Good morning. President Trump welcomed his Russian counterpart to Alaska with the former showman’s signature extravagance: a red carpet, a military flyover and a ride in the presidential limousine.

But Trump headed back to Washington with little to show for all the pageantry.

• No deal: The U.S. president and Russian leader Vladimir Putin ended their highly anticipated meeting without announcing a breakthrough, leaving the path toward ending the war in Ukraine unclear. By Friday evening, Trump was stuck in the same predicament he faced days prior: Putin remains unwilling to end the 3½-year war without concessions on Ukraine’s future. In an interview with Fox News after Friday’s summit, Trump said he would hold off for now on imposing new sanctions on Russia.
   
• Win for Putin: Putin, by clinching a long-awaited summit with Trump, scored a win. The Kremlin leader has staked his legacy on dismantling the post-Cold War world order and resurrecting Russia’s great-power status to put it on par with the U.S.
   
• Security guarantees? Trump told European leaders that he was open to offering U.S. security guarantees to Ukraine, according to several European officials, a significant shift in his stance toward America’s role in any end to the war.
   
• Two scenarios: The two most likely endings to the Russian invasion are coming into view. Ukraine could lose land but survive as a secure and sovereign, if shrunken, nation state. Alternatively, it could lose both land and sovereignty, falling back into Moscow’s sphere of influence.

World Economic Forum clears Klaus Schwab of wrongdoing.

The World Economic Forum said an investigation into founder Klaus Schwab found minor expense irregularities but no material wrongdoing. The Davos conference organizer also said it was shuffling the leadership of its board in the wake of the probe.

The board’s interim chairman, Peter Brabeck-Letmathe, a former chief executive of Nestlé, resigned after a meeting of trustees earlier this week to discuss the probe’s conclusions, according to a letter reviewed by The Wall Street Journal. He raised concerns about a “toxic” work environment in his resignation letter, which hasn’t been previously reported.

DOJ sues California regulator over trucking emissions standards.

The Justice Department announced a lawsuit on Friday against California’s air regulator, the latest move in the Trump administration’s sweeping attacks on electric vehicles.

The lawsuit takes issue with the California Air Resources Board’s emissions standards for trucks, carried out through a partnership with heavy-duty truck and engine manufacturers.

The Justice Department said its legal action advances President Trump’s commitment to end electric vehicle requirements “and promote consumer choice in motor vehicles.”

• U.S. export control law doesn’t permit the revenue-sharing deals the Trump administration worked out with Nvidia and AMD to allow them to ship chips to China, a prominent Democratic lawmaker said, urging the White House to abandon the plan.
   
• U.S. regulators penalized TZP Group, a buyout firm that backs lower midmarket companies, for charging investors excessive management fees without proper disclosure.
   
• Paul Atkins, the newly installed chairman of the Securities and Exchange Commission, has been thrust into the middle of a legal fight involving the parent of Donald Trump’s Truth Social platform.
   
• The Federal Trade Commission has dismissed a Biden-era complaint against Grand Canyon Education that accused the for-profit education company of falsely claiming to be a nonprofit.
   
• The U.S. Food and Drug Administration approved a new indication for Danish drugmaker Novo Nordisk's blockbuster Wegovy medicine to treat a serious fatty liver disease.

America’s stock-market dominance is an emergency for Europe.

So far this year, according to Dealogic, six companies have gone public in the U.K., raising $208 million, the lowest level in three decades of data. It isn’t much better across the English Channel, despite surging stock markets. Initial public offerings in continental Europe have nearly halved in value compared with last year. Fundraising in the U.S., meanwhile, has jumped 38% to around $40 billion, while IPOs more than doubled in value in Hong Kong after a fallow patch.

Tech stars such as the Swedish “buy now, pay later” company Klarna and the British chip designer Arm are eschewing local markets to list in New York. And stock-market heavyweights are disappearing, either bought out by American companies or moving their listings stateside, where business is growing faster. Examples are Wise, the British payments company, and the sports-betting company Flutter Entertainment.

Israelis hold nationwide protests and strike to end Gaza War.

The families of Israeli hostages held in Gaza led nationwide protests and a strike calling for their loved ones to be freed and for an end to the war in Gaza, a sign of growing domestic pressure to wrap up the fighting even as Israeli Prime Minister Benjamin Netanyahu says he plans to expand it.

Protesters blocked big highways across the country on Sunday morning—the start of the working week in Israel—as part of demonstrations that took place in more than 300 locations and drew hundreds of thousands of Israelis, according to organizers. Major Israeli universities and some businesses and tech companies said they would strike for the day in support of the families. More than 30 people were detained for disrupting public order, according to Israeli police.

• Israel Is Quietly in Talks to Relocate Palestinians From Gaza

• The global economy appears to have taken a sharp rise in U.S. tariffs and increased uncertainty about the future of the international trading system in its stride, but faces stronger headwinds as tax rates continue to climb.
   
• European exports to the U.S. continue to slow sharply, underscoring the drag the continent’s trade faces from President Trump’s trade tariffs.
   
• Switzerland’s economic growth slowed sharply in the second quarter, as strong frontrunning of U.S. tariffs in the early part of the year unwound, raising the chance that the Swiss central bank will cut interest rates to below zero later this year.
   
• When Ukrainian President Volodymyr Zelensky returns to the Oval Office on Monday the gap over security guarantees will have narrowed, but a chasm over Moscow’s territorial demands remains. That leaves Zelensky with a dilemma: how to sustain Trump’s support while responding to Russian territorial proposals he feels compelled to refuse.
   
• Air Canada is facing a crisis after its flight attendants walked off the job over the weekend and rejected a government order to return to work. Before the strike, Air Canada had warned of potential disruptions to supply-chain networks.
   
• Bolivia’s once-dominant left was swept aside in Sunday’s presidential election, with voters handing the ruling party the worst electoral defeat in two decades and all but ensuring that the next government will be led by a pro-U.S., market-friendly candidate.

More National Guard soldiers head to D.C. and prepare to carry weapons.

More National Guard troops are heading soon to Washington, D.C., and they are preparing to start carrying weapons in the coming days, officials say, a major shift that comes days after President Trump said he was deploying them to “take back” the capital from what he described as violent criminals.

Defense officials previously had said the 800 National Guard soldiers deployed wouldn’t be armed, unlike many federal law-enforcement agents sent to the capital. They also weren’t to have weapons in their vehicles. “Weapons are available if needed but will remain in the armory,” the U.S. Army said in a press release Thursday.

• Gamblers are now betting on AI models like racehorses.
   
• The Trump administration has launched a campaign to recruit ICE officers, offering incentives such as large signing bonuses.
   
• Last year, the U.S. Supreme Court granted cities more power to penalize people for sleeping outside, handing city leaders a new tool with which to clear homeless people from the streets. Since then, San Francisco has been among the most aggressive in wielding it.

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