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Trump Hands Putin Win With Retreat From Ukraine Talks (Bloomberg)

Eleven days ago, European leaders took heart when President Donald Trump called for a 30-day ceasefire in Ukraine and threatened new sanctions on Russia. A telephone call with Vladimir Putin on Monday revealed those hopes were misplaced.

After two hours talking with Putin, Trump said on social media that Ukraine and Russia would "immediately start negotiations" toward a ceasefire — but possibly without the US. There was no sanctions threat, no demand for a time-line, and no pressure on the Russian leader. 

How is a threat to stop supporting Ukraine a threat to Putin -  Eurointelligence asks - the answer is that it is not. It is a threat directed against the Europeans.

Much of that confusion in Europe is due to the erroneous assumption that the US is still a part of the western coalition, according to Eurointelligence. In his tweet after his call with Putin, he said: I have so informed the European leaders that negotiations would start immediately.

The only threat a peacemaker can ever exert is to abandon the process. Both sides would stand to lose in such a scenario. Ukraine and the Europeans will be left alone with the Russian bear. Russia does not get the lifting of sanctions and the post-war investment and trade that Trump promised.

What I'm Reading.

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Latest from the Middle East: Netanyahu Says 'Minimal' Aid Will Go To Gaza to Preserve US Support (Washington Post)

Israel plans to take control of the Gaza Strip while restarting "minimal" aid deliveries to the enclave, Prime Minister Benjamin Netanyahu said Monday, describing potential mass starvation there as a “red line” that could cost Israel its support from the United States.

He said Israel’s "closest friends in the world," including US politicians, told him they were unwavering in their support but could not "handle pictures of mass starvation." Other Western allies, including Britain, Canada and France, condemned Israel’s decision to expand military operations in Gaza and threatened "concrete actions" if it did not cease its offensive and lift restrictions on aid, which Israel halted on March 2.

Today in Trade: UK and EU Agree to Link Carbon Markets in Post-Brexit Reset (Bloomberg)

Tying the two carbon markets together would avert border levies on imports of products like steel and cement from places with less strict CO2 policies. It’s also expected to boost liquidity in the market for carbon permits.

For both sides, the clear benefit is easier trade of carbon-intensive goods as they put in place levies to shield their companies from cheap, CO2-intensive competition from abroad. For the EU, linking carbon markets is a relatively easy way to boost post-Brexit cooperation, and could help the continent with its own emissions-cutting ambitions, including through the use of carbon capture and storage in the UK.

Financial News: JPMorgan, Citi See European Stocks Beating US by Most in Decades (Bloomberg)

The Stoxx Europe 600 Index is expected to end the year around 554 points, according to the average of 20 strategists polled by Bloomberg. That implies a gain of about 1% from Friday’s close.

And the difference between JPMorgan’s European and US targets suggests the Stoxx 600 will outperform the S&P 500 Index by 25 percentage points in 2025, the most on record, while Citi’s projections would be the best since 2005.

Jamie Dimon: Markets Are Underestimating Geopolitical, Inflation Risks (Bloomberg)

Global Consequences: US Downgrade Sounds Alarm for Hong Kong Funds in Treasuries (Bloomberg)

Breaking New Ground: Bloomberg Debuts Real-Time Events Data Feed (A-Team Insight)

Yet Again: Newark Airport Experiences Another Air Traffic Control Outage on Monday (CBS News)

The Federal Aviation Administration said the Philadelphia air traffic control center responsible for handling flights at Newark Liberty International Airport lost radio frequencies for two seconds at around 11:35AM local time Monday. Despite the outage, all aircraft "remained safely separated," the FAA said in a statement.

Good News for NYC: Broadway Box Office Sales Surpass Record 2018-2019 Season (Deadline)

The figure is in no small part due to the massive weekly box office tallies of star-driven productions such as Good Night, And Good Luck, with George Clooney; Othello, starring Denzel Washington and Jake Gyllenhaal; and Glengarry Glen Ross, starring Kieran Culkin, Bob Odenkirk and Bill Burr. The former two production have routinely grossed in excess of $3 million per week, a remarkable number for Broadway plays (with remarkable ticket prices as well – premium tickets can cost upwards of $800 per seat).

Summer Reading List: Gotham Prize Honors Two Books Celebrating New York City Culture and Community (Associated Press)

Ian Frazier, author of "Paradise Bronx: The Life and Times of New York’s Greatest Borough," and Nicole Gelinas, who wrote "Movement: New York’s Long War to Take Back Its Streets from the Car," will split the $50,000 in prize money given for books that "encourage and honor writing about New York City," award officials announced Monday. Philanthropists-political strategists Bradley Tusk and Howard Wolfson cofounded the Gotham prize in 2020 as a "way to uplift the creative community" during the pandemic.

Don't Miss Today's Daily Read Podcast: Click here to listen to today's AI-generated edition of the Daily Read Podcast. And 'Follow' the Sheekey Daily Read podcast on Spotify and  Apple Podcasts to be notified when the latest episodes are available.

Best of Late Night.

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"When asked if he would vaccinate his own children against the measles, Health and Human Services Secretary Robert F. Kennedy Jr. said 'Probably' and then added, 'I don’t think people should be taking medical advice from me.' Yeah, not what you want to hear from the Secretary of Health and Human Services. That’s like if your pilot got on the mic and said, 'We’re about to hit turbulence and I’d love some suggestions!'"

-- Seth Meyers

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"'Probably'? Measles is the most contagious virus known to man. In this century alone, the vaccine has prevented 60 million deaths. But, sure, 'probably.' And while we’re at it, let’s just change the warning labels on bleach to 'Poison: Only give your kids a little.'"

-- Stephen Colbert

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"RFK Jr. just testified before Congress and said, 'I don’t think people should be taking medical advice from me.' It’s ironic, because it’s actually some great medical advice."

-- Jimmy Fallon

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"It was crazy. For the first time all year, Democrats and Republicans both nodded in agreement. They’re like, 'Yeah, we agree. We love that.'"

-- Jimmy Fallon