EU leaders agree to start accession talks with Ukraine, central banks contrast on rate cuts, US union leader Shawn Fain rallies support for working class, challenges in keeping labor movement alive
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Quick takeaways
EU leaders agree to start accession talks with Ukraine, marking a significant step in Ukraine's quest to join the EU.
Central banks are showing divergent attitudes towards interest rates, with implications for global markets and a growing gap between major central banks.
Deep dives
Ukraine's Big Step Towards Joining EU
The European Union leaders have agreed to officially start negotiations with Ukraine to join the EU. This agreement is a significant milestone for Ukraine's quest to become an EU member. Despite some struggles in approving funding packages, the EU and support from Washington, the talks are a positive development for Ukraine's future integration.
Mixed Signals from Central Banks
Central banks are showing divergent attitudes towards cutting interest rates. While the US Federal Reserve hints at rate cuts, the European Central Bank (ECB) and the Bank of England are not considering reducing rates. This divergence creates a growing gap between major central banks and has implications for global markets. Bond prices have risen, leading to lower yields and impacting floating rate debt holders favorably, while stocks are expected to benefit from a more constructive environment next year.
Central banks are charting different courses for interest rates in 2024, and EU leaders have agreed to officially start accession talks with Ukraine. Plus, for US union leader Shawn Fain, the historic auto workers strike is only the beginning.
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.