Good Morning

Vladimir Putin is open to talks on a ceasefire in Ukraine with Donald Trump, but insists that Ukraine renounces NATO ambitions and does not make any significant territorial concessions. According to sources, Moscow plans to largely freeze the current front lines, but may be prepared to give up smaller areas in the Kharkiv and Mykolaiv regions. Putin emphasizes that any agreement must reflect the “realities on the ground”. Russia currently controls around 18% of Ukraine, including Crimea and large parts of the eastern regions. Trump has announced that, as future US president, he will work towards a quick solution to the conflict, but without giving specific details. Both sides have so far remained entrenched in their positions.

Donald Trump has nominated Linda McMahon, former WWE CEO and advocate of school choice, as Secretary of Education. McMahon previously headed the Small Business Administration and is chairwoman of the America First Policy Institute. Trump had announced his intention to abolish the Department of Education, but this would require congressional approval.

Elon Musk's SpaceX successfully launched the giant Starship rocket into space, but the booster missed its planned landing and exploded after splashing down in the Gulf of Mexico. US President Donald Trump watched the launch in Texas and praised the progress made by the spacecraft, which was developed for missions to the moon and Mars.  The test marked important progress, such as the re-ignition of an engine in space. Trump's presence emphasized his close cooperation with Musk, who could benefit from his upcoming presidency.

British inflation rose to 2.3% in October, once again exceeding the Bank of England's (BoE) target of 2%. The main reason for this was an increase in energy prices. Core and services inflation also rose slightly, which confirms the BoE's cautious stance on interest rate cuts. Experts expect inflation to remain high for longer due to global uncertainties and national factors, such as the tax increases announced by the Starmer government. The BoE plans to implement interest rate cuts gradually, as inflation may not fall below 2% again until 2025.

India is struggling with a shortage of skilled workers in the solar industry, which is jeopardizing climate targets and the “Make in India” programme. Despite high tariffs on Chinese products and subsidies, there is a shortage of 1.2 million skilled workers, which increases costs and delays projects. Companies are calling for more training support and easier visas for foreign experts.

The UN wants to release climate funds for Afghanistan for the first time since the Taliban takeover in 2021. Projects worth USD 19 million are planned to combat droughts and floods and strengthen the resilience of rural communities - without direct cooperation with the Taliban. Afghanistan is one of the countries most affected by climate change, but political hurdles have so far blocked access to international funds.

During a visit to Gaza, Israeli Prime Minister Benjamin Netanyahu declared that Hamas would no longer have control over the enclave after the war. He emphasized that Israel's armed forces had destroyed Hamas' military capabilities. Netanyahu also promised a 5 million dollar reward for the safe return of the 101 remaining hostages and offered their rescuers and their families protection and security.

Project 2025, a radical plan to restructure the US government, is once again gaining prominence in Donald Trump's election campaign. Originally, Trump distanced himself from the concept, which was developed by conservative think tanks such as the Heritage Foundation. Now key points are back on the agenda, including mass deportations of immigrants and a comprehensive purge of non-loyal bureaucrats from the government. The aim is to replace civil servants with loyal Trump supporters, which critics describe as an authoritarian takeover of the state apparatus. However, supporters emphasize that it is an implementation of the political agenda and not a dictatorship.

The USA is planning to supply Ukraine with anti-personnel mines to slow down the advance of Russian troops in the Donbass. These mines are designed to self-destruct or lose their effectiveness. Despite the international ban on anti-personnel mines, the USA and Russia are not bound by the Ottawa Convention. President Selensky emphasized that Ukraine might lose without US help and refused to cede territory to Russia.

Marco Wanderwitz, CDU member of the Bundestag and former Commissioner for Eastern Germany, announced that he would not stand again in the next federal election. He withdrew from politics due to increasing threats, including death threats and an arson attack on his constituency office. Wanderwitz was known for his critical stance towards the AfD, which he blames for the increasing number of political attacks. Despite his criticism of the party and calls for the AfD to be banned, he suffered a serious setback in the 2021 election campaign. His withdrawal is mainly commented on in other parties, while the CDU shows little reaction.

Five years after the protests in Iran, the situation has deteriorated. The economy is still in crisis, the currency is depreciating sharply and the human rights situation remains dire. Women are particularly affected by the repression, for example through the introduction of “deprivation clinics” for those who do not adhere to Islamic dress codes. Activists such as Hossein Ronaghi continue to protest against the regime, but many are in prison or living in exile. Despite international attention, the situation remains brutal.

Inflation in the eurozone rose significantly again in October - by 2% compared to October 2023. Germany is slightly above average at 2.4%. (EURO)

Nvidia: Quarterly report comes today at 11 pm: Tonight at 11 pm, Nvidia releases its Q3 figures. CNBC provides the watch guide - and suspects that the figures will be more important for the US markets than Fed interest rate decisions. (CNBC)

N26: Smartphone bank in the black for the first time: The Berlin-based company is one of the most valuable German fintechs. Now N26 wants to win over small and medium-sized companies with a new product. (BZ) 

•  EU: Demands technology transfers from Chinese companies
• US government: Pushes for sale of Google Chrome
• DAX: Slips temporarily below 19,000 points (TAG)
• Deutsche Bank: Invests in Aleph Alpha (HB)
• Industrial orders: Recorded biggest increase in three years in September (MM)
• Rheinmetall: Armaments group can hardly save itself from orders (FAZ)
• Study: European capital markets are lagging behind (FOC)
• Greece: Repays $5.3 billion in bailout money ahead of schedule (BBG)
• China's tech giants: Building AI teams in Silicon Valley (FT)
• Nestlé: Crisis food giant lowers targets (WSJ)
• Boeing: Crisis aircraft manufacturer lays off +2,500 employees (SPG)
• Novo Nordisk: Launches Wegovy weight loss injection in China (NTV)
• Elon Musk: Leaks emails from OpenAI founder Sam Altman