White House Hails Progress on Ukraine Peace Talks

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American and Ukrainian officials tout progress on a peace plan to end the war with Russia following talks in Geneva. Plus, global stocks start the week on a brighter note as traders increase bets on a December rate cut. And Brits brace for higher taxes as the UK's labor government prepares its latest budget.

David Luhnow (0:52)

Markets have been getting a little nervous about the demands by Britain for borrowing. So, they're having to tighten their belt. And if you look at it like a business or a household, their costs are going way up, but their revenues are not. So, they need to address that.

Caitlin McCabe (1:06)

It's Monday, November 24th. I'm Caitlin McCabe for The Wall Street Journal. And here's the AM Edition of What's News. The top headlines and business stories moving your world today.

The White House says it has made progress toward ending the war in Ukraine following what it called constructive talks with Ukrainian officials. US and Ukrainian representatives met in Geneva over the weekend to discuss President Trump's proposed 28-point plan to end the war, which raised alarm among US allies who said it could infringe on Ukraine's sovereignty and security. Although not providing specific details, a statement from the White House said the talks had resulted in a, quote, updated and refined peace framework. The challenge for Kiev had been in trying to avoid another confrontation with Trump while finding a way to rework the US plan, which was drafted with the involvement of Russian economist and Kremlin confidant Kyril Demetriyev. The US delegation, led by Secretary of State Marco Rubio, suggested that the previous deadline of Thanksgiving given by Trump had some flexibility and that the priority was getting the deal done.

SPEAKER_4 (2:11)

Whether it's Thursday, whether it's Friday, whether it's Wednesday, whether it's Monday of the following week, we want it to be soon because people are going to, between today and the time we deal with this, more people are going to die, more destruction is going to happen. Our goal is to end this war as soon as possible but we need a little more time.

Caitlin McCabe (2:26)

Ukrainian see the proposal as a capitulation to Moscow as it would require Kiev to give up territory to Russia, block its ambitions to join NATO, and limit the size of its military. The talks come as President Volodymyr Zelensky continues to face political trouble at home due to a corruption scandal which has sparked fury across Ukraine. Both Hezbollah and the Israeli military have confirmed the death of a senior Hezbollah commander during a strike in Beirut yesterday. The Lebanese Health Ministry said five people were killed and a further 28 people injured in the attack in Beirut's southern suburbs. Israeli Prime Minister Benjamin Netanyahu said he had approved the strike, describing the senior commander, Hesam Ali Tabatabai, as Hezbollah's chief of staff. According to the US State Department, Tabatabai previously commanded the special forces in Yemen and Syria. The strike adds more pressure to the increasingly shaky ceasefire deal between the two countries, as Israel responds to what it says is Hezbollah's attempts to rebuild its ranks.

Global stock markets are kicking off a new trading week on more solid footing after a volatile downturn last week. Indexes in Asia and Europe are rising as are US stock futures, while Bitcoin has inched higher to trade above $85,000 again. At least part of that optimism is tied to rising expectations that the Federal Reserve could cut interest rates next month after New York Fed President John Williams said Friday that such a move may be warranted to bring rates closer to a neutral setting. Today's rebound is a welcome sign for investors and their portfolios after fears of an AI bubble sent the tech-focused NASDAQ composite falling 6.1% over the last three weeks. It's steepest such decline since April when fears about President Trump's tariffs took hold. This will be another busy week for Markets with the delayed release of the Producer Price Index, which is the Fed's preferred inflation gauge. Telus Demos, co-host of WSJ's Take On The Week podcast, says that there are a number of key earnings reports to watch as well.