Putin Accepts Some U.S. Proposals on Ukraine But Not All

Russia-Ukraine Conflict

Summary:

Russian President Vladimir Putin has accepted some U.S. proposals to end the war in Ukraine while rejecting others, according to the Kremlin on Wednesday. Kremlin spokesman Dmitry Pes...

Russian President Vladimir Putin has accepted some U.S. proposals to end the war in Ukraine while rejecting others, according to the Kremlin on Wednesday.

Kremlin spokesman Dmitry Peskov told reporters that Russia is ready to meet with U.S. negotiators "as many times as it took to reach an agreement" on Ukraine.

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The statement follows talks in Moscow between Putin and U.S. President Donald Trump's special envoy, Steve Witkoff, and son-in-law Jared Kushner. The discussions extended into the early hours of Wednesday morning.

Peskov emphasized it would be incorrect to say Putin had rejected the U.S. proposals, describing the meeting as a first face-to-face exchange of opinions. A Kremlin aide had earlier stated that "compromises have not yet been found."

The Kremlin indicated that work on a possible Ukraine deal is currently being conducted at the expert level, adding that such talks have a better chance of being productive if carried out without public commentary.

Russian officials expressed appreciation for Trump's efforts, with Peskov stating that the Kremlin "highly values Trump's political will to try to find a resolution and is grateful to him for his efforts."

The Kremlin also noted that the results of ongoing expert-level work should form the basis for high-level conversations between Russia and the United States.

When asked for additional details, the Kremlin declined further comment, stating it does not favor "megaphone diplomacy."

Source: Investing

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Warren Takunda

Economic

In a midweek appearance before the Senate Economics Legislation Committee, Bullock said the country's labour market is "a little tight", and the output gap has "probably closed".

This is how economists say the economy is at a point that it is at risk of becoming increasingly inflationary, something the RBA would guard against.

She said persistent inflation will affect the future policy path and the RBA is "alert to the possibility CPI pressures might be building."

"If CPI pressures build, the board will respond accordingly," she says.

This "development that would encourage a stronger Australian dollar," says MUFG Bank Ltd in a note released Wednesday.

Bullock's comments signal that the RBA has shifted from a rate cutting cycle and is in the early stages of laying the path to higher rates. As recently as August, Bullock was preparing the market for another interest rate cut, having reduced the cash rate by 25 basis points.

But the 'curve' has adjusted massively and money market pricing shows investors are now positioned for a hike in the second half of 2026. This

"The Australian rate market has moved to almost fully price in a rate hike from the RBA in light of the tighter than expected labour market conditions and the pick-up in inflation pressures," says a note from MUFG Bank Ltd.

ANZ, one of the country’s largest lenders, said this week it has readjusted its expectations for the future of Australian rates.

Economists at the bank say they now expect the cash rate to remain at 3.60% for an "extended" period, marking a significant shift from earlier forecasts that assumed additional easing in 2026.

The bank says recent inflation pressures, steadier economic growth and a labour market moving into balance mean the RBA is unlikely to deliver further cuts.

At the same time, ANZ says it is "difficult to see a rate hike in 2026", pointing to the rise in unemployment over the past year and conflicting signals across demand indicators.

Source: Poundsterlinglive

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Adam

Stocks

US equity indexes rose amid thin trading volumes as a rebound in cryptocurrencies and a further improvement in the odds of a third consecutive interest-rate cut helped risk sentiment remain positive on a data-light Tuesday.

The Nasdaq Composite rose 0.6% to 23,413.67, with the Dow Jones Industrial Average up 0.4% to 47,474.46 and the S&P 500 higher by 0.3% to 6,829.37. Technology, industrials, and communication services led the gainers. Energy and materials were among the decliners.

Nasdaq's trading volume after midday was 6.56 billion, compared with a daily average of about 9.72 billion. The figures for the S&P 500 were 2.96 billion and 5.47 billion, respectively. For the Dow, the data stood at 510.9 million, versus 520.8 million.

Bitcoin jumped 6% to $91,806, and Ether advanced 7.3% to $3,007.

US Treasury yields fell, with the two-year yield down 2.9 basis points to 3.51%. The 10-year yield edged slightly lower to 4.09%, retreating from a surge to 4.11% on Monday.

The 30-year yield on Japanese government bonds set a record intraday high, but benchmark borrowing costs ended the day lower, following a well-received debt auction, The Wall Street Journal reported. Japanese yield gains could dampen the country's demand for US Treasurys and disrupt the carry trade, in which investors borrow cheaply in yen to make leveraged bets.

Nasdaq stocks and cryptocurrencies are reportedly among the main beneficiaries of the carry trade.

Meanwhile, markets are now pricing an over 89% probability that the Federal Reserve, which has already delivered two back-to-back cuts this year, will reduce its benchmark lending rate by a quarter percentage point on Dec. 10, according to the CME FedWatch tool. The likelihood was more than 86% a day ago, over 85% a week earlier, and 63% a month ago.

The Organization for Economic Cooperation and Development revised up US economic growth forecasts to 2.0% from 1.8% this year, and to 1.7% from 1.5% next year. These projections, however, mean that the OECD expects growth to fall from last year's 2.8%.

The RealClearMarkets sentiment index, the first consumer measure for December, rose to 47.9 from 43.9 in November, a print showing pessimism. Raghavan Mayur, president of TechnoMetrica, which compiles the survey, said that the end of the government shutdown lifted confidence, while headwinds include inflation, tariffs, and high interest rates.

Redbook US same-store sales last week jumped by 7.6% from a year earlier, following a 5.9% increase in the prior week, amid higher sales on Black Friday and the weekend following Thanksgiving. Through the fourth selling week for November, sales were up 6.4%, missing the 6.7% target.

Online spending at this year's Cyber Monday rose more than projected to $14.25 billion, Adobe (ADBE) Analytics' holiday shopping data showed. In October, Adobe forecast Cyber Monday spending would grow 6.3% year-over-year to $14.2 billion. Cyber Monday e-commerce sales totaled $13.3 billion last year.

In company news, Boeing (BA) shares surged 10%, the top gainer on the S&P, after Chief Financial Officer Jay Malave said deliveries of 737 and 787 jets will increase next year.

Source: MT Newswires

Risk Warnings and Disclaimers

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Pepperstone

Cryptocurrency

Forex

MicroStrategy's $807 Million in Annual Interest and Dividends

The irony is that Strategy is relying on fiat to fund the $807m per year in interest and dividend payments across its debt and preferred-share tranches. Meeting these obligations is essential if Saylor is to keep the good ship MSTR afloat and keep the holders of the $17bn in preferred stock and convertible notes satisfied.

How MicroStrategy Must Finance Itself in 2026: Equity Issuance or Bitcoin Sales

To achieve this in 2026 (and beyond), Strategy will need either to continue issuing new shares or sell part of its 650,000 BTC holdings on the balance sheet.Given the choice, Saylor has made it clear he will never willingly sell Bitcoin - but in 2026 that decision may well be taken out of his hands. Ultimately, Mr Market could decide it for him.

Schiff's Incorrect Claim About MSTR Selling Bitcoin

On Monday, Schiff incorrectly claimed that MSTR had sold BTC on-market to fund upcoming interest payments. This misstep didn't help his argument, even if his broader critique of MicroStrategy's increasingly complex capital structure still resonates.

MicroStrategy's $1.44 Billion Reserve Fund: 21 Months of Coupon Cover

MicroStrategy subsequently disclosed a US$1.44bn reserve fund to cover senior-debt obligations - providing around 21 months of dividend and coupon cover. This may offer short-term support to the MSTR share price. But the short sellers are circling, with short interest is now around 41%, a level that adds fuel to both upside squeezes and downside volatility.

Market Net Asset Value (mNAV): Why MSTR's Premium and Discount Matters

Until recently, traders were focused on market net asset value (mNAV) - now around 1.15, meaning MSTR trades at a small premium to the total BTC value on its balance sheet. It has even traded at a slight discount, which historically would be extremely bearish for MicroStrategy.

Why TEV mNAV Is Now the Key Metric for MSTR's True Valuation

With the company's capital structure changing - and $17bn of senior claims above the equity — the market has pivoted to TEV mNAV (Total Enterprise Value / Bitcoin Value).This metric captures:

· Total debt

· All preferred-stock tranches

· Equity market cap

TEV mNAV remains well above 1.0, suggesting Saylor still has options to raise capital and maintain the company's leveraged Bitcoin strategy.

Why Saylor Needs TEV mNAV Above 1 to Keep Issuing Equity

As long as MSTRs TEV mNAV ratio stays comfortably above 1, Saylor can be reasonably confident that investors will support further equity issuance, enabling MicroStrategy to continue using leverage to accumulate more BTC.

What Happens if Bitcoin Falls Below $74,436? The Liquidation Risk

However, with $17bn above the equity, if BTC were to fall significantly below $74,436 (MicroStrategy's average BTC purchase price) and traders increased its concerns for its future solvency, the deep subordination would radically increase the risk premium for MSTR common equity stockholders – a factor which could catalyze the selling.

Why MSTR Moves More Than Bitcoin: High-Beta Leverage and Short Interest

This is why, when Bitcoin rises, MSTR often sees a much larger percentage gain, with the move amplified by heavy short interest. It's exactly why traders view MSTR as a leveraged, high-beta play on Bitcoin, not simply a proxy for BTC.

The Downside: Why MSTR Drops Faster Than Bitcoin on Red Days

Conversely, when Bitcoin trades lower, MSTR almost always suffers a larger percentage decline, reflecting its leveraged capital structure. In 2026, should we continue to see strong drawdown, the big debate will focus on the possibility that MSTR and many other crypto treasury entities could be forced to deleverage and sell down part of their crypto holdings.

MicroStrategy Holds 3% of All Bitcoin - Why That Matters for 2026–27

MicroStrategy owns around 3% of all BTC in circulation - a meaningful share, though not dominant. But Saylor is unquestionably the most prominent spokesperson for institutional Bitcoin adoption, making his financing decisions and interest-payment strategy highly relevant for BTC markets in 2026–27.

What Happens If Strategy Ever Has to Sell Bitcoin?

If BTC collapses and MicroStrategy is forced to sell part of its holdings, Peter Schiff will be the first to celebrate — loudly. In that scenario, MSTR could even start leading Bitcoin's price action on down days, particularly when cross-asset volatility rises.

Trading Opportunities Ahead: The Saylor vs Schiff Battle Intensifies

This developing standoff between Saylor's leveraged Bitcoin empire and Schiff's warnings of structural fragility will make for fascinating market theatre — and a source of exceptional trading opportunities in 2026.

Who do you think ultimately wins this battle - Saylor or Schiff?

Source: Pepperstone

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Adam

Cryptocurrency

Stocks

Futures linked to the main U.S. indices tick slightly higher, as an uptick in risk-off sentiment to begin the week appears to fade. Bitcoin bounces back above the $90,000 level, while a selloff in government bonds stabilizes. Marvell shares spike in extended hours trading after the chipmaker unveils a multi-billion dollar deal for semiconductor startup Celestial AI and delivers upbeat guidance. Markets will be watching a metric of private sector hiring, and oil prices rise amid talks to broker a Russia-Ukraine peace deal.

Futures rise

U.S. stock futures pointed higher on Wednesday, as a slide in cryptocurrencies and bond markets earlier this week showed signs of stabilizing.

By 02:27 ET (07:27 GMT), the Dow futures contract had increased by 105 points, or 0.2%, S&P 500 futures had risen by 15 points, or 0.2%, and Nasdaq 100 futures had ticked up by 63 points, or 0.2%.

The main averages on Wall Street advanced in the prior session, shrugging off some risk-off sentiment at the onset of the trading week.

Investors were now turning much of their focus back to expectations for a Federal Reserve interest rate cut later this month. Odds of that the U.S. central bank will bring down borrowing costs by a quarter of a percentage point at the end of its December 9-10 gathering have hovered around 87%, CME FedWatch has shown, reflecting widespread bets that policymakers will feel comfortable providing support to a sputtering labor market despite signs of sticky inflation.

Meanwhile, President Donald Trump said on Tuesday that he will name his pick as the next Fed Chair early in 2026, and had narrowed the list of candidates down to one. That person is widely tipped to be White House economic adviser Kevin Hassett, who, as a close ally of Trump, is in turn expected to advocate for an easier monetary policy environment.

Bitcoin, bond slide steadies

Bitcoin was floating above $90,000, rebounding from a deep slide in the world’s largest digital asset at the start of the week.

At 02:58 ET, Bitcoin had jumped by 6.9% to $93,016.5, hovering around a two-week high -- but still far below an all-time peak reached only about a month-and-a-half ago.

Underpinning the risk-off sentiment in previous sessions was anticipation for a potential rate hike by the Bank of Japan, which sparked a selloff in global bonds that bled into cryptocurrencies and broader equities.

The slump in Bitcoin especially dented companies who have built large holdings of the token, most notably Michael Saylor’s Strategy. Faced with the downturn, Strategy, which said it has 650,000 Bitcoins, or roughly 3.1% of the total 21 million in existence, cut its annual profit outlook.

Shares of the group tumbled on Monday, but pared back some of those gains a day later. In extended hours trading, the stock was marginally higher.

Marvell’s Celestial AI deal

Marvell Technology has confirmed a multi-billion deal to buy semiconductor startup Celestial AI, as the U.S. chipmaker looks to expand its compute capacity during an ongoing surge in demand driven by the artificial intelligence boom.

Crucially, the $3.25 billion transaction grants Marvell access to Celestial’s work on photonics, a process that harnesses light instead of electrical signals to establish connections between AI and memory chips. Marvell has been competing with rivals Broadcom and Nvidia in the race to build out AI-optimized chips, and CEO Matt Murphy has suggested that cloud-computing firms will begin using photonics technology as soon as 2027.

Meaningful revenue contributions from the Celestial acquisition are expected to materialize in the second half of Marvell’s fiscal 2028.

Murphy added that the California-based business estimates about $10 billion in total revenue for the next fiscal year, powered in large part by a 25% spike in data center revenue. At its custom chip unit, revenue may also increase by 20%, Murphy told investors in a post-earnings call.

Shares of Marvell, which have fallen sharply so far this year due to competition concerns and growing fears around a possible AI bubble, jumped by more than 8% in after-hours dealmaking.

ADP jobs report ahead

On the economic calendar, traders will be keeping tabs on a tracker of private payrolls growth in November.

Economists expect the data from payrolls processor ADP to show that the private sector in the U.S. added 5,000 roles last month, down from 42,000 in October.

The health of the labor market has been front of mind for investors, as it could heavily sway the trajectory of interest rates going forward.

Beyond the now-expected December rate cut, the path ahead for borrowing costs looks murky, in part because of a dearth of fresh official economic indicators due to a recently-ended federal government shutdown.

A gauge of nonfarm payrolls, viewed as more comprehensive than the ADP figures, for October was canceled. Instead, employment numbers for that month will be combined with those in November’s report -- meaning that October’s unemployment rate will never be known.

Given the relative lack of new data, Wall Street and policymakers alike have had to turn to alternative sources, such as those from ADP.

Oil inches up

Oil prices edged higher as an immediate deal to end the war in Ukraine looked unlikely, leaving a persistent threat to supply in play.

Brent futures climbed 0.6% to $62.80 a barrel, and U.S. West Texas Intermediate crude futures rose 0.7% to $59.06 a barrel.

Russia and the U.S. did not come to an agreement on a possible peace deal for Ukraine after a lengthy meeting between Russia President Vladimir Putin and U.S. envoys Steve Witkoff and Jared Kushner late Tuesday.

Oil markets are awaiting the outcome of the talks to see if a deal could lead to the removal of sanctions on Russian companies that would free up restricted oil supply.

Rising U.S. inventories also added to the concerns about a crude surplus, after the American Petroleum Institute reported on Tuesday that crude stocks rose by 2.48 million barrels in the week ended November 28.

The U.S. Energy Information Administration will release official government stockpile data later on Wednesday.

Source: investing

Risk Warnings and Disclaimers

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Michelle

Political

Russia-Ukraine Conflict

Senior Ukrainian negotiator Rustem Umerov will hold talks in Brussels on Wednesday with European leaders' national security advisers and then visit the United States, Ukrainian President Volodymyr Zelenskiy said.

He was speaking after U.S. President Donald Trump's special envoy, Steve Witkoff, and son-in-law Jared Kushner met Russian President Vladimir Putin on Tuesday for talks. The Kremlin said on Wednesday no compromise had been reached on a possible peace deal to end the war in Ukraine.

"Ukrainian representatives will brief their colleagues in Europe on what is known following yesterday's contacts by the American side in Moscow, and they will also discuss the European component of the necessary security architecture," Zelenskiy said on Telegram.

After visiting Brussels, Umerov and Andrii Hnatov, Chief of the General Staff of the Armed Forces of Ukraine, will begin preparations for a meeting with Trump envoys in the U.S., he added.

"This is our ongoing coordination with partners, and we ensure that the negotiation process is fully active," Zelenskiy said.

A leaked set of 28 U.S. draft peace proposals, opens new tab emerged last week, alarming Ukrainian and European officials who said it bowed to Moscow's main demands on NATO, Russian control of a fifth of Ukraine and restrictions on Ukraine's army.

European powers then came up with a counter-proposal, and at talks in Geneva, the United States and Ukraine said they had created an "updated and refined peace framework" to end the war. Details of those talks have not been released made public.

Source: Reuters

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Gerik

Economic

Political

Belgium Opposes Reparations Loan Framework Over Risk Exposure

Belgium has firmly rejected the European Commission’s proposed plan to use frozen Russian central bank assets as collateral for financing Ukraine’s 2026–2027 budget and war-related needs. The proposal, which includes a "reparations loan" mechanism to raise approximately €140 billion ($163 billion) for Kyiv, is viewed by Belgium as excessively risky and legally ambiguous.

At the center of the debate is the Euroclear clearinghouse, based in Brussels, which currently holds approximately €194 billion in frozen Russian assets. Belgian Foreign Minister Maxime Prévot warned that using these assets even as collateral exposes Belgium to reputational damage and potential legal claims from Russia, which has already labeled the move “theft.”

In a cautious and measured statement at the NATO summit in Brussels, Prévot stated, “The reparations loan scheme entails consequential economic, financial and legal risks,” and urged the EU to pursue more conventional financing strategies such as borrowing on international capital markets. He also expressed frustration that Belgium’s concerns are not being adequately addressed, stating, “It is not acceptable to use the money and leave us alone facing the risks.”

Tensions Within the EU Over Solidarity and Risk Sharing

While Belgium acknowledges the importance of supporting Ukraine, it has made clear that solidarity cannot come at the expense of one member state's financial stability. Prévot emphasized that Belgium is not attempting to undermine European unity or Ukraine’s war effort, but rather to ensure that it is not left “alone facing the risks” of legal retaliation or institutional harm.

Other EU member states, including Germany and the Netherlands, responded by recognizing Belgium’s concerns and promising efforts to share the burden. German Foreign Minister Johann Wadephul acknowledged the validity of the objections, while Dutch counterpart David van Weel stressed the urgency of supporting Ukraine’s fragile economy, especially in the face of a projected funding gap of €130 billion over the next two years.

Some EU nations have already signaled willingness to provide guarantees or backstops should Belgium or Euroclear face repercussions. However, a fully coordinated risk-sharing mechanism is yet to be finalized, and the European Central Bank has voiced its own reservations, warning that such a move could undermine confidence in the euro and the eurozone’s rule-of-law principles in global markets.

Mechanics of the Reparations Loan Proposal

The European Commission's reparations loan plan aims to lend Ukraine approximately €140 billion, using the income from frozen Russian assets not the assets themselves as security. Under this scheme, Ukraine would eventually repay the loan once Russia pays reparations for war damages. If Moscow refuses, the assets remain frozen.

Although the assets would not technically be seized, Belgium and others fear that even using them as leverage may trigger legal challenges and international backlash. Euroclear, which is managing the assets, could face lawsuits if Russia or its partners seek compensation for misuse or mismanagement. As Euroclear is headquartered in Belgium, the financial and political liability could fall squarely on Brussels.

Meanwhile, Belgium has been collecting tax revenue from the interest generated on these frozen funds. This income is already being partially redirected into Ukraine aid via a G7-coordinated program. Belgium’s argument, however, is that this limited use does not compare to the magnitude and systemic risk posed by the broader reparations loan model.

Broader Implications for EU Economic Governance

The discord highlights a deeper challenge within the EU: balancing moral and political commitments with legal integrity and financial stability. While Ukraine’s funding crisis is urgent, especially with declining U.S. and international support, the use of sovereign assets frozen under sanction regimes raises unprecedented legal questions.

The European Central Bank’s concerns further complicate the issue. It warns that the loan plan, if poorly structured, could weaken investor trust in euro-denominated assets and expose the bloc to charges of politicizing financial instruments held in trust.

EU leaders are expected to deliberate further on the issue at the December 18 summit in Brussels. Whether a compromise can be reached that protects financial institutions like Euroclear, addresses ECB warnings, and meets

A Strategic Dilemma Between Urgency and Prudence

Belgium’s rejection of the EU’s reparations loan plan underscores the growing tension between geopolitical urgency and institutional responsibility. While the European bloc remains broadly committed to supporting Ukraine, this episode illustrates the difficulties of aligning financial innovation with legal precedent and fiscal sovereignty.

If a unified solution is not found, the EU risks internal division, market distrust, and diminished cohesion at a time when Ukraine’s survival depends heavily on European backing. The outcome of this debate could set a far-reaching precedent for how frozen assets are treated in future geopolitical conflicts.