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Trade Tensions Rattle Wall Street’s Momentum

After an impressive streak of gains that pushed major U.S. indices to record highs, the stock market faced a sharp reversal as renewed trade tensions triggered investor anxiety. The Dow Jones Industrial Average, S&P 500, and Nasdaq all pulled back in Friday’s session, with financials and industrials leading the retreat. Concerns were reignited after new tariffs targeting tech and manufacturing imports between the U.S. and China surfaced, prompting fears of escalating economic friction. These measures, aimed at protecting domestic industries, were met with criticism from global partners and stoked uncertainty about the broader trade landscape. Analysts note that while earnings remain strong and economic indicators are still resilient, the shadow of protectionism looms large. Investor sentiment, which had been buoyed by dovish monetary policy and solid corporate results, now finds itself caught in geopolitical crosswinds. Many traders are now recalibrating their expectations heading ...
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Greece’s Asylum Freeze Sparks Global Outcry Amid Crete Migrant Surge

In a move that has ignited fierce backlash from human rights organizations and the United Nations, Greece has passed legislation temporarily halting asylum applications from migrants arriving by sea from North Africa. The three-month suspension, approved by parliament with 177 votes in favor and 74 against, allows for expedited repatriation without prior identification.

Prime Minister Kyriakos Mitsotakis defended the measure as a “difficult but necessary decision” in response to a sharp rise in irregular arrivals, particularly from Libya to the island of Crete. Over 7,000 migrants have reached Crete and nearby Gavdos this year, straining local resources and prompting concerns from the tourism industry.

Rights groups, including the International Rescue Committee, have condemned the ban as illegal and inhumane, warning it violates international and European law. The UNHCR echoed these concerns, emphasizing that the right to seek asylum is a fundamental human right regardless of how or where individuals arrive.

The legislation marks a further hardening of Greece’s migration stance, which has included increased border patrols and the construction of fences since 2019. Critics fear the new law could lead to refoulement—forcing individuals back to countries where they may face persecution.

As Greece grapples with the logistical and ethical challenges of migration, the international community watches closely, urging Athens to uphold its obligations under humanitarian law.

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