A.M. Edition for July 24. Japan’s TOPIX hits a new record high and European markets surge on trade optimism. So are 15% tariffs the new benchmark for trade with the U.S.? The WSJ’s Kim Mackrael discusses. Plus, Tesla’s profit plunges as EV sales continue to slip, and Elon Musk urges investors to look to future revenue streams. And Microsoft says human waste could be the key to offsetting the climate impact of its AI data centers. Azhar Sukri hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.