Good morning and welcome back to FirstFT Asia. In today’s newsletter:

• Trump warms to Nato — and Zelenskyy

• Singapore’s crypto crackdown

• Can HSBC cut its way to growth?

We start with yesterday’s Nato summit at The Hague, where Donald Trump changed his tune towards his Russian and Ukrainian counterparts — and also affirmed his support for the military alliance.

What happened: Trump met Ukraine’s Volodymyr Zelenskyy on the sidelines of the Nato summit, describing him afterwards as “very nice”, while striking a tougher tone on Russia. “Vladimir Putin really has to end that war,” Trump said. He added that the Russian leader had offered to mediate in the Iran-Israel conflict, to which he responded: “No, you can help me with Russia.”

Why it matters: Trump has oscillated in his attitudes towards his Russian and Ukrainian counterparts, culminating with an Oval Office bust-up with Zelenskyy in February. By contrast, Trump initially appeared to be more understanding of Putin, whom he called several times and with whose negotiating team the US engaged in direct peace talks. But in recent weeks, Trump has grown increasingly frustrated with the Russian president over his maximalist demands and refusal to agree to a ceasefire.

Historic rearmament shift: Nato allies pledged to meet Trump’s demand to raise defence spending to 5 per cent of GDP by 2035, in a historic rearmament shift aimed at convincing him to maintain US commitments to protect Europe from attack. Trump assured his 31 allies he was “with them all the way”, assuaging concerns he was seeking to renegotiate a mutual defence pact that has formed the bedrock of European security for eight decades.

Here’s what else we’re keeping tabs on today:

Five more top stories

1. China’s premier Li Qiang has said the country would “open its doors still wider to the world” as he warned of the risk of “fragmentation” of global supply chains amid trade tensions. Beijing’s second-highest ranking official said China would make its technological advances available to other countries as he outlined a transition from a manufacturing power to a “mega-consumer market”.

2. Hong Kong and Dubai are expected to be the main beneficiaries of a crackdown in Singapore on crypto exchanges, with unlicensed players being forced to close or move their operations by the end of the month. The city-state has long touted its stability as a global financial hub, but the high-profile collapses of several crypto businesses three years ago tarnished its reputation. Read more about Singapore’s crypto crackdown.

3. Nvidia shares hit a record high yesterday, marking a turnaround for the chip company following a rocky start to the year marked by US-China tensions over critical artificial intelligence technology. The US chip designer’s shares rose 4.3 per cent, putting Nvidia decisively ahead of Microsoft as the world’s most valuable company

4. Trump has branded Zohran Mamdani “a 100% Communist Lunatic” the day after the New York mayoral hopeful won a surprise victory in the city’s Democratic primary. Trump’s post came hours after the 33-year-old leftwing candidate emerged from obscurity to shock the national Democratic establishment.

5. Shell has denied it is in talks to acquire rival BP after months of speculation about a deal that would combine the UK’s two biggest oil companies. The denial followed a report that the two companies were in early stage talks about a takeover deal that would create a global energy group worth more than £200bn. Read the full story.

The Big Read

HSBC’s new chief executive Georges Elhedery secured the job with a pitch to reduce complexity and improve profitability at “the world’s local bank”. Eight months after Lebanese-born Elhedery unveiled his restructuring plan he has largely delivered. But some worry that the bank is abandoning global ambitions in favour of a return to its Asian roots — at the cost of future growth.

We’re also reading . . . 

• China’s ‘Little Africa’: The pandemic threatened the decades-old community but the pull of Guangzhou’s trading hub has proved irresistible, writes William Langley.

• Chip war: The most structurally significant move in the chip war will not come from Washington, but from Taipei, writes June Yoon.

• Dementia: Some vaccines may reduce the risk of dementia, according to a study by Oxford university.

Chart of the day 

The breakneck expansion of India’s aviation industry has been part of Narendra Modi’s narrative of the country’s rise under his decade in power. But the deadly Air India crash on June 12 is testing the prime minister’s ambitions.

Take a break from the news

To celebrate the 350th anniversary of St Paul’s, the FT’s Charlie Bibby was allowed unprecedented access to its inner workings. Our chief photographer reveals the unsung heroes who make the world-famous London cathedral tick.