higher, never looking back. The blue line shows when both the S&P 1500 and S&P 500 ZBT indicators triggered in early November.

Chartists looking for an exit strategy can consider prior support levels based on reaction lows (troughs). The horizontal blue lines show these support levels, starting with the late October 2023 low. SPY forged a reaction low in January 2025, hit a new high in February and then broke support to trigger an exit. Current support levels are based on the April lows.

Chartists looking for a more dynamic approach can consider a trend-following indicator, which we will explore next (subscribers). This strategy is fully disclosed and quantified with backtest results. Click here to take a trial and get immediate access! 

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This week brought major developments in the tech space as interest rate speculation impacted the market and Alphabet (NASDAQ:GOOGL) saw developments in its high-stakes antitrust battle.

Meanwhile, Motorola Solutions (NYSE:MSI) made waves with new artificial intelligence (AI) integrations, and earnings reports impacted shares of Tesla (NASDAQ:TSLA), IBM (NYSE:IBM) and Intel (NASDAQ:INTC).

Meanwhile, the EU continued its regulatory push against Apple (NASDAQ:APPL) and Meta Platforms (NASDAQ:META).

Read on to dive deeper into this week’s top stories.

1. DOJ pushes for radical remedies in Google’s antitrust trial

This week, federal attorneys presented possible remedies before Judge Amit Mehta in the Google search antitrust case, following his August 2024 ruling that Google is illegally monopolizing the search market.

The US Department of Justice (DOJ) recommended that Google be forced to share its user data with rivals and advocated for the sale of Google’s Chrome business, arguing that the divestiture would give other companies a fighting chance in the search engine market. As the week progressed, executives from OpenAI, DuckDuckGo, Perplexity and Yahoo said they would consider acquiring Chrome if Mehta were to force a sale.

“Google can compete, but they simply don’t want to compete on a level playing field,” DOJ attorney David Dahlquist said during his opening remarks on Monday (April 21). He added, “Google is now fearful of competing against rivals who will only get stronger with the proposed remedies in place.” Dahlquist also called for forward-looking remedies that would prevent future monopolization in the burgeoning field of AI-powered search and related AI services, proposing that Google be banned from making deals with phone manufacturers that make Google Search the default search.

Google’s attorney, John Schmidtlein, said the proposal is “fundamentally flawed” and argued that it is a “wishlist” for competitors that would immediately benefit from technology that Google has spent years developing.

In a blog post on Sunday (April 20), Lee-Anne Mulholland, Google’s vice president of regulatory affairs, wrote, “At trial, we will show how DOJ’s unprecedented proposals go miles beyond the Court’s decision, and would hurt America’s consumers, economy, and technological leadership.” Mulholland contends that the DOJ’s antitrust proposals would hinder user access to preferred services, raise costs, slow innovation, jeopardize privacy, impede AI development and undermine the functionality and security of key platforms like Chrome and Android.

Illustrating the challenge that Google’s competitors face, Dmitry Shevelenko, head of product for Perplexity AI, said that on on Android devices, the process of setting Perplexity AI as the default AI assistant over Google’s pre-set Gemini is like navigating a “jungle gym.’ However, he also expressed concern that forcing Google to sell Chrome to a competitor, like OpenAI, could lead to the discontinuation of Chrome’s open-source model, which many developers rely on.

Google presented ongoing arguments that users choose Google Search because of its high-quality results, not as a result of anticompetitive practices. The defense also presented evidence that OpenAI, Microsoft (NASDAQ:MSFT) and Meta have sought deals with Samsung Electronics (KRX:005930) to put their AI chatbots onto Samsung phones.

This week’s proceedings laid bare starkly contrasting visions for the future of the search market. The result of the trial will be a pivotal moment and could lead to a major shake-up in the tech world.

2. Motorola to enhance smartphones with multi-partner AI integration

Motorola announced a strategic move on Thursday (April 24) to enhance its smartphones through key partnership agreements with Google, Meta, Microsoft and Perplexity. The company’s new deal takes a “best-of-breed” approach by integrating specialized technologies from each partner into Moto AI.

The Perplexity app will be pre-installed on the new Razr series, allowing users to access Perplexity’s search and assistant capabilities directly within Moto AI. Other Motorola devices launched after March 3, 2025, will receive this feature via a future update. The deal will make Motorola the first smartphone brand to fully integrate Perplexity.

Besides Perplexity, Motorola’s partnership with Google integrates Gemini and Gemini Live models for on-device AI features. Meta’s Llama model will enhance on-device processing, providing notification summaries and enabling mixed-reality notifications and app viewing. Microsoft’s Copilot serves as another option for a conversational chatbot.

Motorola introduced its newest lineup of Razr phones on Thursday. They are equipped with four new features that leverage the specific strengths of each partner: Next Move for recommendations, Playlist Studio for curated music, Image Studio for text-to-image generation and Look and Talk (exclusive to Razr 60 Ultra) for hands-free AI activation.

3. Tesla, IBM, Intel and Alphabet release results

This week brought Q1 earnings releases from prominent tech firms Tesla, IBM and Intel.

The market’s reaction to these reports often sets the tone for the broader market sentiment and trading activity, underscoring the intense scrutiny these updates now hold.

Tesla released its report after markets closed on Tuesday (April 22), showing lower-than-expected revenue and earnings. Despite that news, the company’s share price moved upward on Wednesday. During an earnings call, CEO Elon Musk said that he will begin reducing his time spent at the White House overseeing the Department of Government Efficiency and spend more time at Tesla, news that likely contributed to this upward momentum.

Musk also highlighted a focused approach to bringing robotaxis to Austin by June, with more cities to follow, alongside piloting automated Cybercab production for next year. While 2025 delivery targets were unspecified, he reaffirmed the affordable vehicle’s development and ongoing Full Self-Driving progress.

Conversely, IBM’s stock price fell by over 6 percent on Thursday after the company reported its results after Wednesday’s closing bell; the decline came even after it beat analysts’ estimates for both revenue and earnings. This negative reaction has been attributed to a slowdown in IBM’s consulting businesses, sparking concerns about the company’s future growth. Cautious language regarding the economic outlook may have also weighed on investor sentiment.

Tesla and IBM performance, April 22 to 25, 2025.

Chart via Google Finance.

Meanwhile, Intel’s Thursday release of its Q1 results revealed flat revenue and lower earnings per share alongside a lower-than-expected outlook for Q2. The report resulted in a decline in Intel’s stock price, erasing earlier gains that followed a Fortune report that the company planned to lay off 20 percent of its workforce.

Intel and Alphabet performance, April 22 to 25, 2025.

Chart via Google Finance.

Finally, Alphabet shares rose in after-hours trading following its earnings release on Thursday, closing higher on Friday (April 25) as investors reacted positively to a strong report that revealed increases across the board.

4. EU hits Apple and Meta with DMA fines

The European Union fined Apple and Meta on Wednesday on the grounds that the companies have breached the Digital Markets Act (DMA). Apple was fined 500 million euros after the European Union found that the company imposed restrictions that prevented app developers from informing users about offers available outside of Apple’s App Store, thereby breaching the DMA’s “anti-steering” obligation. Additionally, the European Commission issued a cease-and-desist order to Apple, giving the iPhone maker 60 days to comply with the DMA.

Meta was fined 200 million euros for allegedly violating the DMA’s rules on user consent for data usage with its “pay or consent” model, which requires either personalized advertising or a subscription for ad-free service.

Both companies have said they plan to appeal.

“We have spent hundreds of thousands of engineering hours and made dozens of changes to comply with this law, none of which our users have asked for. Despite countless meetings, the Commission continues to move the goal posts every step of the way,” a representative for Apple told CNN.

Meanwhile, Meta told the Wall Street Journal that the penalties amount to “a multibillion-dollar tariff on Meta while requiring us to offer an inferior service.”

5. Apple plans iPhone manufacturing shift

Apple is reportedly planning a significant shift in its iPhone manufacturing strategy, aiming to move the assembly of iPhones destined for the US market from China to India as early as next year, according to a Thursday report in the Financial Times. This potential move signals a considerable departure from Apple’s longstanding dependence on China as its primary iPhone production hub. The impetus behind this strategic realignment is largely attributed to the escalating trade tensions between the US and China, which have compelled numerous multinational corporations to re-evaluate and diversify their global supply chains to mitigate risks.

Apple’s efforts to establish a manufacturing footprint in India have been underway for several years, with a gradual increase in iPhone production in the South Asian nation. However, the latest reports suggest a much more ambitious plan. Insiders familiar with the matter have indicated to the Financial Times that Apple’s ultimate objective is to transfer its entire iPhone production capacity for the US market to India by the end of 2026.

This would represent a complete overhaul of Apple’s current manufacturing arrangement and a major boost to India’s aspirations of becoming a global electronics manufacturing center.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Here’s a quick recap of the crypto landscape for Wednesday (April 23) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$93,529.14 as markets closed for the day, up 2.2 percent in 24 hours. The day’s range has seen a low of US$92,078.75 and a high of US$94,122.31.

Bitcoin performance, April 23, 2025.

Chart via TradingView.

Fueledby the re-entry of institutional investment, the crypto markets appear to be headed towards a robust recovery; however, the long-term trajectory remains to be seen.

Ethereum (ETH) ended the day at US$1,785.14, a 5.2 percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,767.67 and a high of US$1,815.24.

Altcoin price update

  • Solana (SOL) ended the day valued at US$150.05, up four percent over 24 hours. SOL experienced a low of US$149.31 and peaked at $153.47.
  • XRP traded at US$2.22, reflecting a three percent increase over 24 hours. The cryptocurrency recorded an intraday low of US$2.20 and reached its highest point at US$2.29.
  • Sui (SUI) was priced at US$2.98, showing an increaseof 21 percent over the past 24 hours. It achieved a daily low of US$2.89 and a high of US$3.06.
  • Cardano (ADA) was trading at US$0.6981, up 6.3 percent over the past 24 hours. Its lowest price on Wednesday was US$0.6873, with a high of US$0.7138.

Today’s crypto news to know

Bitcoin becomes fifth largest global asset, overtakes Google

Bitcoin has climbed to a market capitalization of US$1.86 trillion, overtaking Alphabet (NASDAQ:GOOGL) to become the world’s fifth-largest asset by market value. The price of Bitcoin surged past US$94,000, helped by easing trade tensions between the US and China and renewed bullish sentiment across tech and risk-on assets.

This marks a symbolic milestone for the cryptocurrency, which has now outpaced several of the world’s most valuable tech giants. Analysts point to Bitcoin’s increasing correlation with macroeconomic tailwinds — such as falling bond yields and speculative interest in risk assets — as drivers of the recent price action.

Its breakout relative to the Nasdaq also suggests growing investor confidence in crypto as a parallel to tech. If Bitcoin maintains this trajectory, some believe it could soon challenge silver’s position as the fourth-largest global asset.

Brandon Lutnick forms new Bitcoin investment vehicle

Brandon Lutnick, son of Howard Lutnick, US secretary of commerce and former Cantor Fitzgerald chair, will launch a listed Bitcoin investment vehicle through a reverse merger with Cantor Equity Partners, a special purpose acquisition company. This is according to a Tuesday (April 22) report from the Financial Times.

The newly established entity, purportedly named Twenty One Capital, will be led by co-founder Jack Mallers, CEO of Bitcoin-focused payments app Strike, and majority owned by Tether (USDT) and cryptocurrency exchange Bitfinex. SoftBank Group (TSE:9984) will also own a ‘significant minority’ stake.

Financial Times sources said Tether will contribute at least US$1.5 billion worth of Bitcoin.

The company will also raise US$385 million through a convertible bond and US$200 million via a private equity placement, which it will use to acquire more Bitcoin. Eventually, SoftBank, Tether and Bitfinex’s investments will be converted from Bitcoin into shares in Twenty One Capital, with a price of US$13 per share for the private placement and US$10 per share for the convertible bond.

According to the report, Twenty One Capital will launch with 42,000 BTC, making it the world’s third-largest Bitcoin reserve. “With a visionary leader at the helm and backing from two renowned industry leaders, Twenty One is designed to help investors capture value from Bitcoin’s growing global demand and increasing institutional adoption,” Lutnick said in a press release on Wednesday. The deal values the new company at US$3.6 billion based on an approximate US$85,000 Bitcoin valuation. As of writing, Bitcoin is valued at US$93,808.31.

Trump backs crypto regulation, Trump Media eyes retail crypto products

During a public appearance, US President Donald Trump called for regulatory certainty in the crypto industry and vowed to provide ‘clear rules of the road’ for digital asset innovation.

His statement coincided with Trump Media & Technology Group’s announcement that it will partner with Crypto.com and Yorkville America Digital to launch retail investment products, including crypto-focused ETFs aligned with Trump’s “America First” platform. The planned offerings aim to capitalize on the president’s growing presence in the digital asset space following prior ventures like Trump NFTs and crypto-affiliated partnerships.

While no official ETF filings have been submitted yet, the initiative signals Trump’s commitment to making crypto a policy priority as part of his economic strategy.

Trump to host dinner for $TRUMP token holders

Trump will host a dinner for the top 220 holders of his $TRUMP token in Washington, DC, on May 22.

News of the event sent $TRUMP’s valuation up by over 55 percent in under an hour. $TRUMP reached US$14.44 at around midday on Wednesday, its highest valuation since mid-February. As of writing, $TRUMP is valued at US$13.46.

Top token holders are required to link their wallets for holding verification. The top 25 holders will gather for a private reception with the president before dinner.

Around 40 million $TRUMP tokens, or roughly 20 percent of the tokens’ circulating supply, were unlocked on April 17; they were valued at slightly above US$300 million at the time.

$TRUMP reached an all-time high of US$75.35 on January 19, according to data from CoinMarket Cap. This was followed by an abrupt reversal and steady decline in Q1 to valuations between US$9 to US$7 in April.

Tesla reports US$951 million in Bitcoin holdings despite earnings miss

Tesla (NASDAQ:TSLA) revealed it continues to hold $951 million worth of Bitcoin on its balance sheet, despite posting weaker-than-expected quarterly revenue of US$19.34 billion.

The automaker’s Bitcoin holdings, totaling 11,509 BTC, remained unchanged during the quarter, with no buy or sell activity recorded. This comes as Bitcoin’s price dipped from late December highs, impacting Tesla’s valuation of its digital asset portfolio under the new Financial Accounting Standards Board rules.

These rules now require corporations to mark digital assets to market on a quarterly basis, increasing transparency but also exposing earnings to crypto market volatility. Tesla’s crypto exposure, while relatively small compared to its core business, still makes it one of the top public holders of Bitcoin globally.

Riot Platforms secures US$100 million credit facility backed by Bitcoin

Riot Platforms (NASDAQ:RIOT) secured a US$100 million credit facility from Coinbase Global (NASDAQ:COIN) on Wednesday using a massive Bitcoin stockpile as collateral.

Data from Bitcoin Treasuries indicates that Riot holds 19,223 BTC valued at approximately US$1.8 billion, making the company the third-largest corporate Bitcoin treasury behind Michael Saylor’s Strategy and MARA Holdings.

“Riot has entered into its first bitcoin-backed facility, which provides us with non-dilutive funding at an attractive cost of financing,” said Jason Les, CEO of Riot, in a press release. “This credit facility is a key part of our efforts to diversify sources of financing to support our operations and strategic growth initiatives, with a view towards long-term stockholder value creation.”

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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Here’s a quick recap of the crypto landscape for Friday (April 25) as of 9:00 p.m. UTC.

Get the latest insights on Bitcoin, Ethereum and altcoins, along with a round-up of key cryptocurrency market news.

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$95,030.17 as markets closed for the day, up 1.8 percent in 24 hours. The day’s range has seen a low of US$94,367.25 and a high of US$95,563.75.

Bitcoin performance, April 25, 2025.

Chart via TradingView.

As the crypto market stages its comeback after weeks below its key resistance level, ARK Invest increased its most optimistic Bitcoin price forecast for 2030 from US$1.5 million to US$2.4 million. The firm attributes this upward revision to growing interest from institutional investors and Bitcoin’s expanding role as ‘digital gold.’ Cointelegraph’s market analysis cites five technical indicators pointing to valuations above US$100,000 by May.

Ethereum (ETH) ended the day at US$1,796.65, a two percent increase over the past 24 hours. The cryptocurrency reached an intraday low of US$1,772.18 and a high of US$1,819.79.

Altcoin price update

  • Solana (SOL) ended the day valued at US$151.24, down 0.1 percent over 24 hours. SOL experienced a low of US$150.90 and peaked at $155.18.
  • XRP traded at US$2.19, reflecting a 0.6 percent decrease over 24 hours. The cryptocurrency recorded an intraday low of US$2.19 and reached its highest point at US$2.22.
  • Sui (SUI), this week’s outperformer, was priced at US$3.60, showing an increaseof 8.8 percent over the past 24 hours. It achieved a daily low of US$3.56 and a high of US$3.73. Sui is up by over 67 percent for the week.
  • Cardano (ADA) was trading at US$0.7127, down 1.7 percent over the past 24 hours. Its lowest price on Friday was US$0.7099, with a high of US$0.7268.

Today’s crypto news to know

ARK Invest sees Bitcoin hitting US$2.4 million by 2030

Cathie Wood’s ARK Invest has revised its already-optimistic bitcoin forecast, now projecting the asset could reach as high as US$2.4 million by 2030 in its most bullish scenario.

The firm’s April 24 report outlines three trajectories: a bear case of US$300,000, a base case of US$710,000, and a sky-high scenario that factors in growing institutional allocations and rapid expansion of on-chain financial services.

The US$2.4 million target assumes bitcoin captures 6.5 percent of the US$200 trillion global investable asset pool, with sustained 60 percent annual growth in BTC-driven financial infrastructure. National reserves, corporate treasuries, and rising adoption in emerging markets also play critical roles in the model, but ARK identifies institutional capital as the most transformative force.

While skeptics still cite volatility and regulatory uncertainty, ARK argues that BTC’s asymmetric upside—especially amid global monetary shifts—makes it a once-in-a-generation investment thesis.

Saylor predicts BlackRock ETF will eclipse all ETFs within a decade

MicroStrategy Chairman Michael Saylor declared that BlackRock’s iShares Bitcoin Trust (IBIT) will become the largest ETF in the world within 10 years, following a record-breaking week where U.S. bitcoin ETFs drew US$2.8 billion in net inflows.

IBIT led the pack with US$1.3 billion, lifting its total assets to roughly US$54 billion and driving daily trading volumes above US$1.5 billion. For context, the current largest ETF, Vanguard’s VOO, commands a market cap over US$593 billion—nearly ten times IBIT’s current size.

Bloomberg ETF analyst Eric Balchunas acknowledged Saylor’s claim wasn’t farfetched, but said IBIT would need to consistently attract US$3 billion US$4 billion per day to overtake VOO within a decade.

The bold prediction reflects mounting institutional appetite for BTC exposure, but also underlines the extraordinary capital movement that would be required for such a paradigm shift in ETF rankings.

$ TRUMP meme coin rallies after president offers private dinner

Donald Trump’s $TRUMP meme coin surged over 70 percent after the president promised an exclusive gala dinner for the token’s top 220 holders, including a VIP reception at his Washington DC golf club for the top 25.

Launched just before Trump’s January inauguration, the coin has exploded in both market cap—now estimated around US$2.5 billion—and political intrigue, reflecting the former president’s aggressive expansion into crypto.

This latest move aims to blend campaign optics with digital asset hype, positioning Trump not just as a “crypto president,” but as an active participant in speculative retail culture.

Critics have slammed the dinner-for-holders gimmick as a political stunt and potential conflict of interest, while others say it signals a new model of decentralized donor engagement.

Regardless, the announcement caused a major pump and reignited interest across meme coin forums and pro-Trump financial channels.

Swiss central bank rejects Bitcoin in reserves

Swiss National Bank Chairman Martin Schlegel flatly rejected proposals to include bitcoin in the country’s currency reserves, stating it ‘cannot currently fulfil the requirements’ needed for official holdings.

At the SNB’s annual meeting in Bern, Schlegel cited bitcoin’s extreme volatility and insufficient liquidity as major concerns, making it unsuitable for maintaining the stability and convertibility of the national reserve portfolio.

This comes as activists behind the ‘Bitcoin Initiative’ mount a constitutional referendum campaign that would legally compel the SNB to hold BTC alongside gold. Luzius Meisser, one of the movement’s leaders, argued bitcoin could prove invaluable in a future marked by declining trust in government debt.

The SNB’s resistance, however, signals continued institutional reluctance to enshrine bitcoin as a strategic monetary asset, even in one of the world’s most financially progressive nations.

CME Group to launch XRP futures

The Chicago Mercantile Group (CME) announced plans to launch XRP futures contracts, according to an announcement by the derivatives marketplace on Thursday (April 24).

“As innovation in the digital asset landscape continues to evolve, market participants continue to look to regulated derivatives products to manage risks across a wider range of tokens,” said Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group. “Interest in XRP and its underlying ledger (XRPL) has steadily increased as institutional and retail adoption for the network grows, and we are pleased to launch these new futures contracts to provide a capital-efficient toolset to support clients’ investment and hedging strategies.”

Pending regulatory approval, participants will be able to trade micro-sized contracts comprising 2,500 XRP and/or large contracts of 50,000 XRP starting on May 19.

Nasdaq calls for consistent digital asset regulation

A letter to the US Securities and Exchange Commission (SEC) from the Nasdaq exchange on Friday (April 25) called on regulators to apply the same regulatory standards to digital assets as they do to securities, particularly if these assets function as ‘stocks by any other name.’

Nasdaq asserted that the SEC needs to develop a more distinct classification system for cryptocurrencies, suggesting that some digital assets should be categorized as ‘financial securities.’ The exchange contended that these tokens should continue to be regulated in the same manner as traditional securities, irrespective of their tokenized format.

“Whether it takes the form of a paper share, a digital share, or a token, an instrument’s underlying nature remains the same and it should be traded and regulated in the same ways,” the letter said.

The letter also proposed categorizing some cryptocurrencies as “digital asset investment contracts,” which would still be overseen by the SEC, but subject to “light touch regulation”.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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