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Trump says Ukraine and Russia are ‘closer than ever’ to peace after talking to Zelenskyy and Putin

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President Donald Trump on Sunday insisted Ukraine and Russia are “closer than ever before” to a peace deal as he hosted Ukrainian President Volodymyr Zelenskyy at his Florida resort, but he acknowledged that negotiations could still break down and leave the war dragging on for years.

The president’s statements came after the two leaders met for a discussion that took place after what Trump described as an “excellent,” two-and-a-half-hour phone conversation with Russian President Vladimir Putin, whose invasion of Ukraine launched the war four years ago. Trump insisted he believed Putin still wants peace, even as Russia launched another round of attacks on Ukraine while Zelenskyy flew to the United States for the latest round of negotiations.

“Russia wants to see Ukraine succeed,” Trump said during a late afternoon news conference following a meeting with Zelenskyy, whom he repeatedly praised as “brave.”

Trump and Zelenskyy both acknowledged thorny issues remain, including whether Russia can keep Ukrainian territory it controls. After their discussion they called a wide group of European leaders, including Ursula von der Leyen, president of the European Commission, and the leaders of Finland, France, Germany, Great Britain and Poland.

Zelenskyy thanked Trump for his work. “Ukraine is ready for peace,” he said.

Trump and Putin will speak again

Trump said he’d follow the meeting with another call to Putin. Earlier Sunday, Putin’s foreign affairs adviser Yuri Ushakov said the Trump-Putin call was initiated by the U.S. side, lasted over an hour, and was “friendly, benevolent and businesslike.” Ushakov said Trump and Putin agreed to speak again “promptly” after Trump’s meeting with Zelenskyy.

But Ushakov added that a “bold, responsible, political decision is needed from Kyiv” on the fiercely contested Donbas region in eastern Ukraine and other matters in dispute for there to be a “complete cessation” of hostilities.

In overnight developments, three guided aerial bombs launched by Russia struck private homes in the eastern city of Sloviansk, according to the head of the local military administration, Vadym Lakh. Three people were injured and one man died, Lakh said in a post on the Telegram messenger app.

The strike came the day after Russia attacked Ukraine’s capital with ballistic missiles and drones on Saturday, killing at least one person and wounding 27, Ukrainian authorities said. Explosions boomed across Kyiv as the attack began in the early morning and continued for hours.

Trump said, however, that he still believes Putin is “very serious” about ending the war.

“I believe Ukraine has made some very strong attacks also,” Trump told reporters as Zelenskyy stood by his side. “And I don’t say that negatively. I think, you probably have to. I don’t say that negatively. But I think, he hasn’t told me that, but there have been some explosions in various parts of Russia. It looks to me, like, I don’t know. I don’t think it came from the Congo.”

Trump noted that it was possible that the negotiations will fall apart. “In a few weeks, we will know one way or the other, I think. … But it could also go poorly.”

The face-to-face sit-down between Trump and Zelenskyy underscored the apparent progress made by Trump’s top negotiators in recent weeks as the sides traded draft peace plans and continued to shape a proposal to end the fighting. Zelenskyy told reporters Friday that the 20-point draft proposal negotiators have discussed is “about 90% ready” — echoing a figure, and the optimism, that U.S. officials conveyed when Trump’s chief negotiators met with Zelenskyy in Berlin earlier this month.

During the recent talks, the U.S. agreed to offer certain security guarantees to Ukraine similar to those offered to other members of NATO. The proposal came as Zelenskyy said he was prepared to drop his country’s bid to join the security alliance if Ukraine received NATO-like protection that would be designed to safeguard it against future Russian attacks.

‘Intensive’ weeks ahead

Zelenskyy also spoke on Christmas Day with U.S. special envoy Steve Witkoff and Jared Kushner, Trump’s son-in-law. The Ukrainian leader said they discussed “certain substantive details” and cautioned “there is still work to be done on sensitive issues” and “the weeks ahead may also be intensive.”

The U.S. president has been working to end the war in Ukraine for much of his first year back in office, showing irritation with both Zelenskyy and Putin while publicly acknowledging the difficulty of ending the conflict. Long gone are the days when, as a candidate in 2024, he boasted that he could resolve the fighting in a day.

After hosting Zelenskyy at the White House in October, Trump demanded that both Russia and Ukraine halt fighting and “stop at the battle line,” implying that Moscow should be able to keep the territory it has seized from Ukraine.

Zelenskyy said last week that he would be willing to withdraw troopsfrom Ukraine’s eastern industrial heartland as part of a plan to end the war, if Russia also pulls back and the area becomes a demilitarized zone monitored by international forces.

Putin wants Russian gains kept, and more

Putin has publicly said he wants all the areas in four key regions that have been captured by his forces, as well as the Crimean Peninsula, illegally annexed in 2014, to be recognized as Russian territory. He also has insisted that Ukraine withdraw from some areas in eastern Ukraine that Moscow’s forces haven’t captured. Kyiv has publicly rejected all those demands.

The Kremlin also wants Ukraine to abandon its bid to join NATO. It warned that it wouldn’t accept the deployment of any troops from members of the military alliance and would view them as a “legitimate target.”

Putin also has said Ukraine must limit the size of its army and give official status to the Russian language, demands he has made from the outset of the conflict.

Ushakov told the business daily Kommersant this month that Russian police and national guard would stay in parts of Donetsk -– one of the two major areas, along with Luhansk, that make up the Donbas region — even if they become a demilitarized zone under a prospective peace plan.

Ushakov cautioned that trying to reach a compromise could take a long time. He said U.S. proposals that took into account Russian demands had been “worsened” by alterations proposed by Ukraine and its European allies.

Trump has been somewhat receptive to Putin’s demands, making the case that the Russian president can be persuaded to end the war if Kyiv agrees to cede Ukrainian land in the Donbas region and if Western powers offer economic incentives to bring Russia back into the global economy.



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Job market outlook 2026: ‘uncomfortably slow growth’ in the first half, then upward reversal later

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The labor market cooled during a rollercoaster year for the economy and financial markets, and 2026 should start off slow but then improve later in the year, according to JPMorgan.

In a forecast published earlier this month, economists at the bank attributed 2025’s loss of jobs momentum to business uncertainty created by President Donald Trump’s tariffs and trade policies.

“As a result both long-term and short-term business planning has remained difficult, and layoff and hiring rates have been low,” Michael Feroli, chief U.S. economist at JPMorgan, said in the report. “Businesses are hesitant to make sweeping changes to either grow or shrink their payrolls when they’re unsure what the next six months might hold.”

In addition, Trump’s immigration crackdown and deportation campaign have been more aggressive than expected, JPMorgan added.

This reduced supply of workers plus the relatively flat labor participation rate flat mean that the monthly job gains needed to keep unemployment steady could tumble to just 15,000 from 50,000. Despite the lower breakeven rate, unemployment will creep higher.

“The first half of 2026 will likely deliver uncomfortably slow growth in the labor market, with unemployment peaking at 4.5% in early 2026,” JPMorgan said, a week before the Labor Department released the delayed November jobs report that showed the rate climbing to a four-year high of 4.6%.

The bank blamed sluggish growth due to the labor supply shrinking from deportations, an aging population and fewer visas for workers and students.

Another factor in the early-2026 slump is artificial intelligence, which has spurred massive investment in equipment, software and data centers—but not so much job creation.

While there are still no signs yet of widespread job losses because of AI, some of the sectors most exposed to the technology have seen slower gains, JPMorgan pointed out.

But then the labor market will reverse course in the second half of the year, economists predicted, citing a more consistent tariff policy, tax cuts from Trump’s One Big Beautiful Bill Act, and additional rate cuts from the Federal Reserve.

“We believe supports are coming together that will arrest this labor market slowdown and revive activity growth later next year,” Feroli said. 

JPMorgan sees GDP growth in 2026 at 1.8%, with one-in-three odds of a recession, and inflation remaining sticky at 2.7%. 

Separately, Bank of America CEO Brian Moynihan expects Trump to de-escalate trade tensions next year, telling CBS News’ Face the Nation that an average tariff rate of 15% for a broad group of counties is “not a huge impact.”

Meanwhile, AI could be a wildcard that provides yet another boost next year.

“Usually, it takes several years for general purpose technologies like AI to boost productivity,” Feroli added. “A quicker realization of efficiency gains could lead to stronger GDP growth than expected.”

But that optimism contrasts with continued warnings from computer scientist and “godfather of AI” Geoffrey Hinton, who has said AI will replace more and more human workers.

During an interview on CNN’s State of the Union on Sunday, he was asked for his 2026 predictions after declaring 2025 a pivotal year for AI.

“I think we’re going to see AI get even better,” Hinton replied. “It’s already extremely good. We’re going to see it having the capabilities to replace many, many jobs. It’s already able to replace jobs in call centers, but it’s going to be able to replace many other jobs.”



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North Korea’s Kim tests long-range cruise missiles over West Sea

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North Korea said it conducted a long-range strategic cruise missile launch drill over the West Sea on Sunday as it continues to showcase its weapons capabilities amid regional tensions.

Leader Kim Jong Un observed the drill, which was carried out to test the counterattack readiness and combat capabilities of long-range missile units, train missile operators in maneuvering and fire-mission procedures, and to verify the reliability of the strategic weapons system, Korean Central News Agency reported Monday.

The strategic cruise missiles flew along preset trajectories over waters off the country’s west coast for 10,199 seconds and 10,203 seconds — around 2 hours and 50 minutes each — before striking their targets, the state news agency said.

The results of the exercise provided a practical verification and a clear demonstration of the reliability and combat power of North Korea’s strategic counterattack capabilities, Kim said, expressing “great satisfaction” with the outcome, according to the report.

Read Also: North Korea’s Kim Seeks Arms Modernization Before Party Congress

He added that regularly testing the reliability and rapid response readiness of components of the country’s nuclear deterrent, and continuing to demonstrate their power, amounted to a responsible exercise of self-defense and a means of deterring war in the current security environment.

Kim stressed that the ruling party and government would continue to make all-out efforts to further strengthen and expand the country’s nuclear combat forces, KCNA reported.

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Silver pulls back after topping $80 in historic year-end rally

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Silver retreated sharply after smashing through $80 an ounce for the first time, with traders taking profits from a record-breaking rally powered by a structural imbalance in supply and demand.

The white metal fell as much as 5% on Monday, after earlier spiking to a record $84 an ounce following five straight days of gains. A weaker dollar and escalating geopolitical tensions have added to the appeal of precious metals during an end-of-year jump to all-time highs for silver, gold and platinum. 

“Make no mistake: we are witnessing a generational bubble playing out in silver,” said Tony Sycamore, a market analyst at IG Australia.

Read More: Why Silver Has Been Surging Even More Than Gold

Silver’s rapid acceleration caps a yearlong rally for precious metals driven by elevated central-bank purchases, inflows to exchange-traded funds and three successive rate cuts by the US Federal Reserve. Lower borrowing costs are a tailwind for the commodities, which don’t pay interest, and traders are betting on more rate cuts in 2026.

In the last week, frictions in Venezuela — where the US has blockaded oil tankers — and strikes by Washington on Islamic State in Nigeria have added to the haven appeal of precious metals. The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, fell 0.8% last week, its biggest weekly drop since June. A weaker dollar is generally supportive of gold and silver.

Silver is outshining gold for several reasons. For one, the market is thinner. Tighter inventories and liquidity that can evaporate quickly; while the London gold market is underpinned by around $700 billion of bullion that can be lent out in the event of a liquidity squeeze, no such reserve exists for silver. That historic supply squeeze happened in October.

Read More: Sold Out in India, Panic in London: How the Silver Market Broke

“The dominant driver of late has been a severe structural supply-demand imbalance in silver, sparking a scramble for physical metal,” said Sycamore. “Buyers are now paying a remarkable 7% premium for immediate delivery compared to waiting a year.”

Vaults in London have drawn sizable inflows since the October squeeze, but this has led to shortages elsewhere. In China, silver kept in warehouses linked to the Shanghai Futures Exchange last month hit the lowest level since 2015.

Added to that, much of the world’s readily available silver remains in New York as traders await the outcome of a US Commerce Department probe into whether imports of critical minerals pose a national security risk. The review could pave the way for tariffs or other trade curbs on the metal.

Read More: Precious Metals Craze Prompts China Fund to Turn Away Investors

Unlike gold, silver also has many useful real-world properties that make it a valuable component in a range of products like solar panels, AI data centers and electronics. With inventories near their lowest on record, there’s a risk of supply shortages that could impact multiple industries.

This prompted Elon Musk on Saturday to respond to a series of tweets on the supply shortage by saying on X: “This is not good. Silver is needed in many industrial processes.”

Technical indicators show the rally in silver may have run too hard, too fast. The metal’s 14-day relative strength index showed a reading of almost 80, far above the 70 that is considered to be overbought. 

Spot silver rose as much as 6% to a high of $84.00 an ounce before crashing 3.6% to trade at $76.47 as of 8:38 a.m. in Singapore. Gold fell 0.9% to $4,495.73 an ounce, below a record of $4,549.92 hit on Friday. Platinum and palladium both retreated after hitting records in the previous session.



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