Russia Seeks to Deepen Trade, Economic Cooperation With Malaysia, Says Ambassador

Political

Economic

Summary:

Russia is seeking to deepen trade and economic cooperation with Malaysia, particularly in the electronics and semiconductor sectors, which Moscow considers strategically important amid global supply-chain shifts.

Russian ambassador to Malaysia Naiyl Latypov said Malaysia is viewed as a key and reliable trading partner in Asean, noting that overall Russia–Asean trade stands at about US$22 billion (RM90.51 billion) annually.

He said Malaysia's position as a major global producer of microchips, electronic components and palm oil has made it an essential partner for Russian industries.

"During the pandemic, we relied heavily on Malaysian semiconductor supplies. Our automotive producers, including Russia's largest manufacturers, faced difficulties during the global chip shortages. Malaysia played a very important role in stabilising that supply," he told a media briefing on Wednesday.

While Moscow remains interested to increase imports of Malaysian semiconductors and electronic components, the ambassador acknowledged that international sanctions and compliance concerns continue to pose challenges for companies on both sides.

He stressed that Russia does not want Malaysian partners to face any risk of penalties and that all cooperation must remain "mutually beneficial and safe".

Latypov said Russia continues to import palm oil, electronic equipment and components from Malaysia, with considerable room for further expansion. He added that Russian companies are now exploring new areas of technological and industrial collaboration with Malaysia.

"We are confident that there is significant potential to expand bilateral trade, especially in high-tech industries. Malaysia has strong capabilities in semiconductors, and our companies are of course interested. But we also want to ensure that this cooperation does not create any difficulties for our Malaysian partners," he said.

Latypov said that Russia is prepared to pursue new economic initiatives with Malaysia despite external constraints, emphasising that both countries stand to benefit from diversifying trade and strengthening supply-chain resilience.

"We value Malaysia as a trusted partner in the region, and we hope that trade between our two countries will continue to grow," he added.

Bilateral trade between Malaysia and Russia remains significant and continues to grow, reaching approximately US$3.5 billion as of September 2025. Russia is currently Malaysia's ninth-largest trading partner among European nations.

Source: Theedgemarkets

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Stocks

MARKET WRAPS

Stocks:

European stocks fell Wednesday, extending Tuesday's mostly lower close, as investors on both sides of the Atlantic waited for the Federal Reserve's final rate decision for the year.

The Italian FTSE MIB saw the steepest early decline as Leonardo and Banca Mediolanum handed back some of Tuesday's gains.

The Dutch AEX edged lower as Aegon fell after outlining plans to rename and relocate its headquarters to the U.S.

The FTSE 100 rose, thanks to support from miners and the financial sector, while the CAC 40, IBEX 35 and the DAX fell.

Investors widely expect the Fed to cut rates for the third time in a row, but are increasingly uncertain about where rates will go from here. Analysts expect a cautious message from the Fed which could potentially lift Treasury yields.

Market Insight

Shares in London-listed house builders rose after Berkeley reiterated guidance for the year despite a fall in revenue and sales.

Crest Nicholson, Berkeley and Vistry were gaining.

"Of course, this is a highly cyclical sector and if nothing else, the perennial undersupply of homes in the U.K. will provide future opportunities," Interactive Investor said.

U.S. Markets:

Stock futures pointed to a mostly higher open Wednesday.

A 25-basis-point Fed rate cut is priced with a 89% probability, according to LSEG, and investors are likely to pay close attention to the Fed's projections and comments by chair Jerome Powell.

The central bank's main debate is likely to be about how close it is to ending the easing cycle , First Abu Dhabi Bank said, anticipating a lack of consensus. It added that Kevin Hassett, Trump's favored candidate to head the Fed, could rally support for rate cuts but there are mounting calls for relative rate stability over the coming months.

Forex:

The euro rose against the pound and sterling needs favorable news about economic growth for it to strengthen versus the EU's single currency, Insight Investment said.

"We continue to favor Scandinavian currencies over sterling given a more robust economic outlook and prudent central bank policy."

The dollar declined against a basket of currencies as risks surrounding the Fed's policy meeting were skewed towards less hawkish commentary and a willingness to further cut rates , ADSS said.

The dollar would weaken should the Fed be more open to further rate cuts, while stocks and metals should rise, it said.

The dollar could receive a limited boost by the Fed's monetary policy, but the rally might not last in the face of pressure from weak jobs data next week and seasonal December weakness, ING said.

Bonds:

Eurozone government bond yields rose in early trade, but increases could fade as the market shifts to the Fed's policy announcement at 1900 GMT.

"As the data calendar remains thin, Bunds should continue to stabilise in the European session, before the Fed takes centre stage in the evening," Commerzbank said.

The 10-year Bund yield is up and staying close to the highest levels since March, according to Tradeweb.

Yields on U.K. government bonds rose slightly as investors awaited the Fed's interest-rate decision. After Wednesday's Fed decision, however, focus will turn to next week's Bank of England decision , where a rate reduction is also anticipated.

Italian government bonds are a 'standout opportunity' , based on the country's political stability and improving debt-trajectory, according to Amundi. The country is "one of the few developed market sovereign issuers with clear near-term support."

At the same time, Amundi said it has reduced its exposure to U.S. bonds.

"Amundi has reduced U.S. duration exposure due to a mixed macro picture--weakening consumption, softening labour markets."

Two-year and 10-year Treasury yields edged lower, suggesting investors already positioned themselves ahead of the Fed's policy decision, according to MFS Investment Management.

"The Fed will likely try hard to sound cautious and deliver some hawkish undertones, mainly because the Fed wants to keep maximum policy flexibility," it said.

Metals:

Gold prices slipped, but continued to hold above the $4,200 mark as investors awaited the Fed's interest-rate guidance for next year. Futures in New York were down.

"A slump in U.S. government bonds over the past few days has curbed risk appetite, as traders grow cautious about the pace of monetary easing," ANZ Research said.

Silver prices continued to climb, hitting fresh record highs on as investors bet on an imminent interest-rate cut in the U.S.

"Although inventory pressures have eased as shipments boosted London vault stocks, tight conditions in the over-the-counter market and tariff-related concerns have kept prices elevated," MUFG said.

Energy:

Oil prices held broadly steady as investors tracked diplomatic efforts to end the war in Ukraine and looked to Fed Chair Jerome Powell's remarks on interest rates.

Traders now await monthly reports from OPEC and the IEA on Thursday for further clues on crude's outlook.

EMEA HEADLINES

Trump and U.S. CEOs Agree: European Red Tape Goes Too Far

BRUSSELS-President Trump doesn't have many good things to say about Europe these days. Neither do some of America's most powerful CEOs.

The new U.S. National Security Strategy, a foreign-policy declaration that shocked European leaders with its harsh language about the continent, echoed complaints from American executives about what they see as the European Union's oppressive business regulations.

America Has a New Ally in Syria and Wants Israel to Get on Board

TEL AVIV-Israel's aggressive posture toward the new government in Syria has emerged as a rare point of disagreement with Washington, where President Trump wants a quick resolution to the two countries' decades-old tensions.

After the collapse of Bashar al-Assad's regime a year ago, Israel carved out a 155-square-mile area inside Syria that it still holds. Since then, it has carried out arrests, seized weapons and conducted frequent airstrikes in the south of the country. Over the summer, Israel struck Syria's military headquarters in Damascus in what it said was an effort to defend the Druze minority, which has strong ties to Israel, from sectarian attacks.

Trump Pushes Ukraine to Accept Peace Deal, Saying It Is Losing

President Trump dialed up pressure on Ukraine to swiftly accept a U.S.-designed peace plan, hardening his position toward the embattled country and its European backers, who insist U.S. security guarantees are vital to a peace deal.

Exacerbating tensions between Europe and Washington, Trump lambasted European leaders as weak and said Russia holds the cards in any peace negotiation with Ukraine.

Inside Ukraine's Daring 'Operation Spiderweb' Attack on Russia

GLOBAL NEWS

JPMorgan's Stock Slide Weighs on Dow Industrials

A sharp drop in JPMorgan Chase shares dragged down the Dow Jones Industrial Average on Tuesday.

JPMorgan fell 4.7%, marking the stock's worst day since April, after the nation's largest bank told investors that expenses next year will rise to $105 billion, above analysts' expectations of approximately $101 billion.

Trump Plans Final Interviews With Fed Chair Candidates in Coming Days

President Trump is planning to start his final round of interviews in the coming days with candidates to be the next Federal Reserve chair.

Trump and some of his aides are scheduled to interview former Fed governor Kevin Warsh on Wednesday, according to senior administration officials. Other candidates, including Trump's National Economic Council director Kevin Hassett, are soon expected to meet with the president, the officials said.

Massive Debt-Fueled Deals Are Back on Wall Street

The megadeal is back and so is Wall Street's immense appetite for debt.

Paramount's hostile bid for Warner Bros. Discovery this week, the leveraged buyout of gaming company Electronic Arts earlier this year and other recent debt-laden transactions have all been possible thanks to a spike in lending by banks and even some private-credit funds.

China's Consumer Inflation Ticks Up, But Factory Deflation Worsens

China's consumer inflation gained pace in November but was slightly below expectations, benefiting from a low base while factory deflation worsened.

The country's consumer-price index rose 0.7% from a year earlier last month, surpassing October's 0.2% increase and marking the second straight month of improvement, data released by the National Bureau of Statistics showed Wednesday. A poll of economists by The Wall Street Journal had predicted the index to rise 0.8%.

Asia Shows Economic Resilience in Year of Tariffs, But Growth Set to Slow, ADB Says

SINGAPORE-Asia's economies have fared better than expected in a year dominated by U.S. tariff threats but growth will slow next year, the Asian Development Bank said.

A surprisingly strong showing by India-Asia's third-largest economy-offset a deceleration in China, the ADB said as it raised its 2025 growth forecast for the region.

Russian and Chinese Bombers Fly Joint Patrol Close to Japan

TOKYO-Russian and Chinese bombers flew near Japan and South Korea in a joint patrol Tuesday that Tokyo described as a show of force, adding further strain to the worst diplomatic crisis in years between Tokyo and Beijing.

The military exercise, which Russian state media said lasted around eight hours, comes amid a series of Chinese reprisals against Tokyo over remarks last month by Japanese Prime Minister Sanae Takaichi suggesting that Japan might be dragged into any conflict over Taiwan, the self-ruled island that Beijing claims as its own.

Trump Touts Economy in Pennsylvania Speech, Blaming Democrats for Rising Costs

Source: morningstar

Risk Warnings and Disclaimers

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Winkelmann

Forex

Economic

The Asian Development Bank has approved a $400 million policy-based loan to support the Philippines' efforts to make it easier for investors to do business in the country.

Despite being one of Asia's fastest-growing economies, the Philippines trails regional peers in attracting foreign direct investment, held back by red tape, high power costs, and weak infrastructure.

"The private sector is an important engine of growth and job creation. Their role in the country's overall economic development cannot be overstated," said ADB Country Director for the Philippines Andrew Jeffries.

"We are committed to assisting the Philippines in finding innovative ways to create an enabling environment that would spur a more dynamic business sector - one that will help drive faster economic growth."

In the World Bank's inaugural Business Ready 2024 report, which assessed 50 economies, the Philippines ranked 16th in terms of its regulatory framework, 24th in public services, and 36th in operational efficiency, behind most regional peers.

The ADB said the funding programme, aimed at enabling investments in sectors such as renewable energy and digital infrastructure, should strengthen legal and regulatory frameworks to make starting and operating a business easier.

Last year, the Philippines attracted $8.9 billion in foreign direct investment, far lower than Malaysia's $11 billion, Indonesia's $24 billion, and Vietnam's $20 billion, according to UNCTAD's ASEAN Investment Report 2025.

The funding support to make it easier to do business comes as the Philippines grapples with a massive corruption scandal surrounding flood-control projects, with billions of pesos allegedly siphoned off substandard or "ghost" infrastructure.

The controversy has implicated public works officials, senators, and congressmen, sparking nationwide protests and constraining infrastructure spending that has weighed on investor confidence and growth.

Source: Investing

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Adam

Economic

Asia Market Wrap - Tentative trading Ahead of FOMC

Japan's main stock market index, the Topix, briefly hit an all-time record high early on Wednesday before losing momentum. The index ended the day with a small 0.1% gain, while the more selective Nikkei 225 index dropped slightly by 0.1%.

Car manufacturers like Honda and Toyota performed well, helped by a weaker yen, which makes their exports cheaper abroad. Overall, more stocks rose than fell on the Nikkei index. The top performers included DOWA Holdings and the toilet maker TOTO, while the biggest losers were the drugmaker Shionogi and the chip supplier Lasertec.

Meanwhile, the interest rates (yields) on short-term Japanese government bonds (JGBs) climbed to a 17-year high. This rise in yields is a strong sign that investors are increasingly sure the Bank of Japan will raise its interest rates at its policy meeting next week.

China Inflation Rate at 21-Month Highs

China's annual inflation rate (the increase in consumer prices over a year) rose to 0.7% in November 2025, up from 0.2% the month before. This increase matched expectations and reached its highest point since February 2024.

For the first time in ten months, food prices went up (0.2%), driven by higher prices for fresh vegetables and fruits, and a smaller decline in pork prices. Non-food prices also continued to rise (0.8%), helped by government programs encouraging consumers to trade in old items. Key areas seeing price increases included clothing, healthcare, and education.

However, housing prices were flat, and transportation costs continued to fall. If you look at core inflation (which ignores volatile food and energy prices), it held steady at a strong 1.2%, its highest level in 20 months.

On a monthly basis, however, consumer prices actually fell by 0.1%, missing forecasts for a gain and marking the first monthly decline in five months.

European Session - Shares Slip Ahead of FOMC

European stock markets declined slightly on Wednesday, with the main pan-European STOXX 600 index dropping 0.1%. This marks the fourth straight day of losses for the index.

Investors are holding back from making large trades while they wait for the US Federal Reserve's decision on interest rates later today, and they are also looking closely at the latest company updates.

Major markets in Germany and Spain also saw small dips. France's CAC 40 index dropped 0.1% after lawmakers narrowly passed the government's 2026 social security budget, which came at a high political cost. Financial and industrial stocks, which had been boosting the market recently, fell; specifically, insurance stocks dropped, pulled down by a 7% slide in Aegon's shares after its trading update.

The main focus remains on the US Federal Reserve, which is expected to cut interest rates by a small amount (25 basis points). However, investors will be paying close attention to comments from Fed Chair Jerome Powell for any hints about how the central bank will manage its monetary policy next year given the signs of a weakening US economy.

In company news, Delivery Hero's stock jumped 6.1% after the firm told shareholders it is looking at ways to better manage its capital and considering strategic options.

On the FX front, the Japanese yen appeared weak on Wednesday, having suffered a sudden drop overnight. The main reason for the yen's weakness is the large gap between Japan's very low interest rates and the higher rates in other countries, despite the expectation that the Bank of Japan will raise its rates next week.

The yen was trading slightly stronger at 156.64 per dollar after dropping 0.6% toward the 157 level in the previous session for no clear reason. The yen also fell to a record low against the euro overnight and stayed near that weak level.

Meanwhile, the US dollar was generally steady, and most other currencies saw only small movements as traders waited for the important US Federal Reserve policy decision later in the day. Investors are betting the Fed will cut interest rates at what is expected to be a very divided meeting.

The dollar index was firm at 99.20 The euro and British pound were mostly unchanged, while the New Zealand dollar eased slightly.

Currency Power Balance

Oil prices were stable on Wednesday after dropping by about 1% yesterday, as investors are focused on progress in the peace talks between Russia and Ukraine and are also waiting for the US Federal Reserve's decision on interest rates.

Brent crude futures and U.S. West Texas Intermediate (WTI) crude both saw small gains of about 0.3%.

Meanwhile, silver is having a record-breaking run, having hit the $60/oz mark for the first time ever on Tuesday and then rising above $61/oz overnight. This surge is due to a supply shortage and growing demand for the metal.

In contrast, gold prices dipped slightly on Wednesday as investors prepared to hear comments from Federal Reserve Chair Jerome Powell later today, when the central bank is widely expected to cut interest rates.

Spot Gold continues to grind around the $4200/oz level.

Economic Calendar and Final Thoughts

The European session will be quiet today with a lack of high impact data releases. We will hear comments from both ECB and BoE policymakers which could stoke some volatility. ECB policymakers have adopted a rather hawkish tone of late with further comments highly anticipated.

The US session will be where all focus rests today. First we will get the Bank of Canada rate decision as well as crude oil inventories data.

Finally, the highly anticipated FOMC meeting comes into focus. There is a lot of uncertainty around what to expect especially when it comes to the Feds updated economic projections. I strongly believe that the economic projections and comments from Fed Chair Powell could move markets more than the rate decision itself.

Markets Today: Chinese Inflation at 21-Month Highs, Silver Soars Above $61/oz as Markets Remain Cautious Ahead of the FED_2

Chart of the Day - DAX Index

From a technical standpoint, the DAX Index has held above the key confluence level at 24000 for the last three trading days.

This could be seen as both positive and potentially slightly concerning. The failure to push higher means bulls are hesitant to push on and a lot of this is likely down to the FOMC meeting.

However, if the FOMC meeting is positive for stocks, the knock on effect could help propel the DAX toward the all-time highs once more.

The period-14 RSI is eyeing a retest of the neutral 50 level. A bounce off this level could give bulls some optimism as it does hint that bullish momentum remains intact for now.

Immediate resistance rests at 24200 before the swing high just above the 24400 handle comes into focus.

Immediate support rests at 24000 before the swing high at 23880 and the 20-day MA at 23667 come into focus.

DAX Index Daily Chart, December 10, 2025

Source: marketpulse

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Michelle

Forex

Economic

Indonesia is resisting US trade-deal demands that it fears would restrain its independence, particularly in critical minerals and energy that risk its relations with China and Russia, according to people familiar with the situation.

Since the US and Indonesia reached a framework in July that set a 19% tariff rate, the Trump administration has pushed Jakarta to agree to terms that would potentially restrain its relationship with China, one of its biggest foreign investors, according to the people, who asked not be identified as the talks aren't public.

The impasse has sparked frictions with Washington and risks upending that agreement. The Trump administration has accused Indonesia of backtracking on its earlier commitments and sees the deal at risk of collapsing, the Financial Times and Reuters reported this week, citing US officials they didn't identify.

Representatives for the White House and US Trade Representative didn't respond to requests for comment.

The trade demands that Indonesia sees as new include clauses allowing Washington to scrap the deal if Jakarta signs other pacts that it deems jeopardize US interests, according to one of the people. Economic Minister Airlangga Hartarto and US Trade Representative Jamieson Greer are aiming to hold a virtual meeting Thursday to discuss the issue, the person added.

The main sticking point centers around cooperation on critical minerals development, which the US has prioritized given China's control of the supply chain, as well as oil and gas investments, people familiar with the matter said. The US has signaled that it intends to require any cooperation in the sector to exclude any third party. That would have implications for Indonesia's relations with China and Russia, which are major investors in its mining and energy sectors, the people said.

Indonesia said Wednesday, in response to reports of the US accusations, that negotiations are ongoing and that it expects to reach an agreement soon that is "beneficial for both parties."

"There are no specific issues in the negotiations, and dynamics in the negotiation process are normal," Coordinating Ministry for Economic Affairs spokesperson Haryo Limanseto told Bloomberg News.

Under the deal reached in July, Indonesia agreed to purchase some $19 billion in American products, led by 50 Boeing Co. jets, and erase duties on imports from the US.

The Southeast Asian country also agreed to eliminate some requirements, including local-content rules, that had complicated efforts to sell American products in the country. President Donald Trump said at the time he had dealt directly with Indonesian President Prabowo Subianto to finalize the agreement.

Since then, Trump unveiled a flurry of trade deals and frameworks with Thailand, Cambodia, Vietnam and Malaysia that saw similar commitments to reduce tariff barriers, including on industrial and agricultural products.

But concerns over sovereignty and relations with China emerged in the Malaysia and Cambodia deals, reached in October, which included language that sought to align or constrain those countries policies. The Malaysia agreement, for example, said the US can terminate it "if Malaysia enters into a new bilateral free trade agreement or preferential economic agreement with a country that jeopardizes essential US interests."

As well, China last month demanded clarifications from both Malaysia and Cambodia on portions of their deals that sparked "grave concerns" by Beijing, which it didn't specify.

The critical minerals issue is particularly knotty for Indonesia and its relationship with China. Indonesia has relied heavily on China for much of the capital, technology and processing capacity behind upgrading country's nickel and bauxite industries.

Deputy Minister of Investment and Downstream Industry Todotua Pasaribu in August noted that China's investment in Indonesia has grown by 31% over the past six years, according to Indonesia's Tempo.

Chinese investment from 2020 to this year topped $35 billion, Todotua said, with metal processing accounting for more than $15 billion of that.

Source: Bloomberg Europe

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Warren Takunda

Economic

London stocks had edged higher by midday on Wednesday as investors eyed the latest policy announcement from the US Federal Reserve, which is widely expected to cut rates by 25 basis points.

The FTSE 100 was up 0.2% at 9,656.18.

Joshua Mahony, chief market analyst at Scope Markets, said: "So far we have seen 150-basis points worth of rate cuts from the Fed, and many within the committee will perceive that today’s expected easing should precede a period of patience. After-all, for all the concerns around the job market, unemployment remains low and inflation continues to cause consternation for many. The last Fed minutes had signalled that a number of members perceived a December rate cut as questionable, although commentary since has certainly shifted the narrative back towards a move this time around.

"The key question today is whether this turns out to be perceived as a hawkish cut, with the narrative likely to be shaped by expectations of future policy rather than weather we see the Fed cut rates today. With market pricing a 90% chance that the committee ease today, there will be a focus on the dot plot and economic forecasts to guide us on the pathway for 2026. Nonetheless, what the committee cannot account for in their projections is the fact that the Fed could look very different before long, with a new Trump appointed Chair in May and efforts to oust Lisa Cook ongoing.

"Nonetheless, for today the gains seen for the dollar highlight growing fear that optimism over a cut could soon turn to concern that we have to wait months for the next move. With US markets having already recovered much of the downside seen in November, monetary policy looks an unlikely source of optimism to carry those gains through to year end."

In equity markets, educational publisher Pearson was the top riser on the FTSE 100 after JPMorgan lifted its price target to 1,440p from 1,330p. It rates the shares at 'overweight'.

Berkeley Group gained even as the housebuilder posted weaker interim revenues and profits amid a "very challenging" macroeconomic and regulatory environment.

Revenues came in at £1.2bn in the six months to 31 October, down from £1.3bn a year previously, while pre-tax profits fell 7.7% to £254m. However, net cash was £5m higher, at £342m, and net asset value per share rose 5% to £37.63.

The firm also said it remained on track to meet full-year profit guidance.

WPP a high riser gain, having rallied on Tuesday after the advertising giant reportedly secured a major government contract worth around £2bn.

Ocado surged after data from NielsenIQ showed that the online grocer remains the fastest growing retailer.

FirstGroup advanced after saying it had been named as the preferred operator for the London Overground suburban rail network contract by Transport for London.

Ventilation products manufacturer Volution rose as it said trading in the first four months of FY26 had been positive, and announced the agreed acquisition of Australia’s AC Industries for up to AUD$178.9m (£89.5m).

William Hill owner Evoke shot up after confirming it is considering a potential sale of the group, or some of the company's assets and/or business units.

Source: Sharecast

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Glendon

Political

Economic

Switzerland's parliament elected Economy Minister Guy Parmelin as the country's president for 2026, succeeding Finance Minister Karin Keller-Sutter.

Parmelin will take up a role that is rotated among the seven members of the Federal Council. He was vice president this year, and will now assume the head of state position because it is his turn. Foreign Minister Ignazio Cassis, who will be his deputy, will then become president in 2027.

While the job is largely ceremonial, it gained attention this year as Keller-Sutter took a direct role in negotiating with the White House over tariffs. Just hours after a call she made to US President Donald Trump in April, he suspended much of his trade onslaught on the world.

Yet another conversation between the two in late July went awry, resulting in Switzerland getting the highest import levies of any industrialized country. In a subsequent dash to Washington — just before the tariffs were to take effect — she was snubbed by most administration officials and ended up only talking to Secretary of State Marco Rubio, whose portfolio doesn't include trade.

Keller-Sutter then took a less prominent role in negotiations, throwing the spotlight on Parmelin. The 66-year-old economy minister's remit includes trade and under his direction Switzerland was finally able to clinch an agreement with the US in mid-November.

Still, the lower tariffs — 15% on most goods versus 39% previously — have yet to kick in.

Parmelin hails from the French-speaking part of Switzerland and is the longest-serving member of the Federal Council. He already served as president in 2021. A member of the right-wing Swiss People's Party, he's a trained wine grower.

As president, Parmelin will deliver welcoming remarks at the World Economic Forum's annual meeting in Davos in January — an event that will be attended by Trump for the first time since 2020, though he gave a virtual address at this year's event just after his inauguration.