ECONOMY

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U.S. stocks pushed higher on Wednesday as investors reacted to an extension of the Iran ceasefire and a wave of corporate earnings that helped offset lingering geopolitical uncertainty.

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Russian President Vladimir Putin has been invited to join U.S. President Donald Trump's proposed "Board of Peace," a new international body intended to help oversee Gaza's postwar reconstruction, the Kremlin said Monday.

Kremlin spokesman Dmitry Peskov said the invitation was delivered through diplomatic channels and that Moscow would examine the framework of the initiative before responding, including its authority, structure, and financial expectations.

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In a significant payout for digital privacy, Google is set to pay $68 million to settle claims that it used "accidental" audio recordings for commercial gain. The lawsuit centered on allegations that Google Assistant captured private discussions after being triggered by mistake, subsequently funneling that data to marketers. Users argued that this constituted a major breach of trust, turning their personal devices into tools for unauthorized corporate surveillance and targeted ad placement.

But in a filing seeking to settle the case, google denied wrongdoing and said it was seeking to avoid litigation.

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The International Monetary Fund (IMF) has identified rising trade tensions and a potential reversal in the artificial intelligence boom as the primary risks to global economic stability. In its latest World Economic Outlook, the IMF described current growth as "steady" and "resilient," though it warned that these underlying vulnerabilities could derail progress. Notably, the report was finalized before President Trump’s weekend threat to impose tariffs on eight European nations involved in the Greenland sovereignty dispute.

The fund also said the independence of central banks was "paramount" for global economic stability and growth. The economic watchdog said global growth was projected to reach 3.3% this year - an increase from its previous forecast of 3.1% - before slowing slightly to 3.2% in 2027.

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Gold has crossed the $5,000-an-ounce mark for the first time, extending a remarkable rally that has reshaped the precious metal's place in global markets. The move caps a year in which prices surged by more than 60%, driven by a mix of geopolitical strain, economic anxiety and changing investor behaviour.

The latest jump comes against a backdrop of heightened political tension, including friction between the United States and its allies over Greenland, as well as renewed trade threats from Washington. President Donald Trump's warning of steep tariffs on Canada if it deepens ties with China has added to market unease, reinforcing gold's appeal as a shelter in turbulent times.

Gold, alongside other precious metals, is often viewed as a safe haven when confidence in currencies and financial assets weakens. Silver also joined the rally, climbing above $100 an ounce for the first time after strong gains last year. Analysts say persistent inflation, a softer US dollar and expectations of interest rate cuts have all supported demand.

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The International Monetary Fund and World Bank's semi-annual meeting of finance ministers and central bank governors begins in Washington on Monday amid escalating trade tensions between the world's two largest economies.

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While President Trump addressed world leaders at the World Economic Forum in Davos on Wednesday, the European Parliament in Strasbourg delivered a stinging rebuke by suspending a key U.S. trade deal. The suspension of the July pact is a direct response to the administration’s Greenland takeover bid, a policy shift that has destabilized markets and prompted European lawmakers to prepare for economic retaliation. The move signals that the "steady" global economy warned about by the IMF is now facing its most significant geopolitical test of the year.

Hours later, Trump said on social media he had reached a "framework" deal on Greenland's future and would not carry out threats to put new tariffs on eight Nato members.

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JPMorgan Chase has announced a sweeping 10-year strategy to finance and invest in industries deemed vital to U.S. national security and economic resilience. The bank said it will allocate up to $10 billion in direct equity and venture capital investments while facilitating $1.5 trillion in funding for companies across defense, energy, technology, and manufacturing sectors.