Photo: Dursun Aydemir/Anadolu Agency/Getty Images

European Council President Donald Tusk directly addressed President Trump on the eve of Wednesday's NATO summit, warning the United States to "appreciate your allies; after all you don't have that many."

"Dear Mr. President: Please remember about this tomorrow, when we meet at the NATO summit, but above all, when you meet President Putin in Helsinki. It is always worth knowing: who is your strategic friend? And who is your strategic problem?"

Why it matters: Senior European officials told Axios' Jonathan Swan that they're worried Trump will spend the NATO summit beating up on European allies for not spending enough on defense. In his remarks, Tusk acknowledged that Europe should spend more, but emphasized that "genuine solidarity" is most important.

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Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

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A look inside sports owners' political donations

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Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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