The global financial media focused on key headlines this morning:

1. Trump and Putin engage in a two-hour conversation; both agree to meet again in Budapest. 2. U.S. Chamber of Commerce sues Trump administration opposing the $100,000 fee for H-1B visas. 3. Record tariff revenues lead to a slight decrease in the U.S. fiscal deficit for FY2025. 4. Apple reportedly preparing its first touchscreen Mac, which may debut by the end of 2026. 5. ECB's Lagarde: Interest rates are at an appropriate level to handle future shocks. 6. Macroeconomic view: Soaring gold prices signal that larger events are on the horizon.

Trump and Putin engage in a two-hour conversation; both agree to meet again in Budapest. President Donald Trump stated that he will meet with Russian President Putin again to try and resolve the Russia-Ukraine conflict. The exact date for the meeting has yet to be confirmed. Trump and Putin agreed to this meeting in Budapest after a two-hour phone call on Thursday. They previously met in Alaska in August but were unable to make any breakthroughs. "I believe today's phone conversation made significant progress," Trump posted on social media, "Let's see if we can end this 'disgraceful' conflict between Russia and Ukraine." Kremlin foreign policy aide Yuri Ushakov confirmed that Putin and Trump discussed the summit in Budapest, noting that the conversation was substantial and candid, with the Budapest meeting being proposed by Trump.

U.S. Chamber of Commerce sues Trump administration opposing the $100,000 fee for H-1B visas. The U.S. Chamber of Commerce filed a lawsuit on Thursday against the Trump administration's move to impose a $100,000 fee on H-1B work visas. Last month, President Trump announced a plan requiring U.S. companies to pay $100,000 annually for each H-1B visa. This visa allows businesses to temporarily employ foreign skilled workers in technology, engineering, and other fields, and the fee initiative aims to adjust this visa program. The Chamber's statement on the lawsuit noted that this new fee is illegal, as it "contradicts the terms of the Immigration and Nationality Act governing the H-1B program, which explicitly states that visa fees must be based on the costs incurred by the government in processing the visas."

Record tariff revenues lead to a slight decrease in the U.S. fiscal deficit for FY2025. Record-high tariff revenues have resulted in a slight decline in the U.S. fiscal deficit for FY2025; however, government borrowing levels remain at historically high rates during this period of economic expansion and financial stability. The U.S. Treasury Department announced on Thursday that the FY2025 deficit stands at $1.78 trillion, down from $1.82 trillion in FY2024, aligning closely with estimates released by the Congressional Budget Office last week. Due to substantial tariff increases by Trump, net tariff revenues for FY2025 reached $195 billion. Treasury Secretary Scott Becerra indicated that U.S. tariff revenues could potentially reach $500 billion annually.

Apple reportedly preparing its first touchscreen Mac, which may debut by the end of 2026. Apple is planning to launch a touchscreen version of its Mac, marking a shift from the stance maintained since the era of co-founder Steve Jobs. Sources say Apple intends to launch a touchscreen MacBook Pro by the end of 2026 or early 2027. The new models, codenamed K114 and K116, will feature a lighter and thinner design and incorporate M6 series chips. This move signifies Apple's decision to follow in the footsteps of other computer manufacturers, who began introducing touchscreen laptops over a decade ago. Apple has spent years formulating its market strategy to improve existing designs.

ECB's Lagarde: Interest rates are at an appropriate level to handle future shocks. European Central Bank President Christine Lagarde stated that the ECB's interest rates are set at an appropriate level to address any potential turmoil in the global economy ahead. Lagarde noted that the risks associated with inflation and economic growth have become more balanced, indicating her satisfaction with both inflation and interest rates being at the 2% level. She remarked, "We believe that, given our current position, we are in a good place to effectively address future shocks."

Macroeconomic view: Soaring gold prices signal that larger events are on the horizon. The historic surge in gold prices indicates that markets are increasingly taking the lengthy list of risks seriously and are eager to secure safe collateral. Gold is often misunderstood as an asset. Many investors dismiss it, calling it, in Keynesian terms, a "barbarous relic," and consider it an embarrassing, primitive resurgence before the rise of convertible bonds, special purpose acquisition companies, and cryptocurrencies. However, when it speaks as loudly as it does today, it is wise to pay serious attention. One of the biggest misconceptions is viewing gold merely as a hedge against inflation and currency devaluation. Its role extends far beyond that; it serves as a hedge against the financial system itself. When held in a non-financial form, gold does not constitute anyone’s liability; when government debts and on-off balance sheet credit are as increasingly risky as they are now, gold becomes unquestionably collateral.