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Fresh volatility runs through today’s briefing, from a renewed assault on Ukraine’s infrastructure to a high-stakes Canada-China reset and a U.S. fight over who controls the cost of credit.

New data and new legal pressure are colliding in Washington just as central banks weigh how long inflation stays sticky. Expect more signal in the next 48 hours as governments test leverage and markets price the consequences.

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A new aerial barrage sent hundreds of drones and missiles into multiple Ukrainian regions, knocking out power and damaging civilian sites during freezing conditions. Hundreds of thousands faced outages as emergency crews worked around fresh strikes and secondary blasts.

Kyiv leaned harder on partners for faster air defenses after power targets were hit again within days, underscoring how energy systems remain central to the war’s winter strategy. Moscow’s timing also tests whether U.S.-led diplomacy can move faster than the battlefield.

Energy infrastructure sits at the intersection of civilian resilience and military logistics, so repeated hits can reshape everything from industrial output to front-line supply. Wider spillovers grow when attacks raise regional risk premiums and complicate European security planning.

Canada’s prime minister heads to Beijing for the first leader-level trip in nearly a decade, with Carney’s visit framed as a push to diversify exports and stabilize trade. Talks with China’s leadership come as tariffs and political friction with Washington amplify the costs of relying on one dominant market.

Bilateral ties have been strained since the Meng case and subsequent detentions, and newer disputes over tariffs and market access still hang over commerce. Beijing also lands on Ottawa’s calendar as Canada tries to broaden partners from Asia to the Gulf.

Trade diversification changes the leverage map in future disputes, especially when supply chains and critical minerals are involved. Results from this trip could set the tone for Canada’s 2026 industrial strategy and its room to maneuver with both superpowers.

Data disruptions from the shutdown skewed recent inflation readings, and economists now expect a rebound as December CPI figures normalize. Forecasts point to firmer monthly gains even if the annual pace holds near recent levels.

Housing costs are likely to adjust more slowly, while energy and goods prices remain prone to sharper swings, complicating near-term signals. Political pressure on monetary policy is adding another layer of uncertainty to how markets read the data.

Inflation reports influence borrowing costs, wage talks, and consumer spending early in the year. Any surprise can quickly reset expectations when growth remains solid and policy debates are already tense.

A bipartisan group of U.S. lawmakers is traveling to Copenhagen as friction grows around Greenland’s strategic role. The visit comes amid sharper rhetoric and heightened attention on the Arctic from multiple powers.

A UNICEF update reported that more than 100 children have been killed in Gaza since the ceasefire began. The figures have intensified scrutiny of how the truce is being observed on the ground.

Venezuela announced the release of 116 prisoners this week, though rights groups say far fewer cases have been independently confirmed. Families of detainees continue to wait as releases unfold unevenly.

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Google is moving more high-end smartphone manufacturing to Vietnam as part of a broader shift in its global production footprint. The change adds to a growing list of tech companies adjusting where their most advanced devices are built.

Plans to add Indian government bonds to a major global index were delayed, surprising investors who had expected the move this year. The decision paused anticipation of new foreign buying tied to benchmark inclusion.

Newly released video shows additional moments before a fatal shooting involving a U.S. immigration officer in Minneapolis. The footage has brought renewed attention to how the encounter unfolded.

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Investors head into results week watching credit quality and trading revenue as bank outlook sets the tone for risk assets. Elevated expectations play a role when small guidance misses can trigger outsized moves.

Investors shifted toward safe havens as policy uncertainty fueled another rise in precious metals prices. Sustained hedging can reshape market behavior by pulling capital from risk assets and tightening financial conditions over time.

Traders positioned cautiously as U.S. equity futures lagged global stocks with inflation readings set to guide the next rate debate. Volatility often rises when macro prints collide with headline risk.

New Webb images deliver a sharp view of an active supermassive black hole and its surrounding region. The observations refine how scientists understand galaxy evolution near extreme gravity.

Researchers reported new methods aimed at restoring function in aging stem cells tied to bone degeneration. Progress in this area could lower fracture risk and reduce long-term disability as populations age.

New findings show ENSO aligning floods and droughts across far-flung regions through shifts in global water storage. Managing risk grows harder when climate extremes hit multiple areas simultaneously.

The league picked Buffalo to host the 2026 draft, returning the event to a familiar market. Even in a decentralized format, host cities still get the tourism bump and prospect spotlight.

Toronto snapped Colorado’s run as the team’s OT winner halted a long home win streak. January results matter because playoff seeding often turns on small margins in the final week.

The team confirmed Doohan exit after a dropped role, leaving the driver free to pursue other seats. Contract churn can reshape the midfield when one move triggers a chain reaction.

Padre Guilherme, a Catholic priest and DJ, drew a packed crowd at a Beirut nightclub after blending religious imagery with electronic music during his set. Online backlash followed from some Christian groups, with critics accusing him of turning faith into entertainment.

HBO Max is rolling out in parts of Europe through bundling deals with Prime Video, starting in Germany and Italy. The partnerships are designed to speed up subscriber growth as competition intensifies.

A looming Smithsonian deadline is drawing attention to plans to transfer thousands of documents to the White House. Control over the materials and future access rules have become central points of debate.

Legal pressure and policy pressure converged after a Powell statement described subpoenas tied to testimony on renovation costs, framing the threat as an attempt to influence rate decisions. Political interference concerns rose quickly because central-bank credibility depends on decisions that outlast election cycles.

Parallel moves to lower borrowing costs through credit easing have pushed the dispute beyond rhetoric and into concrete tools like rate caps and directed asset purchases. Investors watch that boundary because markets price policy stability, not just policy direction.

The White House position has leaned into scrutiny, with a senior adviser backing the Powell probe while emphasizing independence in principle. Mixed signals matter because lenders can tighten standards if they fear whiplash between political directives and central-bank countermeasures.

Next steps hinge on how quickly courts, Congress, and financial regulators define limits, especially as inflation expectations regain attention with fresh data. A lasting fight could raise the cost of borrowing through uncertainty alone, even before any policy change takes effect.