Market Highlights

Pacific Investment Management Co. is warning that the Trump administration’s plan to sell shares in Fannie Mae and Freddie Mac could drive up the mortgage rates that Americans pay. “Don’t fixwhat is not broken,” Libby Cantrill, Pimco’s head of public policy, wrote in a note to clients earlier this week. She said that unless the sale can be orchestrated in a way that preserves the government’s commitment to financiallysupport the institutions, investor demand may cool for the mortgage-backed securities that they sell. And this, Cantrill said, would in turn make home loans more expensive for millions of people US and European stock futures advanced in the run up to Donald Trump’s talks with Ukrainian President Volodymyr Zelenskiy, after a summit with Russia concluded without escalating geopolitical tensions.