Good morning. Donald Trump casts doubt on Ukraine’s ability to defeat Russia. Japan is set to get its first woman prime minister. And the White House is tearing down part of the East Wing to make way for Trump’s ballroom. Listen to the day’s top stories.
— Teo Chian Wei and Lily Nonomiya
Donald Trump cast doubt on Ukraine’s ability to defeat Russia, backing away from earlier optimism as he prepares to meet Vladimir Putin. Zelenskiy left Washington empty-handed after seeking Tomahawk missiles, while European officials worry about being sidelined in potential US-Russia negotiations.
Sanae Takaichi is poised to become Japan’s first woman prime minister in a parliamentary vote today. Japanese stocks extended record highs as investors wager that her new government will maintain expansionary fiscal policy and keep interest rates low. She’s expected to announce her cabinet picks today, including the country’s first woman finance minister, according to local media.
UK Chancellor Rachel Reeves promised to slash red tape for UK businesses, aiming to save them £6 billion annually and attract £10 billion in private investment. Speaking at a regional investment summit today, she is set to pledge to cut “needless form filling.” Such promises face skepticism, as previous governments have made similar pledges with limited success. Here’s a recent video of the chancellor discussing the delicate balancing act she faces.
Asian shares extended gains, buoyed by upbeat earnings on Wall Street and indications that tensions between Washington and Beijing were easing. US and European futures edged higher. Check out our Markets Today live blog for all the latest news and analysis relevant to UK assets.
Trump appears to be back on board with helping Russia browbeat Ukraine into accepting a deal that would hand Putin territory he’s been trying to conquer since 2014, writes Marc Champion. What’s reportedly on offer wouldn’t achieve peace. To accept would mean certain disaster for Kyiv. To refuse risks the same.
The facade of the East Wing of the White House is demolished by work crews. Photographer: Kevin Dietsch/Getty Images North America
Builders tore down parts of the White House’s East Wing on Monday to make room for Trump’s planned ballroom project. The president said the area would be “more beautiful than ever” once the work is complete. Read more about Trump’s remodeling plans.
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