Ukraine has strongly denounced the United States’ latest move to push a negotiated end to the ongoing Russia-Ukraine war, calling it an absurd proposal that serves Moscow’s interests. Oleksandr Mereshko, chairman of the Ukrainian parliamentary committee on foreign affairs, said the 28-point plan drafted by representatives close to US President Donald Trump amounted to nothing less than surrender. He argued that Washington prepared the deal without consulting Kyiv, and that the proposal effectively forces Ukraine to concede the entire Donbass region to Russia, exactly what President Vladimir Putin has been seeking through military operations but has failed to capture decisively even after three years of war. President Volodymyr Zelensky reaffirmed his position, stating that Ukraine would not cede “even an inch” of its sovereign territory.
According to the proposed peace framework, Ukraine would be required to reduce its military capabilities by at least 50 per cent. The country’s long-range missile systems, capable of striking deep into Russian territory, would have to be dismantled. The draft also prohibits the presence of foreign troops on Ukrainian soil, a condition opposed not only by Ukraine but also by key European allies such as France and the United Kingdom. Additional demands include granting Russian the status of an official language within Ukraine and officially recognising the Russian Orthodox Church’s role in the country. Ukrainian officials accused the proposal of being designed to isolate Ukraine from its Western partners and claimed it was drafted under the influence of Kirill Dmitriyev, an advisor closely aligned with Putin. Kyiv reiterated that any genuine peace process must involve Russia being willing to negotiate in good faith. There are indications that President Zelensky will soon hold discussions with President Trump to clarify Ukraine’s position.
AI-Driven market turbulence sends US stocks tumbling
The US stock markets witnessed heavy losses as investor fears over a renewed AI-related crisis triggered widespread selling. The slump erased the strong gains recorded on Wednesday. Nvidia, which had attempted to stabilise the markets with a high-profile “rescue campaign” the previous day, saw its shares fall by more than 3 per cent, leading declines across the tech sector and broader indices. The Dow Jones Industrial Average dropped 0.84 per cent, the Nasdaq Composite plunged 2.16 per cent, and the S&P 500 fell 1.56 per cent. At one stage, the Dow had rallied more than 700 points, buoyed by renewed investor optimism and support linked to Nvidia. But a sudden surge in selling pressure reversed all gains. In the futures market, the Dow showed a modest 0.3 per cent rise, whereas the S&P 500 and Nasdaq dipped 0.3 per cent and 0.2 per cent, respectively.
Fresh US employment data added to the mixed market sentiment. The economy generated 119,000 new jobs in September, a strong recovery from August, when 4,000 jobs were lost. Observers had predicted only around 50,000 new jobs, making the September figures more than double expectations. The report, which had been withheld by the Trump administration during the government shutdown, also corrected earlier data, noting that August had actually seen job losses rather than the previously reported gain of 22,000. However, the unemployment rate edged up to 4.4 per cent from 4.3 per cent in August, tempering the positive outlook. Meanwhile, the US Federal Reserve expressed disappointment with the slim prospects of a rate cut at its December meeting. Crypto markets also faced selling pressure, with Bitcoin sliding to its lowest level since last April at $86,325.
Asian Markets Follow US Downtrend; Japan faces rising inflation
The ripple effects of US market concerns spread across Asia as major indices recorded losses. Japan’s Nikkei, which had posted significant gains the previous day, fell sharply by 2 per cent. Shanghai tumbled 1.07 per cent, and Hong Kong’s Hang Seng index declined 1.48 per cent. Japan’s inflation rate has breached the Bank of Japan’s 2 per cent comfort threshold, reaching 3 per cent. This has strengthened expectations that the central bank will soon raise its benchmark interest rate. Yet there was some positive news: exports grew by a robust 3.6 per cent in October, far exceeding the projected 1.1 per cent and offering relief to the Japanese economy.
After two consecutive days of gains and record highs, Indian markets opened to a cautious note. Early signals from Gift Nifty were weak, with the index trading 64 points lower in the morning session. On the previous trading day, the Sensex climbed 0.52 per cent and the Nifty rose 0.54 per cent, supported by resilient domestic buying. Analysts remain optimistic about India’s strong macroeconomic fundamentals, which continue to distinguish the country from global volatility. Despite external uncertainties, India’s equity markets have consistently demonstrated stability, driven by robust domestic consumption, proactive economic policies, and growing investor confidence in the country’s long-term growth trajectory. Foreign financial institutions (FIIs) continued to show faith in India’s economic prospects, purchasing Indian equities worth Rs 284 crore yesterday.
In a strategic move reflecting India’s independent foreign policy and commitment to energy security, Reliance Industries announced that it has stopped purchasing Russian oil. Meanwhile, Grow, an emerging favourite among investors due to its rapid expansion, will release its September-quarter earnings today. Multiplex operator PVR Inox has also unveiled plans to open 100 new screens in the current financial year, signalling strong confidence in India’s entertainment and retail sectors. Crude oil prices softened following the US-led push to end the Russia–Ukraine conflict. WTI crude fell about 1 per cent to $58.43 per barrel, while Brent declined 0.90 per cent to $62.81. Gold prices fluctuated amid uncertainty in the US economy, slipping by $8 to $4,073. In India, significant price changes are unlikely today.
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