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Good morning from the five angel times. Today is Tuesday, June 27.

And this is your FT News Briefing.

The head of the Wagner group says his armed uprising in Russia wasn't actually a coup,

and Western banks are hungry for a $9 billion IPO in Shanghai.

Plus, asset managers thought the Fed was going to cut interest rates earlier this year. Turns out,

that may start to be a bit of a painful position if the Fed does not cut interest rates anytime soon.

I'm Mark Filipino and here's the news you need to start your day.

Russian President Vladimir Putin and the head of the Wagner group each spoke for the first time

since the militia's abandoned coup. Yesterday, Putin called it a mutiny. Here he is talking through

a translator. Um, mutiny about have been destroyed in any case. The organizers.

But a few hours earlier, Wagner head Evgeny Pregozion denied trying to overthrow the government.

He made the comments in a video he posted online.

Over the weekend, Pregozion's troops took control of a city in southern Russia,

then moved toward Moscow, but the Wagner group pulled back before reaching the capital.

Here's the FT's plena, even Nova, on why Pregozion isn't calling it a coup.

I think his line has always been that he is a loyal subject of the president and of the Kremlin,

but what he wanted to do was to punish those people who are in the Ministry of Defense.

Some rumors and reports say that maybe Pregozion who used to have the Kremlin's ear and used to

have the President's ear was not able to get his attention most recently just as the Defense

Ministry was moving to disband his group so that maybe this was a kind of cry for attention so

...