The Latest Breaking News from ING

September S&P 500 E-Mini futures (ESU25) are trending up +0.17% this morning, bolstered by continued hopes for a Federal Reserve rate cut next month, while investors await U.S. retail sales data and high-stakes talks between U.S. President Donald Trump and Russia’s Vladimir Putin.

The FTSE 100 index closed up 18.10 points, 0.2%, at 9,147.81.

While the U.S. has levied an additional 25% tariffs on India by the end of August for continuing import of discounted Russian crude oil, economists weigh in if ignoring Trump’s calls is a wise move for India.

Trump confirmed Treasury Secretary Scott Bessent declined the role, saying, “I want to work with you,” while market-watchers weigh how each candidate could impact Fed independence and dollar strength.

Lurking in the background, as always, are the big macro questions about President Trump’s tariff deals.

In his note to clients, ING analyst Chris Turner called it “the dollar’s hand-brake turn.”

Saudi Arabia, Russia and six other key members of the OPEC+ alliance are expected to further hike oil production in a meeting Sunday, a move analysts say is aimed at regaining market share amid resilient crude prices.

Also: All the news and watercooler chat from Fortune.

US tariffs have created economic headwinds by creating uncertainty around trade, but Europe’s labour market is holding up relatively well.