This weekend saw a flurry of economic updates and geopolitical tensions, with several major developments occurring across the globe. In Israel, the government attacked Hamas posts and suspended aid as the ceasefire frays, highlighting the ongoing conflict in the region. Meanwhile, in Japan, the ruling LDP and Ishin parties have agreed to form a coalition government, according to Kyodo News.

In the world of finance, Standard & Poor’s downgraded France due to risks to budgetary consolidation, while Italy won an upgrade to its DBRS rating in a boost for Prime Minister Meloni. Treasuries rallied, driving home the haven role as credit worries swirl, and banking shares wobbled, revealing growing unease over credit risks.

In other news, Dutch Minister Sigrid Kaag is set to meet with Chinese officials regarding the seizure of chipmaker Nexperia, highlighting the ongoing trade tensions between Europe and China. Bundesbank Chief Jens Weidmann has also called for Europe to be tougher on China in terms of trade, underscoring the growing concern over the country’s economic influence.

In the diplomatic sphere, US President Joe Biden is betting personal diplomacy will break the logjam in the Ukraine war, while Ukrainian President Volodymyr Zelenskiy has proposed a temporary freeze on military action before peace talks can begin. The European Union is also seeking to inspect Russia’s “shadow fleet” through a maritime declaration, underscoring the bloc’s efforts to address its concerns over Russian aggression.

Finally, several major automakers have been hit by a lack of parts, including Ford and Jeep, highlighting the ongoing supply chain challenges facing the industry. In other business news, Kering, the owner of Gucci, is nearing a $4 billion sale of its beauty unit to L’Oréal, while Nvidia CEO Jensen Huang has confirmed his attendance at the APEC CEO Summit in South Korea.

Overall, these updates highlight the complex and interconnected nature of global economic and geopolitical developments, underscoring the need for continued vigilance and cooperation in addressing these challenges.