This article is an on-site version of our FirstFT newsletter. Subscribers can sign up to our Asia<\/a>, Europe\/Africa<\/a> or Americas<\/a> edition to get the newsletter delivered every weekday morning. Explore all of our newsletters here<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n Good morning and welcome back to FirstFT Asia. In today\u2019s newsletter: <\/p>\n Trump warms to Nato \u2014 and Zelenskyy<\/p>\n<\/li>\n Singapore\u2019s crypto crackdown<\/p>\n<\/li>\n Can HSBC cut its way to growth? <\/p>\n<\/li>\n<\/ul>\n We start with yesterday\u2019s Nato summit at The Hague, where Donald Trump changed his tune towards his Russian and Ukrainian counterparts \u2014 and also affirmed his support for the military alliance. <\/p>\n What happened:<\/strong> Trump met Ukraine\u2019s Volodymyr Zelenskyy on the sidelines of the Nato summit, describing him afterwards as \u201cvery nice\u201d, while striking a tougher tone on Russia.<\/a> \u201cVladimir Putin really has to end that war,\u201d Trump said. He added that the Russian leader had offered to mediate in the Iran-Israel conflict, to which he responded: \u201cNo, you can help me with Russia.\u201d <\/p>\n Why it matters:<\/strong> Trump has oscillated in his attitudes towards his Russian and Ukrainian counterparts, culminating with an Oval Office bust-up with Zelenskyy in February. By contrast, Trump initially appeared to be more understanding of Putin, whom he called several times and with whose negotiating team the US engaged in direct peace talks. But in recent weeks, Trump has grown increasingly frustrated with the Russian president over his maximalist demands and refusal to agree to a ceasefire.<\/p>\n Historic rearmament shift:<\/strong> Nato allies pledged to meet Trump\u2019s demand to raise defence spending to 5 per cent of GDP by 2035, in a historic rearmament shift<\/a> aimed at convincing him to maintain US commitments to protect Europe from attack. Trump assured his 31 allies he was \u201cwith them all the way\u201d, assuaging concerns he was seeking to renegotiate a mutual defence pact that has formed the bedrock of European security for eight decades.<\/p>\n Here\u2019s what else we\u2019re keeping tabs on today:<\/p>\n 1. China\u2019s premier Li Qiang has said the country would \u201copen its doors still wider to the world\u201d<\/strong> as he warned of the risk of \u201cfragmentation\u201d of global supply chains amid trade tensions. Beijing\u2019s second-highest ranking official said China would make its technological advances available to other countries as he outlined a transition from a manufacturing power to a \u201cmega-consumer market\u201d<\/a>.<\/p>\n 2. Hong Kong and Dubai are expected to be the main beneficiaries of a crackdown in Singapore on crypto exchanges,<\/strong> with unlicensed players being forced to close or move their operations by the end of the month. The city-state has long touted its stability as a global financial hub, but the high-profile collapses of several crypto businesses three years ago tarnished its reputation. Read more about Singapore\u2019s crypto crackdown<\/a>.<\/p>\n 3. Nvidia shares hit a record high yesterday, marking a turnaround for the chip company<\/strong> following a rocky start to the year marked by US-China tensions over critical artificial intelligence technology. The US chip designer\u2019s shares rose 4.3 per cent, putting Nvidia decisively ahead of Microsoft<\/a> as the world\u2019s most valuable company<\/p>\n 4. Trump has branded Zohran Mamdani \u201ca 100% Communist Lunatic\u201d<\/strong> the day after the New York mayoral hopeful won a surprise victory in the city\u2019s Democratic primary. Trump\u2019s post came hours after the 33-year-old leftwing candidate emerged from obscurity to shock the national Democratic establishment<\/a>.<\/p>\n 5. Shell has denied it is in talks to acquire rival BP<\/strong> after months of speculation about a deal<\/strong> that would combine the UK\u2019s two biggest oil companies. The denial followed a report that the two companies were in early stage talks about a takeover deal that would create a global energy group worth more than \u00a3200bn. Read the full story<\/a>.<\/p>\n HSBC\u2019s new chief executive Georges Elhedery secured the job with a pitch to reduce complexity and improve profitability at \u201cthe world\u2019s local bank\u201d. Eight months after Lebanese-born Elhedery unveiled his restructuring plan he has largely delivered. But some worry that the bank is abandoning global ambitions in favour of a return to its Asian roots<\/a> \u2014 at the cost of future growth. <\/p>\n China\u2019s \u2018Little Africa\u2019:<\/strong> The pandemic threatened the decades-old community but the pull of Guangzhou\u2019s trading hub<\/a> has proved irresistible, writes William Langley.<\/p>\n<\/li>\n Chip war:<\/strong> The most structurally significant move in the chip war will not come from Washington, but from Taipei,<\/a> writes June Yoon.<\/p>\n<\/li>\n Dementia:<\/strong> Some vaccines may reduce the risk of dementia<\/a>, according to a study by Oxford university.<\/p>\n<\/li>\n<\/ul>\n The breakneck expansion of India\u2019s aviation industry has been part of Narendra Modi\u2019s narrative of the country\u2019s rise under his decade in power. But the deadly Air India crash on June 12 is testing the prime minister\u2019s ambitions<\/a>.<\/p>\n To celebrate the 350th anniversary of St Paul\u2019s, the FT\u2019s Charlie Bibby was allowed unprecedented access to its inner workings<\/a>. Our chief photographer reveals the unsung heroes who make the world-famous London cathedral tick.<\/p>\n\n
Five more top stories<\/h3>\n
The Big Read<\/h3>\n
We\u2019re also reading\u2009.\u2009.\u2009.\u2009<\/h3>\n
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Chart of the day\u2009<\/h3>\n
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Take a break from the news<\/h3>\n
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