After yesterday's black smoke, the conclave reconvened for its second day with Cardinal Re expressing hope for white smoke "by evening." Markets reacted to post-Fed developments with Tokyo rising while Chinese markets declined. The EU prepared €100 billion in countermeasures against Trump's tariffs, targeting whiskey, SUVs, and Boeing aircraft.

Morning and midday scrutinies yielded black smoke, keeping 100,000 faithful waiting in St. Peter's Square. Meanwhile, Chinese President Xi met Putin at the Kremlin where both criticized "American hegemonic bullying" under Trump.

White smoke finally emerged after the fourth vote around 6:00 PM. American Cardinal Robert Francis Prevost was elected Pope, taking the name Leo XIV - the first North American pontiff in Church history. His inaugural address emphasized peace and building bridges, expressing gratitude to his predecessor. World leaders including Trump and Putin quickly issued statements welcoming the new pontiff.