Latest news for 8 May 2025

RUSSIA

World leaders arrive for WWII parade.

China’s Xi and Brazil’s Lula have now arrived for Friday’s Victory Day parade in Moscow, amid heavy exchanges of fire between Russia and Ukraine. (CNN)

Comment: What most of us know as WWII, Russia calls the Great Patriotic War. And while we list 1939 as the start date, Russia goes with 1941. It helps everyone avoid mentioning Moscow’s 1939 pact with the Nazis to invade and divide Poland.

CHINA

Central bank cuts rates

The People’s Bank has cut a benchmark rate (the 7-day reverse repo) by another 10 basis points, and trimmed bank reserve ratios to unleash another trillion yuan (~$140B) of liquidity, as US tariffs start to bite. (CNBC)

UNITED KINGDOM

Possible US-UK trade deal today?

The US president has hinted he’ll unveil a trade deal today with “a big, and highly respected, country” after his Liberation Day tariffs (word is it’s the UK). (BBC)

FRANCE

Berlin and Paris set up joint security council.

Germany’s Friedrich Merz made the announcement with Emmanuel Macron in Paris to address their “common strategic challenges”. (Euronews)

Comment: With an aggressive Russia in the east and a disengaging US ally to the west, Europe’s own ‘dual motor’ is still trying to get back in gear.

YEMEN

The Houthis and the US reach ceasefire.

President Trump’s pause is reportedly in return for the Iran-backed Houthis stopping attacks on US ships only — word is US allies like Israel are astonished. (DW)

SINGAPORE

EU and Singapore sign digital trade agreement.

The deal aims to simplify rules for cross-border transactions online. (Strait Times)

Comment: They’ve been in talks since 2023, but it’s fair to assume the arrival of Trump 2.0 will have nudged the EU to diversify its trade ties asap.

PERU

Lima suspends gold mining amid violence.

The 30-day suspension in Peru’s northern Pataz province comes as a mix of record gold prices and political instability fuel a surge in illegal mining. (Guardian)