Hopes of a pause in the Iran war have lifted markets, but fresh Houthi attacks on Saudi Arabia underline the risks still facing the region. Meanwhile, Russia and Ukraine are preparing for US-backed talks in Abu Dhabi, and China’s trade surplus has topped one trillion dollars.
Top stories: Trump says the Iran war is “effectively over”; Saudi Arabia reports new Houthi missile attacks; and peace talks on Ukraine are due to begin in Abu Dhabi.
- Trump signals Iran war may be winding down
US President Donald Trump says the war with Iran is “militarily effectively over” and that renewed major strikes are unlikely if negotiations advance. But the US naval blockade remains in place, and Tehran is seeking sanctions relief and other concessions. There is no confirmed agreement yet. - Saudi Arabia faces fresh Houthi attacks
Saudi Arabia says its air defences intercepted missiles fired towards Riyadh and the kingdom’s south. The attacks follow damage to an Aramco office in Riyadh and a strike on the East-West oil pipeline. No casualties or disruption to pipeline operations have been reported. - Oil slips as markets respond to peace hopes
Brent crude has fallen below one hundred dollars a barrel, helping lift Asian shares. The rally reflects hopes of de-escalation, but prices could rebound quickly if US-Iran talks falter. Investors are also watching US inflation data for signals on interest rates. - France accuses Iran over supermarket cyberattack
France has blamed Iran for a cyberattack on supermarket refrigeration systems last month and summoned the Iranian ambassador. The attack affected about seven hundred supermarkets. The accusation adds a cyber-security dispute to the wider tensions between Iran and European governments. - Ukraine-Russia talks open in Abu Dhabi
Russian and Ukrainian officials are due to meet for two days of US-backed talks in Abu Dhabi, their first such meeting since February. European representatives are in the UAE but will not join the trilateral negotiations. Territory and security guarantees remain major obstacles. - China’s trade surplus tops one trillion dollars
China’s trade surplus has topped one trillion dollars for a second straight year. October exports rose more than thirty-five per cent from a year earlier, driven partly by demand for artificial-intelligence equipment. The growing surplus could heighten trade tensions with the US and Europe. - China extends part of tariff truce with US
Beijing will continue suspending an additional twenty-four per cent tariff on US goods for two months, while keeping a ten per cent tariff in place. The move offers temporary relief to businesses, but the wider trade arrangement between the two countries remains unsettled. - Taiwan reports Chinese naval drills
Taiwan says China is conducting “area-denial” drills in the Western Pacific involving an aircraft carrier and other naval formations. The reported exercises add to concerns about rising military activity in a region central to global shipping and US-China relations. - Washington extends trade probe into Vietnam
The United States has extended its investigation into Vietnam’s intellectual-property protections by three months. The probe could lead to trade measures against a major manufacturing hub whose exports to the US have expanded rapidly. - Ukraine talks begin amid continued strikes
The Abu Dhabi talks are taking place as Russia continues attacks on Ukrainian energy infrastructure and Ukraine targets Russian oil facilities. The pressure on both sides’ infrastructure will test whether the negotiations can produce a meaningful pause in fighting.
Presenter: Today, watch for any concrete steps in US-Iran negotiations, further attacks on Saudi targets, and signs of progress in Abu Dhabi. Good morning.
I’ve also updated the scheduled 8am briefing to omit citations, links and producer notes.
