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Housekeeping: Good Morning.

BW3 is a Process, Not an Event.

Today:

* Premium: The BRICS G7 Divorce Agreement

* Commentary: The BRICS G7 Divorce Agreement

Markets Yesterday:

US equities advanced on Tuesday as the S&P 500 and Nasdaq Comp closed at record highs.

Premium/Markets: BRICS G7 Divorce

What is in the joint statement?

* Non-Allied Relationship: Emphasizes a relationship beyond traditional military-political alliances, focusing on no alliance, no confrontation, and not targeting any third party.- based on mutual respect for each country's development path.

* One-China Principle: Russia reaffirms Taiwan as an inalienable part of China and opposes any form of "Taiwan independence."

* Security Cooperation: Focuses on enhancing strategic communication between defense departments- They are now sharing INTEL

* Economic Cooperation: Commitment to deepening trade and investment ties, promoting projects in energy, technology, and the digital economy.

* Global Security Concerns: ” Calls for objective investigations into the Nord Stream pipeline explosion

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