As of August 5, today’s news focuses on trade relations between the European Union and the United States, alongside developments in Europe's energy sector. An EU official has expressed anticipation of ongoing turbulence in trade relations with the U.S., despite optimism regarding a framework deal that caps tariffs on European exports at 15%. With new tariff rates about to take effect, the EU is awaiting executive orders from Washington that will confirm reductions on certain imports like cars and car parts. The official emphasized that while challenges remain, the EU has a solid foundation in its trade approach. Turning to market dynamics, Reuters says that Europe's ageing coal and gas power plants are set for a technological transformation as major tech firms look to convert these sites into data centers. Companies like Engie, RWE, and Enel are poised to capitalize on a surge in AI-driven energy demand by leveraging existing infrastructure for data storage and processing, which could ease the cost pressures of decommissioning older plants. Tech giants such as Microsoft and Amazon are particularly interested in these conversions due to their existing access to power and water infrastructures, enabling quicker deployment compared to traditional data center setups. In a related development, Duke Energy is significantly increasing its capital expenditure to 87 billion euros to meet the growing demand for electricity in the U.S., driven by AI technologies and electrification initiatives. This expansion will include selling a stake in its Florida unit for 6 billion euros to fund its infrastructure plans. Looking outward, a growing number of Chinese companies are undeterred by geopolitical tensions and are pursuing listings on U.S. exchanges. In 2024, there was a record number of these IPOs, with more expected in 2025 as firms find U.S. markets more appealing than their home market amidst tightening domestic regulations. From the international front, Russian President Vladimir Putin appears resolute in continuing military operations in Ukraine despite impending sanctions from U.S. President Donald Trump, showcasing the persistent volatility in geopolitical relations.