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Russia still advancing as Ukraine readies counter-attack

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Russian forces are still edging forward in the bombed-out eastern Ukrainian city of Bakhmut

Video released on Tuesday purports to show British Challenger 2 main battle tanks on the ground in Ukraine for the first time.

This footage from Ukrainian Defence Minister Oleksii Reznikov shared on social media includes the cabinet official thanking the United Kingdom.

But these tanks will have to do more than trend on Twitter. Ukraine has begged and pleaded for months for advanced weaponry ahead of what is an expected counter-offensive against invading Russian forces occupying swaths of territory in the country’s east.

The U.S. and Nato have promised tanks and artillery in hopes that Ukraine can repeat some of the successes it saw last year in repelling Russian attacks and retaking Russian-held-regions, but that offensive has yet to take shape.

Kyiv and Moscow have spent months locked in bitter combat over the now-shattered eastern city of Bakhmut, a battle both sides have described as a meat grinder, where the front line has barely moved.

A Moscow-installed leader in eastern Ukraine on Tuesday said Russian forces were making gains in Bakhmut.

But in a video released on Telegram, Ukrainian commander Oleksandr Syrskyi said his forces were inflicting heavy losses on Russian attackers in an effort to exhaust the invaders.

Heavy fighting has also moved to town of Avdiivka, a bit to the south, where British intelligence said a Russian tank division had suffered heavy losses.

Video released by Ukrainian police purported to show officers working to evacuate civilians as the front line inched closer.

But residents in nearby Semenivka told Reuters they had no plans to leave. Fifty-six-year-old Elena, who did not give a surname, said “there’s no place to leave for. Where should we go, and how can I leave behind my home? That’s why we’re staying here.”

This seventy-one-year-old said, “Our army is holding up, and so are we. We have hope. We hope and hope that the situation will calm down.”

Both sides are signalling their readiness for even more brutal combat ahead. Moscow on Tuesday released footage of Defence Minister Sergei Shoigu inspecting arms factories, showing munitions being readied for the front.

Russia and Ukraine are both reportedly expending artillery shells at a rate not seen since the Second World War. France’s Defence Minister on Tuesday said it would double its supply of 155 mm shells to Ukraine, to about 2,000 per month.

As expectations of a new offensive build, these Ukrainian recruits this week practiced firing rifles and rocket-propelled grenades under the eye of a Swedish instructor, Magnus Ek.

“Many-many hundreds so far and well, I build from the basics. It’s like you have to sense where the soldiers are because I train both new soldiers that are mobilised, that just got uniform and a gun, we start from day one and also experienced units. It can be mission-related training for some fighters that are pulled out, they need to train on something and they go back to the front line and do that.”

Ukrainian President Volodymyr Zelenskiy on Tuesday used the one-year anniversary of what he called the “decisive battles” to recapture territory here in the Sumy Region from Russian forces to rally his countrymen for the expected springtime counter-attack.

He noted the Russian border sat quite close, a border he said “no tyrant will ever manage to erase.”

Ukrainian fighters here pushed back Russian attackers a year ago in an early victory for Kyiv following Moscow’s invasion.

It remains to be seen whether an influx of western tanks, shells, and training will mean Ukraine’s armed forces can do that, again.

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Powell warns against further December interest rate cuts

Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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Powell warns against assumptions of further rate cuts, highlighting divisions within the Fed amid ongoing economic uncertainties

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In Short:
– Jerome Powell stated further interest rate cuts are uncertain after recent decreases, aiming to manage market expectations.
– The Fed ended its balance sheet reduction due to lending market disruptions and mixed views on future rate cuts among officials.

Federal Reserve chairman Jerome Powell indicated that further interest rate cuts are not guaranteed following the recent decrease. In a press conference, he stated that a further reduction in December is “far from” certain. His comments aimed to temper market expectations, where the likelihood of another cut was previously estimated at over 90 per cent.In response to Powell’s remarks, yields on the two-year treasury rose, and traders adjusted their expectations, now estimating a 60 per cent chance of a December reduction. Recently, the Federal Open Market Committee voted 10-2 to lower the federal funds rate target range to 3.75-4 per cent, in response to concerns about the labour market.

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The Fed has also announced an end to its balance sheet reduction efforts due to disruptions in short-term lending markets. Since 2022, the bank has reduced its asset holdings by over $US2 trillion following aggressive purchases aimed at stabilising the economy after the pandemic.

Policy Divisions

Recent post-meeting statements highlighted mixed views among Fed officials about the pace of future rate cuts. Powell remarked that uncertainty surrounding economic conditions necessitates a cautious approach. Ongoing government shutdowns have limited policymakers’ access to crucial economic data, complicating decision-making.

Recent labour market developments show slowed job gains, raising concerns about employment. The Fed is also cautious about reducing rates too quickly due to inflation remaining above their 2 per cent target, reflecting a complex economic landscape. Policymakers have struggled with decisions amid data limitations from the government shutdown, impacting their assessments of inflation and economic indicators.


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Trump finalises trade deal with South Korea at summit

Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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Trump and South Korea finalise trade deal as he prepares for vital summit with Xi Jinping in Busan

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In Short:
– Trump and South Korea’s Lee finalised a trade deal requiring $350 billion in U.S. investments.
– Trump anticipates favourable talks with China to reduce tariffs and improve relations.

Donald Trump and South Korean President Lee Jae Myung finalised a contentious trade deal at a summit in South Korea on Wednesday. The U.S. President expressed optimism about an upcoming summit with China’s Xi Jinping.The agreement, unveiled in late July, stipulated that South Korea would make $350 billion in new investments in the U.S. to avoid significant tariffs on imports. However, negotiations on the investment structure had stalled.

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Trump and Lee reached a compromise allowing Seoul to divide its $350 billion investment into $200 billion in cash, paid in $20 billion instalments. The remaining $150 billion will be allocated to shipbuilding investments.

Upon arrival from Tokyo, following a North Korea missile test, President Trump received an extravagant welcome in the historic city of Gyeongju, the venue for this year’s Asia-Pacific Economic Cooperation forum.

His discussions with Xi are scheduled for Thursday in Busan. Trump downplayed the North Korea missile test and focused on his meeting with Xi, the leader of the world’s second-largest economy.

“I think we’re going to have a very good outcome for our country and for the world,” Trump stated. He anticipates reducing U.S. tariffs on Chinese imports in exchange for China agreeing to control the export of fentanyl precursor chemicals. The Wall Street Journal reported that tariffs could be halved from the current 20%.

China’s foreign ministry indicated that the upcoming meeting would foster positive developments in U.S.-China relations.

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December rate cut all but locked in

Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews

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Australia’s economy struggles; rate cut impending but signals deeper issues, not recovery. #RBA #InterestRates #FinanceNews


Australia’s economy is losing steam, with weak consumer confidence, falling job ads, and a struggling construction sector, a December rate cut now seems inevitable. But it won’t be a win, it’ll be a warning.

#RBA #InterestRates #AustraliaEconomy #Inflation #Growth #Recession #FinanceNews #CPI #Economy #RateCut


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