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A deadly overnight barrage hits Kyiv just as new peace proposals circulate behind closed doors. In Gaza, a fragile truce is colliding with an economic collapse that aid officials say could become irreversible.

And on Wall Street, traders suddenly see the first real opening for faster Fed rate cuts—fueling a global rally with big stakes for borrowers and governments alike.

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Russia launched a major missile barrage on Kyiv overnight, killing and injuring civilians and knocking out power infrastructure across the capital and other cities. Ukrainian officials said air defenses downed many incoming drones and missiles, but debris still caused extensive damage to homes and utilities.

The strikes came as U.S. and Russian officials quietly pursued peace talks in Abu Dhabi and a new U.S.-backed proposal circulated, outlining potential terms for ending the war. Kyiv has publicly rejected any deal that locks in territorial losses, while Moscow continues to demand recognition of its annexations.

The juxtaposition of bombardment and diplomacy underscores how the conflict has entered a phase where battlefield pressure and negotiation tactics are tightly intertwined. What is agreed—or rejected—now will shape Europe’s security architecture, energy markets, and defense spending for years.

A fragile Gaza truce has sharply reduced large-scale fighting, but sporadic violence and deep political mistrust are slowing efforts to turn it into a durable ceasefire. Mediators say key issues such as prisoner exchanges, border controls, and reconstruction guarantees remain unresolved.

At the same time, a new U.N. report warns that the Palestinian economy has suffered its worst collapse on record since the Israel-Hamas war began. Output in Gaza has cratered, unemployment is soaring, and revenues for the Palestinian Authority have plunged amid movement restrictions and damage to businesses.

The combination of a delicate truce and economic freefall highlights how humanitarian, fiscal, and political crises reinforce each other. Without large-scale aid, debt relief, and eased restrictions, analysts say any ceasefire will be difficult to sustain and risks giving way to renewed instability.

Thailand is deploying an aircraft carrier and naval helicopters to support flood relief as days of intense monsoon rains swamp large parts of the country. Authorities report hundreds of thousands affected, with swollen rivers threatening key industrial zones and rice-growing regions.

Across Southeast Asia, at least dozens have died and many more are missing or displaced as storms trigger floods and landslides in Vietnam, Malaysia, and neighboring states. Evacuations, school closures, and transport disruptions continue, and forecasters warn that further heavy rain is likely.

The scale of the flooding is raising fresh questions about climate resilience in low-lying, densely populated regions that are critical to global food and manufacturing supply chains. Governments are under pressure to upgrade drainage systems, relocate vulnerable communities, and invest in earlier warning systems as extreme weather becomes more frequent.

Japan’s prime minister plans a phone call with Donald Trump following a sharp downturn in relations with China over Taiwan. Tokyo has recently signaled it could respond militarily to any attack on the island, prompting angry reactions from Beijing. The outreach underscores how Japan is hedging its security bets as it deepens ties with both the current U.S. administration and Trump’s camp ahead of the 2026 election.

Afghan authorities say Pakistani airstrikes inside eastern Afghanistan killed 10 people, including several children, in what Pakistan describes as operations against militant groups. Kabul condemned the attacks as violations of sovereignty and summoned Pakistan’s ambassador, while Islamabad accuses Afghan-based militants of cross-border assaults. The flare-up highlights how fragile the region’s security remains after the U.S. withdrawal.

Taiwan’s premier said a “return to China” is “not an option” for the island’s 23 million people, pushing back after China’s leader framed unification as part of his vision for the global order in a call with the U.S. president. Taipei insists only its citizens can decide their future and rejects Beijing’s “one country, two systems” model. The exchange underscores rising tensions that are drawing in Washington and Tokyo.

The Pentagon says it is investigating Sen. Mark Kelly after he appeared in a video urging troops to defy “illegal orders.” Officials suggest he could be recalled to active duty under military law, while Kelly’s office has not publicly commented on the probe. The case raises fresh questions about civil-military boundaries and political messaging aimed at service members.

A federal judge has dismissed criminal cases against former FBI Director James Comey and New York Attorney General Letitia James, ruling that the special prosecutor who brought the charges was illegally appointed. The decision deals a major setback to efforts to pursue them over past investigations and adds to scrutiny of how politically sensitive prosecutions have been handled.

A new national poll finds most U.S. Latinos say their situation has worsened in recent years under current federal policies. Respondents cite economic pressures, immigration enforcement, and discrimination concerns as top issues. The findings highlight a potential vulnerability for national leaders with a fast-growing electorate ahead of 2026 campaigns.

Global stocks advanced as traders boosted bets that the Federal Reserve will start cutting rates earlier next year after recent comments from policymakers. U.S. futures, European benchmarks, and major Asian indexes all moved higher, while the dollar held roughly steady. Lower borrowing costs would ease pressure on households and companies but could also reignite asset bubbles.

Dutch lender ABN Amro plans to eliminate 5,200 jobs by 2028 as it accelerates digitalization and trims overlapping roles. The reductions amount to roughly a quarter of the workforce and will be achieved through attrition, reassignments, and layoffs. The move reflects how European banks are restructuring to cope with higher capital costs, fintech competition, and changing customer habits.

World equity markets followed a U.S. stock rebound on optimism about easing inflation and potential policy shifts. Major indexes in Europe and Asia posted modest gains, helped by tech and consumer shares, though some markets lagged. Investors are weighing rate expectations against signs of slowing growth and geopolitical risks that could still jolt sentiment.

A federal biotechnology commission is calling for a sweeping funding overhaul of U.S. science, saying current systems reward quantity over quality and leave critical fields under-resourced. Recommendations include more stable multi-year grants, incentives for riskier projects, and better coordination among agencies. The report could shape debates over how the U.S. maintains its edge in biotech and AI.

Researchers report that silencing the PCSK9 gene reshapes immune signaling in tumors and makes cancer immunotherapy more effective in animal models. The work, published in a major journal, suggests that targeting cholesterol-related pathways could enhance existing checkpoint drugs while limiting side effects. Clinical translation remains years away, but the approach could expand options for hard-to-treat cancers.

A new study explores how renewable-powered microgrids can keep isolated communities supplied with electricity while cutting emissions. Researchers highlight challenges in storage, reliability, and cost but outline design strategies that could make microgrids more viable. As extreme weather and energy transitions accelerate, such systems are drawing interest from island nations and rural regions.

Christian McCaffrey racked up yards and a touchdown as San Francisco beat Carolina 20–9 in a prime-time matchup. The running back excelled in his first game against his former team, while the 49ers’ defense forced multiple turnovers. The win keeps San Francisco firmly in the playoff race as the season heads into its final stretch.

Detroit earned its 13th straight victory, topping Indiana 122–117 to match the longest winning streak in team history. Cade Cunningham led with a double-double as the Pistons held off a late Pacers push. The surge marks a dramatic turnaround for a franchise that recently endured record-setting losing runs.

Texas quarterback Arch Manning has been named national player of the week after accounting for six touchdowns as a passer, runner, and receiver. His performance boosted Texas’ postseason outlook and added to expectations around one of college football’s most scrutinized prospects.

A drama series about media rivalry and a slate of global shows took top honors at the International Emmys, where U.K. productions led the winners’ list. Spain, Japan, Germany, and several other countries also picked up major trophies. The results underline how non-U.S. storytelling is gaining visibility in the increasingly global streaming landscape.

A new holiday comedy titled “Tinsel Town” has arrived in theaters, pairing Kiefer Sutherland and Rebel Wilson in a story critics describe as overstuffed but charming. Reviewers say the film mixes industry satire with seasonal sentimentality, offering familiar comfort viewing for year-end audiences. Early reception suggests it could become a modest staple of holiday movie lineups.

Jabari Banks reflected on filming the fourth and final season of “Bel Air”, discussing emotional final days on set and the show’s reimagining of a 1990s sitcom. The series has used its dramatic format to explore class, race, and family themes with a contemporary lens. As it nears its conclusion, fans are watching to see how the reboot resolves storylines while honoring its source material.

A new report from the European Bank for Reconstruction and Development warns that ageing populations are becoming a “ticking time bomb” for economic growth. In many of the bank’s member countries, the share of working-age people is falling while the number of retirees rises, putting pressure on tax bases, pension systems, and health services. The study estimates that demographic shifts alone could shave around 0.4 percentage points off annual per capita GDP growth through mid-century in emerging Europe.

The challenge is particularly acute in nations that are “getting old before they get rich.” Several post-communist states now face shrinking workforces, modest productivity gains, and limited appetite for large-scale immigration. Policymakers also confront political constraints: older voters tend to resist pension reforms, later retirement ages, or changes that might reduce benefits, even when officials argue such steps are needed to keep systems solvent.

Experts say there are three broad levers governments can pull. One is to extend working lives by raising retirement ages, retraining older workers, and improving workplace health so people can stay employed longer. Another is to lift productivity through investment in technology, education, and infrastructure—potentially including wider use of artificial intelligence and automation to offset labor shortages. A third is to adjust migration policy to attract younger workers, though that remains politically contentious in many countries.

What to watch next is how quickly governments move from diagnosis to action. Some European states have already begun gradually increasing statutory retirement ages and linking benefits more tightly to contributions. Others are experimenting with incentives for later retirement or targeted migration schemes. The EBRD report suggests delays will make the adjustment more painful: the longer countries wait, the more abrupt tax hikes, benefit cuts, or borrowing spikes may need to be. For investors, credit rating agencies, and workers themselves, demographic policy choices over the next few years could shape living standards for decades.

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—The Five Minute Daily Team