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Mongolia has been thrown into fresh political crisis with protesters calling for the resignation of the country’s prime minister over his family’s lavish displays of wealth.

For two weeks, young Mongolians have taken to the streets of the capital putting pressure on Prime Minister Oyun-Erdene Luvsannamsrai who will face a vote of confidence in his government on Monday.

Democratic Mongolia is a landlocked nation of just 3.5 million people sandwiched between authoritarian giants China and Russia, and the latest political crisis has put renewed scrutiny on the stability of the country’s democracy.

Here’s what to know:

Luxury car, designer handbags

The protests were triggered by social media posts that went viral showing the prime minister’s 23-year-old son’s lavish engagement proposal and their apparent extravagant lifestyle including helicopter-rides, an expensive ring, designer handbags and a luxury car.

Suspicion grew over how the son accumulated such wealth – especially as Prime Minister Oyun-Erdene campaigned on being from a rural, not wealthy family.

“With no visible sources of income, their display of luxury bags, private travel, and high-end living was a blatant slap in the face to the average Mongolian citizen,” said Amina, 28, a member of protest group Ogtsroh Amarhan (Resigning is Easy).

Amina, who wanted to go by one name for security reasons, said the protests go beyond the social media posts flaunting wealth, which she said were symptomatic of a widening disconnect between the ruling elite and everyday people.

Deeping the anger is the rising cost of living, soaring inflation in the wake of Russia’s war in Ukraine, and choking pollution in the capital that’s home to half the population.

“The cost of living in Mongolia has skyrocketed — many people are paying nearly half of their monthly income in taxes while barely making enough to cover food, rent, or utilities. Most are not living paycheck to paycheck anymore — they’re living loan to loan, debt to debt,” she said.

Protesters have gathered in the capital Ulaanbaatar’s central Sükhbaatar Square, in front of the Government Palace, almost daily for two weeks, calling for Oyun-Erdene to release his finances and resign.

The Prime Minister’s office called the allegations of financial impropriety “completely unfounded.”

Corruption

For decades, Mongolia has struggled with endemic graft and protests often break out over allegations that corrupt officials and business leaders were enriching themselves with public funds.

Mass protests erupted in 2022 over a corruption scandal involving the alleged embezzlement of billions of dollars’ worth of coal destined for China.

Though analysts say there is no evidence of corruption by Oyun-Erdene, his son’s social media posts deepened the frustration of a public long wary of their elected officials misusing public resources.

“I want a fair society where ordinary people have a voice, and where government officials are held accountable. Seeing so much inequality, injustice, and arrogance from those in power pushed me to speak up,” said Ariunzaya Khajidmaa, 23, a resident of Ulaanbaatar who joined the protests with her 2-month-old baby.

Part of public frustration is that even when corruption cases are prosecuted, they are slow to work their way through the judicial system, leading some to question the independence of the judiciary.

The 2024 Freedom House index said “corruption and political influence in the daily work of judges remain concerns.”

“If you look at the corruption index, it has gone down. And one explanation is that, even though the Prime Minister has exposed a lot of the corruption cases, nothing has been done. So now everybody’s looking at the judiciary,” said Bolor Lkhaajav, a Mongolian political analyst and commentator.

What’s the Prime Minister’s position?

The Prime Minister is trying to save his coalition government and parliament, called the State Great Khural, is holding a vote of confidence on Monday.

Oyun-Erdene and his son have submitted themselves to Mongolia’s anti-corruption agency and the prime minister said he would resign if the investigation uncovered any irregularities.

His Mongolian People’s Party (MPP) is the largest in the 126-seat parliament, holding 68 seats. But complicating the confidence vote is that the ruling coalition appears to be breaking up. The MPP kicked out its junior partner, the Democratic Party – which controls 43 seats – after some of its members supported the protesters.

‘Tip of the iceberg’

The protests are just “the tip of the iceberg,” said Jargalsaikhan Dambadarjaa, a Mongolian broadcaster and political commentator, who pointed to some of the major economic shifts in the country.

Oyun-Erdene, who was re-elected to a second term in 2024, had promised to diversify the country’s economy, which is dependent on the mining industry accounting for about a quarter of GDP.

Mongolia has huge deposits of coal, copper, gold and phosphorite, and about 90% of Mongolia’s coal exports go to China.

Oyun-Erdene’s coalition government last year announced 14 new mega projects to boost economic growth, including cross-border railway connections and a major expansion of renewable energy.

And one of Oyun-Erdene’s signature policy centerpieces was establishing a national wealth fund, which the government said aimed to redistribute the country’s assets to the people.

The Sovereign Wealth Fund law, approved by parliament in April, allows the government to take a 34% stake in mines considered to have strategic mineral deposits, meaning they are vital for the country’s economy and development.

There are currently 16 such sites and the profits will go into the fund, with portions allocated to benefitting Mongolian people including through financial assistance, healthcare, education, and housing, according to public broadcaster Montsame.

The move has not sat well with the country’s wealthy and powerful mining elite.

“These people, they are now at the edge of losing their power – huge money – which created huge inequality in the country. So they are fighting to the death against this government,” said Jargalsaikhan.

A democracy between two autocratic giants

Mongolia has been a parliamentary democracy since its democratic revolution in 1991. But the years since have seen multiple governments toppled, or leaders shuffled.

This instability has led some Mongolians to believe the powers of President Khurelsukh Ukhnaa, who is head of state, should be extended. Currently, the president can only serve one six-year term.

“In this mosaic, those who are supporting presidential power argue that, look at Russia and China, they are one-man presidential powers and they are very stable. They say, we tried this parliamentarian system and it looks like it doesn’t work. That’s their idea,” Jargalsaikhan said.

Khurelsukh has repeatedly said he does not want to change Mongolia’s parliamentary democracy. However, some believe amending the constitution to extend presidential term limits is on the table.

“It’s a very crucial time, a very delicate time, and it’s another test to our democracy,” said Jargalsaikhan. “Freedom comes only with the parliamentary system… If we don’t do that, we will be another failed economy, a failed nation.”

In a statement, the prime minister’s office said, “there has been a deliberate attempt to undermine” the reforms of the coalition government by a “hostile campaign” that would “turn Mongolia away from a parliamentary democracy and return power and wealth to a small group driven by self-interest.”

Analysts say Mongolia needs to show it can have stable governance so it can attract broader foreign investment and reduce its economic dependence on China and Russia.

Khurelsukh last year welcomed Russian President Vladimir Putin for an official visit to Mongolia, a trip condemened by Ukraine. The visit was Putin’s first to a member country of the International Criminal Court which had issued an arrest warrant for Putin on charges on war crimes.

“A lot of the governments that are looking at Mongolia as an oasis of democracy between Russia and China, so they want to trust us, but at the same time, you have to show some accountability and stability for other governments to say, okay, Mongolia is getting better,” said Bolor.

Those on the streets say they are tired of political games and want to see tangible improvements to their daily lives.

“We want stronger anti-corruption measures, public officials who are held to ethical standards, and a system that ensures no one is above the law,” said Ariunzaya.

“It’s time for the government to listen to its citizens and take meaningful, lasting action—not just offer words.”

This post appeared first on cnn.com

It was already hard to imagine a breakthrough emerging from the direct talks between Russia and Ukraine set to be renewed in Istanbul on Monday.

But in the aftermath of what appear to have been multiple large-scale Ukrainian drone strikes against strategic bases across Russia, it’s even less likely either side will be prepared to shift their red lines.

Even before the latest strikes, which targeted Russian strategic aircraft thousands of miles from the Ukrainian border, the Kremlin had declined to formally set out, in the form of an agreed-to memorandum, what exactly it wants in return for ending what it refers to as its “Special Military Operation”.

But Russian officials have made no secret about their hardline terms, including sovereignty over all annexed territories, the demilitarization of Ukraine, immediate sanctions relief and what the Kremlin calls “de-Nazification”, involving things like guaranteeing the rights of Russian-speakers.

Concerns about further NATO expansion toward Russian borders – especially Ukraine, but other countries too – have also been a consistent Kremlin grievance, as has the fate of hundreds of billions of dollars in frozen Russian assets abroad.

There’s been speculation in the Russian and Western media about areas for possible negotiation, and the outcome of the Istanbul talks are being closely watched for any hints of flexibility.

But in the aftermath of what appears to have been a spectacular Ukrainian success, talk of Kremlin compromises may, for the moment, be off the table.

Ukraine goes into this second round of direct talks bolstered by its apparent destruction of Russian strategic bombers and other crucial air assets.

On Sunday, President Volodymyr Zelensky set out some of Ukraine’s positions, including an unconditional ceasefire and the return of Ukrainian children taken to Russia.

But Russian demands for Ukrainian forces to withdraw from territory it claims but has not even conquered remain unpalatable, even more so now Ukraine has shown it can still strike deep behind the front lines.

Even before the latest Ukrainian drone strikes, amid preparations for the peace talks in Istanbul, Russia was stepping up attacks on Ukraine in what seems to be the early stages of a new summer offensive.

Overnight Saturday, Russia launched its largest drone attack on Ukraine since the beginning of the war – involving 472 drones. On Sunday, a Russian missile strike killed at least 12 people and wounded more than 60 at a training site for the Ukrainian military.

As all this unfolds, an increasingly frustrated US President Donald Trump, who used to brag he could end the Ukraine war in short order, is now watching from the sidelines as a cornerstone of his stated foreign policy looks decidedly shaky.

Neither his pressure on the Ukrainian leader, who Trump lambasted in the Oval Office, nor his recent scolding of the Kremlin ruler appear to have pushed the two sides any closer to a peace deal.

Trump still has powerful levers to pull if he chooses, like imposing tough new sanctions, such as those overwhelmingly supported in the US Senate, or adjusting US military aid in a way that would dramatically increase the costs of fighting on. The measures may not be decisive, but they would send a message of US commitment.

What Trump says he is tempted to do, though, is simply walk away from the whole mess. This is Biden’s war, he insists, or Putin’s and Zelensky’s.

But walking away – and it is unclear what that means in terms of US policy – may no longer be an option. At least not walking away unscathed.

His own insistence on ending the Ukraine conflict, along with his personal interventions with the Ukrainian and Russian leaders, means that Trump and the United States are now inextricably linked with the outcome.

That’s why events on the battlefield and at the negotiating table in Istanbul are being watched so closely.

Despite his regular attempts to disown it, the Ukraine war has very much become Trump’s war on which US credibility now hangs by a thread.

This post appeared first on cnn.com

Climate campaigner Greta Thunberg and other 11 activists set sail on Sunday afternoon for Gaza on a ship aimed at “breaking Israel’s siege” of the devastated territory, organizers said.

The sailing boat Madleen – operated by activist group Freedom Flotilla Coalition — departed from the Sicilian port of Catania, in southern Italy.

It will try to reach the shores of the Gaza Strip in an effort to bring in some aid and raise “international awareness” over the ongoing humanitarian crisis, the activists said at a press conference on Sunday, ahead of departure.

“We are doing this because, no matter what odds we are against, we have to keep trying,” Thunberg said, bursting into tears during her speech.

“Because the moment we stop trying is when we lose our humanity. And no matter how dangerous this mission is, it’s not even near as dangerous as the silence of the entire world in the face of the live-streamed genocide,” she added.

Israel, which was founded in the aftermath of the Holocaust, has adamantly rejected genocide allegations against it as an antisemitic “blood libel.”

In mid-May, Israel slightly eased its blockade of Gaza after nearly three months, allowing a limited amount of humanitarian aid into the territory.

Experts have warned that Gaza is at risk of famine if more aid is not brought in.

UN agencies and major aid groups say Israeli restrictions, the breakdown of law and order, and widespread looting make it extremely difficult to deliver aid to Gaza’s roughly two million Palestinians.

Among those joining the crew of the Madleen are “Game of Thrones” actor Liam Cunningham and Rima Hassan, a French member of the European Parliament who is of Palestinian descent. She has been barred from entering Israel due to her active opposition to the Israeli assault on Gaza.

The activists expect to take seven days to get to their destination, if they are not stopped.

Thunberg, who became an internationally famous climate activist after organizing massive teen protests in her native Sweden, had been due to board a previous Freedom Flotilla ship last month.

That attempt to reach Gaza by sea, in early May, failed after another of the group’s vessels, the “Conscience”, was attacked by two alleged drones while sailing in international waters off the coast of Malta.

The group blamed Israel for the attack, which damaged the front section of the ship, in the latest confrontation over efforts to send assistance to the Palestinian territory devastated by nearly 19 months of war.

The Israeli government says the blockade is an attempt to pressure Hamas to release hostages it took during the Oct. 7, 2023, attack that triggered the conflict. Hamas-led militants assaulted southern Israel that day, killing some 1,200 people, mostly civilians, and abducting 251. Hamas is still holding 58 hostages, 23 of whom are believed to be alive.

In response, Israel launched an offensive that has killed over 52,000 Palestinians, mostly women and children, according to Gaza’s Health Ministry, which does not distinguish between fighters and civilians. Israel’s bombardment and ground operations have destroyed vast areas of the territory and left most of its population homeless.

The Flotilla group was only the latest among a growing number of critics to accuse Israel of genocidal acts in its war in Gaza. Israel vehemently denies the allegations, saying its war is directed at Hamas militants, not Gaza’s civilians.

“We are breaking the siege of Gaza by sea, but that’s part of a broader strategy of mobilizations that will also attempt to break the siege by land,” said activist Thiago Avila.

Avila cited the upcoming Global March to Gaza – an international initiative also open to doctors, lawyers and media – which is set to leave Egypt and reach the Rafah crossing in mid-June to stage a protest there, asking Israel to stop the Gaza offensive and reopen the border.

This post appeared first on cnn.com

Ukraine’s large-scale drone attack on Russian air bases thousands of miles behind the front lines is the latest in a long line of daring missions by Ukraine’s forces against its giant neighbor.

The operation, more than a year and a half in the making, involved drones being smuggled into Russian territory and hidden in wooden mobile houses atop trucks, according to a source in the SBU, Ukraine’s domestic intelligence agency.

The strikes caused an estimated $7 billion in damages and hit 34% of Russia’s strategic cruise missile carriers at its main air bases, the source said. The assault also showed that Ukraine still has the ability to pressure Russia even as Moscow ramps up its own attacks and offensive operations.

Here’s a look at some of the Ukrainian force’s most significant hits during the war:

Undercover drones

Analysts have called Ukraine’s Sunday drone attack on the bomber bases the most significant by Kyiv since the beginning of the war.

More than 40 aircraft were known to have been hit in the operation, according to an SBU security source, including TU-95 and Tu-22M3 strategic bombers and one of Russia’s few remaining A-50 surveillance planes.

The Tu-22M3 is Russia’s long-range missile strike platform that can perform stand-off attacks, launching missiles from Russian airspace well behind the front lines to stay out of range of Ukrainian anti-aircraft fire.

Russia had 55 Tu-22M3 jets and 57 Tu-95s in its fleet at the beginning of the year, according to the “Military Balance 2025” from the International Institute for Strategic Studies think tank.

The Tu-95 joined the Soviet Union air force in the 1950s, and Russia has modified them to launch cruise missiles like the Tu-22.

Military aviation expert Peter Layton said the loss of the bombers, which could carry the heaviest and most powerful cruise missiles, mean Russia will need to rely more on drones for future attacks on Ukraine.

Outside the immediate air war, the attack on the air bases will be a major distraction for Russian President Vladimir Putin, said Carl Schuster, a former director of operations at the US Pacific Command’s Joint Intelligence Center, now a military analyst in Hawaii.

“Putin will direct more resources to internal security after such a domestic security failure,” Schuster said.

“Ukraine was able to deploy dozens of containers with drones to within line of sight of major Russian strategic bases and launch massive air strikes. Can you imagine explaining that one to Putin?”

The sinking of the pride of Russia’s Black Sea fleet

One of Ukraine’s first major wins was the sinking of the cruiser Moskva, the pride of Russia’s Black Sea fleet, in the early months of war.

The Moskva was one of the Russian Navy’s most important warships and its sinking represented a massive blow to Moscow’s military, which at the time was struggling against Ukrainian resistance 50 days into Putin’s invasion.

In April, 2022, Ukraine’s Operational Command South claimed the Moskva had begun to sink after it was hit by Ukrainian Neptune anti-ship missiles.

Russia, meanwhile said a fire broke out on the guided-missile cruiser, causing munitions aboard to explode, inflicting serious damage to the vessel, and forcing the crew of the warship to be evacuated.

Analysts said its loss struck hard at the heart of the Russian navy as well as national pride, comparable to the US Navy losing a battleship during World War II or an aircraft carrier today.

What followed was a string of naval defeats for Moscow’s Black Sea Fleet.

In early 2024, six sea drones, powered by jet skis, felled a Russian guided missile ship, the Ivanovets. Night-time footage released by the Ukrainians showed Russians firing at the drones as they raced toward the Ivanovets, before at least two drones struck the side of the ship, disabling it and causing massive explosions.

Damage to the Kerch bridge

Built following Russia’s 2014 annexation of Crimea, the 12-mile Kerch bridge was a vital supply line for Moscow’s war effort in Ukraine and a personal project for Putin, embodying his objective to bind the peninsula to Russia.

Russia built the bridge at a cost of around $3.7 billion

In July, 2023, Ukrainian security services claimed to have blown up the bridge using an experimental sea drone. The attack caused damage to the road lanes of the bridge, and, according to Russian officials, killed two civilians.

The bridge is a critical artery for supplying Crimea with both its daily needs and supplies for the military.

Mysterious assassinations

A number of high profile Russian military figures have been killed inside the country over the past year. Crucially, Ukraine has never claimed the killings but it is notable that many of those killed played prominent roles in Moscow’s .

Last month, Russian deputy mayor and prominent veteran of the war, Zaur Aleksandrovich Gurtsiev, was killed in an explosion in southern Russia. Russian authorities said they were investigating all options into the killing, “including the organization of a terrorist attack” involving Ukraine.

Gurtsiev had been involved in the Russian attacks on the Ukrainian port city of Mariupol, which destroyed about 90% of residential buildings, according to United Nations estimates.

Gurtsiev had “introduced his developments in the technology of targeting missiles, which allowed them to increase their accuracy and effectiveness many times over,” according to the “Time of Heroes” program.

In April, Russian authorities charged a “Ukrainian special services agent” with terrorism, after he was detained in connection with a car explosion that killed Russian General Yaroslav Moskalik, the deputy head of the Main Operations Directorate of the General Staff of the Russian Armed Forces.

And in February Armen Sarkisyan, the founder of a pro-Russian militia group in eastern Ukraine – described by authorities in Kyiv as a “criminal mastermind” – died following a bombing in central Moscow. The bombing took place in an upmarket residential complex in the capital city, Russian state media outlet TASS reported at the time.

Ukraine has never claimed the killings but it is notable that high-profile figures have been assassinated in Russian territory.

This post appeared first on cnn.com

Erin Patterson, the Australian woman accused of killing three people and attempting to kill a fourth with a meal laced with death cap mushrooms, has taken the stand in her own defense at a trial that has captured worldwide attention.

On Monday, the start of the sixth week of the trial, Patterson told the court about her relationship with her estranged husband Simon, whose parents, Don and Gail Patterson, were among the guests who died after attending lunch at her house in July 2023.

Gail’s sister, Heather Wilkinson, also died after eating Beef Wellington at lunch, but her husband, Ian Wilkinson, a pastor at their local church, survived after spending several weeks in hospital with acute poisoning from Amanita phalloides, the world’s most toxic mushrooms.

Prosecutors allege that Patterson, who has pleaded not guilty to all charges, deliberately laced the beef dish with lethal mushrooms, after seeing their location posted on a public website. Her defense lawyers argue the deaths were a “terrible accident,” and while they acknowledge Patterson, 50, repeatedly lied to police, they say she didn’t intend to kill her guests.

The mother of two told the court that her relationship with her husband was merely “functional” in July 2023, and that she had started becoming concerned that he wasn’t involving her in family gatherings anymore.

Her self-esteem was low, and she was so unhappy with her weight that she was considering gastric bypass surgery, she told the court.

“I’d been fighting a never-ending battle of low self-esteem most of my adult life, and the further inroads I made into being middle aged, the less I felt good about myself,” she said.

How Erin Patterson met her husband

Patterson’s defense attorney Colin Mandy SC asked her about the start of her relationship with Simon Patterson, the father of their two children. Patterson told the court she met Simon in 2004 at work at Monash City Council, in the Australian state of Victoria. They were friends at first, before a romance developed several months later.

They married in 2007, at a service attended by Don and Gail Patterson and Ian and Heather Wilkinson. Erin’s parents were on holiday when she got married, so Ian Wilkinson’s son David walked her down the aisle, she told the court.

Patterson said she was “very atheist” when she met Simon. “I was trying to convert him to being an atheist, but things happened in reverse, and I became Christian,” she told the court.

She said she had a “spiritual experience” during her first church service in 2005 at Korumburra Baptist Church, where Pastor Ian Wilkinson delivered the sermon. “I had what I would call a religious experience there, and it quite overwhelmed me,” she said

A traumatic birth

Patterson recalled the traumatic delivery of her first child, who was born by emergency cesarian, after an attempt with forceps failed. Her son spent some time in the intensive care unit, and Patterson said she discharged herself against medical advice so she could go home to be with her newborn.

Patterson spoke about the support Simon’s mother Gail gave her as she cared for her son. “She gave me good advice … relax and enjoy your baby,” she said.

When they were living in Perth, Western Australia, the couple briefly separated for the first time. In 2009, Patterson rented a cottage for herself and their baby, she told the court, while her husband rented a trailer close by. They reunited in January 2010. A second baby came later.

During the course of their relationship, Patterson told the court there were periods of separation.

“What we struggled with over the entire course or our relationship… we just couldn’t communicate well when we disagreed about something,” she said. “We could never communicate in a way that made each of us feel heard or understood, so we would just feel hurt and not know how to resolve it.”

Patterson will resume giving evidence on Tuesday.

This post appeared first on cnn.com

Discover the top 10 stock charts to watch this month with Grayson Roze and David Keller, CMT. From breakout strategies to moving average setups, the duo walk through technical analysis techniques using relative strength, momentum, and trend-following indicators.

In this video, viewers will also gain insight into key market trends and chart patterns that could directly impact your trading strategy. Whether you’re a short-term trader or a long-term investor, this breakdown will help you stay one step ahead.

This video originally premiered on May 30, 2025. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

Over the past five sessions, the Indian equity markets headed nowhere and continued consolidating in a defined range. In the previous weekly note, it was categorically expected that the markets might stay devoid of any directional bias unless they either take out the upper edge or violate the lower edge of the consolidation zone. In line with the analysis, the Nifty oscillated in a 401.90-point range over the past five days. The volatility also retraced; the India Vix came off by 6.95% to 16.08 on a weekly basis. While staying absolutely range-bound, the headline index Nifty 50 closed with a minor weekly loss of 102.45 points (-0.41%).

As we step into the new week, the markets find themselves in a defined trading range, more toward the edge of the pattern support on the weekly chart. The Nifty appears to continue being in a well-defined trading range between 25100 and 24500 levels. This also implies that a directional trend would emerge only if the Nifty takes out 25100 convincingly or ends up violating the 24500 level. Unless either of these two things happens, the markets will remain devoid of directional bias and will continue staying in this defined range. The present technical structure makes it even more important to maintain a steadfast focus on protecting profits at higher levels and the rotation of sectors where a likely leadership change is visible.

The coming week is expected to see the levels of 25000 and 25175 acting as resistance points. The supports come in at 24500 and 24380 levels.

The weekly RSI is at 59.02; it stays neutral and does not show any divergence against the price. The weekly MACD is bullish and remains above its signal line.

The pattern analysis shows that after forming the most recent swing high at 25116, the Nifty has resisted this level for two subsequent weeks. This makes the level of 25100-25150 an important hurdle for the Nifty. Secondly, the Index has closed just at the support of an upward rising trendline; if this gets violated, the markets may see some more corrective retracement. Overall, the zone of 24500-24600 remains a crucial support area for the markets.

While the Nifty stays in the 25100-24500 zone and consolidates, focusing on protecting profits at higher levels would be wise. While the market keeps its underlying trend intact, it continues to remain prone to some extended corrective retracement until the levels of 25100 are taken out on the upside convincingly. During this phase, it makes more sense to keep leveraged exposures at modest levels and stay highly selective in making fresh purchases. While limiting the purchases to favorably rotating sectors, a cautious outlook is recommended for the coming week.


Sector Analysis for the coming week

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

Relative Rotation Graphs (RRG) show that the Nifty PSU Bank Index is the only Index inside the leading quadrant that continues to improve its relative momentum against the broader markets. The other sectors present inside the leading quadrant are PSE, Infrastructure, Consumption, and FMCG, and these groups show continued paring of relative momentum against the broader markets.

The Nifty Commodities and the Nifty Bank Index have rolled inside the weakening quadrant. The Financial Services and the Services sector Indices are also inside the weakening quadrant.

The Nifty Metal Index has rolled inside the lagging quadrant. It is likely to relatively underperform along with the Pharma Index which also continues to languish inside this quadrant. The IT Index is also inside the lagging quadrant, but is seen sharply improving its relative momentum against the broader markets.

The Realty, Media, Energy, Midcap 100, and Auto Indices are inside the improving quadrant. They are likely to continue improving their relative performance against the broader Nifty 500 Index.


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 gold price saw peaks and troughs this week.

After rising to almost US$3,350 per ounce on Monday (May 26), the yellow metal took a dive, dropping just below the US$3,260 level on May 28 (Wednesday). It was back on the rise the next day, hitting US$3,324.

Trade tensions were in focus throughout the period.

Concerns lessened early in the week, when US President Donald Trump said he would delay raising tariffs on the EU, but uncertainty ratcheted back up on Wednesday (May 28), when an American trade court issued a ruling that blocked most of his tariffs put in place by his administration.

“It is not for unelected judges to decide how to properly address a national emergency” — Kush Desai, White House spokesperson

The decision prompted a flurry of activity and backlash from Trump and his supporters, with a federal appeals court ultimately reinstating the tariffs on May 29 (Thursday).

The turmoil was beneficial for gold, as was news that the US economy shrank by 0.2 percent annually in Q1. The GDP estimate is the second of three from the Bureau of Economic Analysis, and comes in lower than the first calculation of a 0.3 percent contraction.

Bullet briefing — Glencore restructures, Anglo completes spinoff

Glencore restructuring move sparks M&A talk

Commodities giant Glencore (LSE:GLEN,OTC Pink:GLCNF) has quietly moved billions worth of global coal and ferroalloys assets into an Australian subsidiary.

The Australian Financial Review was the first to report the news, and it’s already sparked speculation about renewed M&A talks between Glencore and Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO). The two major companies reportedly engaged in discussions last year, but in the end did not move forward.

With this restructuring from Glencore and Rio Tinto’s CEO due to step down later this year, market watchers see potential for a deal to be done.

Anglo American spins off Valterra Platinum

Anglo American (LSE:AAL,OTCQX:AAUKF) made headlines elsewhere this week as the firm finished demerging its platinum-group metals unit, Valterra Platinum (JSE:VAL).

Valterra, formerly Anglo American Platinum, began trading on the Johannesburg Stock Exchange on May 28, and will have a secondary listing in London as of June 2.

Anglo made the decision to spin off Valterra after heading off a US$49 billion takeover bid from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year. The company embarked on a restructuring plan that will see it hone in on copper and iron ore.

Interestingly, Valterra’s debut comes alongside a platinum price boost. The metal recently broke out to its highest level in about two years, nearly reaching US$1,100 per ounce.

Edward Sterck of the World Platinum Investment Council believes it’s too soon to tell whether the rise is sustainable, but he does see a ‘perfect storm’ brewing for platinum.

Here’s how he explained it:

I think platinum’s fundamentals are just highly attractive at the moment. You’ve got really constrained supply, you’ve got demand that is actually beginning to show some real signs of growth, driven principally by an inflection in jewelry demand and by ongoing growth in investment demand.

And so given those things are resulting in these really significant deficits — this is the third year of almost a million ounces of deficit out of an 8 million ounce market — those are just rapidly depleting those aboveground stocks … this has all generally come together as a perfect storm. We are seeing that tightness in the market, and I feel quietly optimistic that we’re going to see that long-awaited price response come through.

Watch the full interview for a more in-depth look at supply and demand dynamics for platinum.

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

This post appeared first on investingnews.com

Every president thinks they can change the world – and Donald Trump has an even greater sense of personal omnipotence than his recent predecessors.

But it’s not working out too well for the 47th president. Trump might intimidate tech titans to toe the line and use government power to try to bend institutions like Harvard University and judges, but some world leaders are harder to bully.

He keeps being ignored and humiliated by Russian President Vladimir Putin who is defying the US effort to end the war in Ukraine. Russian media is now portraying Trump as the tough talker who always blinks and never imposes consequences.

The president also thought that he could shape China to his will by facing down leader Xi Jinping in a trade war. But he misunderstood Chinese politics. The one thing an authoritarian in Beijing can never do is bow down to a US president. US officials say now they’re frustrated that China hasn’t followed through on commitments meant to deescalate the trade conflict.

As with China, Trump backed down in his tariff war with the European Union. Then Financial Times commentator Robert Armstrong enraged the president by coining the term TACO trade — “Trump Always Chickens Out.”

Everyone thought that Trump would be on the same page as Benjamin Netanyahu. After all, in his first term he offered the Israeli prime minister pretty much everything he wanted. But now that he’s trying to broker peace in the Middle East, Trump is finding that prolonging the Gaza conflict is existential for Netanyahu’s political career, much like Ukraine for Putin. And Trump’s ambition for an Iranian nuclear deal is frustrating Israeli plans to use a moment of strategic weakness for the Islamic Republic to try to take out its reactors militarily.

Powerful leaders are pursuing their own versions of the national interest that exist in a parallel reality and on different historical and actual timelines to shorter, more transactional, aspirations of American presidents. Most aren’t susceptible to personal appeals with no payback. And after Trump’s attempts to humiliate Ukrainian President Volodymyr Zelensky and South African President Cyril Ramaphosa in the Oval Office, the lure of the White House is waning.

Trump spent months on the campaign trail last year boasting that his “very good relationship” with Putin or Xi would magically solve deep geopolitical and economic problems between global powers that might be unsolvable.

He’s far from the first US leader to suffer from such delusions. President George W. Bush famously looked into the Kremlin tyrant’s eyes and “got a sense of his soul.” President Barack Obama disdained Russia as a decaying regional power and once dismissed Putin as the “bored kid in the back of the classroom.” That didn’t work out so well when the bored kid annexed Crimea.

More broadly, the 21st century presidents have all acted as though they’re men of destiny. Bush came to office determined not to act as the global policeman. But the September 11 attacks in 2001 made him exactly that. He started wars in Afghanistan and Iraq — which the US won, then lost the peace. And his failed second term goal to democratize the Arab world never went anywhere.

Obama tried to make amends for the global war on terror and travelled to Egypt to tell Muslims it was time for “a new beginning.” His early presidency pulsated with a sense that his charisma and unique background would in itself be a global elixir.

Joe Biden traveled the globe telling everyone that “America is back” after ejecting Trump from the White House. But four years later, partly due to his own disastrous decision to run for a second term, America — or at least the internationalist post-World War II version – was gone again. And Trump was back.

Trump’s “America First” populism relies on the premise that the US has been ripped off for decades, never mind that its alliances and shaping of global capitalism made it the most powerful nation in the planet’s history. Now playing at being a strongman who everyone must obey, he is busily squandering this legacy and shattering US soft power — ie. the power to persuade — with his belligerence.

The first four months of the Trump presidency, with its tariff threats, warnings of US territorial expansion in Canada and Greenland and evisceration of global humanitarian aid programs show that the rest of the world gets a say in what happens too. So far, leaders in China, Russia, Israel, Europe and Canada appear to have calculated that Trump is not as powerful as he thinks he is, that there’s no price for defying him or that their own internal politics make resistance mandatory.

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After half a year of political turmoil, uncertainty and division, South Korea will vote for a new president to succeed Yoon Suk Yeol, the disgraced former leader who plunged the democratic nation into chaos by declaring martial law in December.

This election feels particularly significant; the country, a US ally and Asian economic and cultural powerhouse, has floundered for months with a revolving door of interim leaders while navigating Yoon’s impeachment trial and a multipronged investigation into the fateful night of his short-lived power grab.

All the while, South Korea’s economy has suffered, with US President Donald Trump’s trade war and a potential global recession looming in the background. Two men are each promising to help the country recover if elected – a lawyer turned politician dogged by legal cases who survived an assassination attempt, and a former anti-establishment activist turned conservative minister.

Polls open on Tuesday morning and a winner could be declared by Wednesday.

Here’s what you need to know.

Who are the main candidates?

The frontrunner is Lee Jae-myung, 60, of the liberal opposition Democratic Party.

A former underage factory worker from a poor family, Lee became a human rights lawyer before entering politics. He is a former mayor and governor, and most recently served as a lawmaker after narrowly losing to Yoon in the 2022 presidential election.

He survived an assassination attempt in January 2024 when a man stabbed him in the neck during a public event.

He again made headlines on December 3, 2024 – the night Yoon declared martial law and sent troops to parliament. Lee was among the lawmakers who rushed to the legislature and pushed past soldiers to hold an emergency vote to lift martial law. He live streamed himself jumping over a fence to enter the building, in a viral video viewed tens of millions of times.

On the campaign trail, Lee promised political and economic reforms, including more controls on a president’s ability to declare martial law, and revising the constitution to allow two four-year presidential terms instead of the current single five-year term.

He has emphasized easing tensions on the Korean Peninsula while holding on to the longtime goal of denuclearizing North Korea; he also supports boosting small businesses and growing the AI industry.

But Lee has also been dogged by legal cases, including several ongoing trials for alleged bribery and charges related to a property development scandal.

Separately, he was convicted of violating election law in another ongoing case that has been sent to an appeals court.

Lee’s main rival is Kim Moon-soo of the conservative People Power Party (PPP).

When Yoon left the party in May, he urged supporters to back Kim – a 73-year-old former labor minister, who had been a prominent labor activist at university, even being expelled and imprisoned for his protests. He eventually joined a conservative party, and stepped into the nomination after several rounds of party infighting.

The PPP initially selected Kim as its candidate; then dropped him, eyeing former Prime Minister Han Duck-soo instead. The party finally chose Kim after he filed legal challenges.

But the PPP remains deeply divided and its candidate trailed Lee in pre-election polling. In a statement after his nomination, Kim vowed to seek unity and build a “big tent” coalition to take on Lee, according to Reuters.

Kim has also promised to reform the country’s politics, judiciary and election management systems to rebuild public trust. His campaign emphasized making South Korea business-friendly through tax cuts and eased restrictions, and by promoting new technologies and nuclear energy.

Several third-party and independent candidates are also running for the presidency. They include Lee Jun-seok, a former PPP leader who founded his own conservative New Reform Party last year.

What are the issues on the table?

At the forefront of voters’ minds is the country’s flailing economy and rising cost of living. Youth unemployment has surged and consumption has declined, with the economy unexpectedly contracting in the first quarter of this year.

Part of that is due to Trump’s trade war – which has hit South Korea’s export-reliant economy hard. South Korea’s exports to the US fell sharply in the first few weeks of April after US tariffs kicked in, and the nation’s largest airline has warned the downturn could cost it up to $100 million a year.

Though officials from both nations have met for tariff talks, the political turmoil at home is likely slowing progress and hampering a possible trade deal until a new South Korean president is elected.

That’s why both main candidates have focused on the economy, promising to stabilize the cost of goods and improve opportunities in housing, education and jobs.

But there’s a host of other problems the next president will have to tackle, too – such as the country’s rapidly aging society and plummeting birth rates, which represent an urgent demographic crisis also seen in other countries in the region like Japan and China. Among the common complaints of young couples and singles are the high cost of childcare, gender inequality and discrimination against working parents.

Then there are regional tensions. There’s the ever-present threat from North Korea, which has rapidly modernized its armed forces, developing new weapons and testing intercontinental ballistic missiles that can reach almost anywhere in the United States. Experts have warned in recent years that the country may also be preparing to resume nuclear tests, which it paused in 2018.

Across the Yellow Sea lies China, which South Korea has a strong trade relationship with – but historically fraught diplomatic relations.

South Korea also maintains a close security alliance with the US, and hosts nearly 30,000 American troops in the country. In recent years, South Korea, Japan and the US have drawn closer together, working to counter Chinese influence in the strategically important Asia-Pacific region.

What happened to Yoon?

Yoon was removed from office in April following months of legal wrangling, after parliament voted to impeach him late last year.

It was a remarkable fall from grace for the former prosecutor turned politician, who rose to prominence for his role in the impeachment of another president – only to eventually meet the same fate.

Soon after, Yoon moved out from the presidential residency and into an apartment in the capital Seoul. But his legal battles are ongoing; he faces charges including insurrection, an offense punishable by life imprisonment or death (though South Korea has not executed anyone in decades). Yoon denies all charges against him.

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