Good morning. Musk signals he’s open to a cooling off period in his feud with Trump. HSBC’s chairman is stepping down. And Russia may be on the cusp of an interest-rate cut. Listen to the day’s top stories.

Elon Musk indicated he’d move to cool tensions with Donald Trump, with Politico reporting that White House aides have scheduled a call with the world’s richest man on Friday. Earlier, their tussle reached new heights as the president threatened to end Musk’s government contracts. Tesla’s shares tanked 14%. Here’s our deep dive into the unraveling of their relationship. 

HSBC’s Chairman Mark Tucker is leaving the lender to join Hong Kong-based insurer AIA. The straight-talking chairman’s time at HSBC has been marked by numerous changes on the board and in the executive suite. Read more about the bank’s restructuring efforts. 

Trump said it might be necessary to let Ukraine and Russia “fight for a little while” before brokering a peace deal, and threatened fresh sanctions on both countries if he determined the conflict wasn’t going to end. Watch the video here. 

Russia’s central bank is on the cusp of the first interest-rate cut in three years, as easing inflation opens the door to relief for an economy struggling under the weight of high borrowing costs. Five economists surveyed by Bloomberg expect the Bank of Russia to reduce the key rate by at least a full percentage point today.

Deep Dive: The Golden Visa 

Less than two months after Spain scrapped its golden visa due to concerns about its effect on the housing market, Portugal is considering whether to sweeten its golden visa program (among the most popular in Europe) and make a special tax regime for expatriates even more attractive. 

• Minister of the Presidency Antonio Leitao Amaro said the measures being discussed would aim to bolster foreign investment and lure global talent to Portugal’s economy. 
• While declining to provide specifics, he said the goal was to burnish the country’s image as an “investment destination.” 
• Here’s our explainer about golden visas and how you may be able to get one. 

The Big Take

Listen to the Big Take Podcast. 

Opinion

The bad news keeps trickling out for London’s status as a listing venue, Chris Hughes writes. While recent government policy has focused on private markets investing, Keir Starmer’s stock-market apathy is bad for growth.

Before You Go

Photographer: Lucien Caphart

Billionaire Bill Koch (pictured) shares wine-collecting advice ahead of his Christie’s auction. After the sale, the 85-year-old collector will have about 10,000 bottles—“more than enough for someone my age.”

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