UBS CEO Ermotti said a Swiss population cap is not the solution and expressed concern about such an extreme population policy.

U.S. President Trump said the United States will reach a trade deal with India.

Vanguard's S&P 500 ETF VOO has surpassed $1 trillion in assets, the first ETF to reach that scale and a record for passive investing. The fund charges 0.03%, well below major rivals. Asset growth reflects US AI-driven equity demand and continued global flows into low-cost passive products. Market commentators note recent index rule changes — S&P 500's new-issue waiting period cut from 12 to 6 months and Nasdaq's expedited IPO inclusion — will allow large passive funds to allocate to heavyweight upcoming listings such as SpaceX and ANTHROPIC sooner; if those firms are fast-tracked into broad indexes, funds like VOO would be required under index rules to increase holdings. Vanguard reported roughly $12.32 trillion in AUM at end-Q1 2026 and operates a fund-shareholder-owned structure, positioning it alongside BlackRock and State Street among US asset-management leaders.