Hello, my name is Katrina Bishop. I’m usually based in London, but today I’m writing this article from Singapore. For the past two days, I’ve been in Singapore covering CNBC’s CONVERGE LIVE.
A hot topic at the event was trust, or lack thereof, in today’s world. I asked a number of policymakers and business leaders what they thought should be done about this problem. Their answers were sometimes surprising, but always (reassuringly) optimistic.
Singapore’s Minister for Foreign Affairs Vivian Balakrishnan emphasized the importance of face-to-face interactions, and DBS CEO Tan Soo Siang urged businesses to focus on a “moat of trust” with consistency and transparency.
But perhaps my favorite answer came from Carol Fong, CEO of CGS International Securities. His advice was simple. “Just trust” and welcome the person with open arms, no matter who they are.
Singapore’s Minister of Foreign Affairs Vivian Balakrishnan (left) speaks with CNBC’s Steve Sedgwick at a CONVERGE LIVE event on April 22, 2026.
CNBC
What you need to know today
Investors accustomed to knowing when to believe (or not) news were on edge overnight after President Donald Trump announced Thursday that Israel and Lebanon had agreed to extend the ceasefire for three weeks.
This comes after a meeting with senior U.S. officials at the White House, where President Trump said the Truth Social meeting went “very well.”
The temporary ceasefire, which was originally scheduled to expire in 10 days, gives both Israel and Lebanon some breathing room while diplomatic efforts continue.
However, the oil market remains unstable. The Strait of Hormuz remains closed, and President Trump said Thursday he has ordered the U.S. Navy to “shoot down any ships” that are laying mines in the strategically important strait.
In Friday trading, international benchmark Brent crude rose 0.41% to $105.5 a barrel, while U.S. West Texas Intermediate futures rose 0.08% to trade at $95.93.
On Thursday, International Energy Agency (IEA) Director Fatih Birol told CNBC CONVERGE LIVE that the world is “facing the greatest energy security threat in history.”
In Europe, benchmarks were lowered this morning, capping off a weak week. Meanwhile, U.S. futures were mixed, with Dow futures edging lower and S&P and Nasdaq Composite futures in the green.
Asia-Pacific markets were also mixed around the lunch break. Japan’s Nikkei Stock Average rose 0.8% as Japan’s core inflation accelerated for the first time in five months. Elsewhere, Hong Kong’s Hang Seng Index fell 0.15%, and South Korea’s Kospi Index traded 0.23% lower.
Back in Europe, the leaders will meet in Cyprus for a second day on Friday, with the Strait of Hormuz, energy security and the budget top of the agenda. On Thursday, the European Union finally agreed to approve a 90 billion euro ($105 billion) loan to Ukraine.
Also making waves this morning: DeepSeek has released a preview version of its long-awaited open source V4 large-scale language model. The Chinese artificial intelligence startup shocked the market in March 2025 when its R1 inference model outperformed its U.S. counterpart, even though it was much cheaper to build.
— Katrina Bishop
