Snapshots

Australia

Opposition Leader Peter Dutton concedes defeat during a Liberal Party election night event on May 3, 2025, in Brisbane, Australia. 

Politics

The collapse of the center-right Liberal-National Coalition (LNC) will grant the ruling Labor Party freer rein to implement energy transition, industrial investment and fiscal reform policies.

Collapse of Australia's Conservative Coalition Reshapes Political Landscape, Further Empowers Labor

United States

China

Philippines

Supporters of Philippine President Ferdinand Marcos Jr. attend a campaign rally in Mandaluyong, the Philippines, on May 9, 2025, ahead of the midterm elections. 

Military & Security

President Marcos' diminished Senate majority could slow defense deals in the short term and tilt foreign policy back toward neutrality or a China-friendly stance in the long term.

Midterm Elections Deal a Blow to the Philippines' U.S.-Friendly President

India

Pakistan

Indian soldiers pay respect during a wreath-laying ceremony for a soldier who was killed during a cross-border firing between India and Pakistan, in Jammu on May 12, 2025. 

While the near-term threat of severe escalation has waned, ongoing tensions over thorny issues like Kashmir and water-sharing will sustain the risk of cross-border flare-ups.

Amid India and Pakistan's Tenuous Ceasefire, Future Flare-Ups Remain Possible

Containers are seen at China's Lianyungang port in eastern Jiangsu province on May 1, 2025. 

Economics

Global Trade

U.S.-China Relations

Although the U.S.-China trade deal will bring short-term economic relief, negotiations over a broader agreement will remain fraught, particularly since the rapid reduction of U.S. tariffs will embolden China to implement strong retaliation when talks falter.

Despite Tariff Reprieve, a Broader U.S.-China Deal Will Remain Elusive

Romania

Presidential candidate George Simion is shown on a screen addressing his supporters at the campaign headquarters of their candidate after polls closed on May 4, 2025 in Bucharest, Romania.

Far-right candidate George Simion's first-round win in Romania's presidential race highlights rising anti-establishment sentiment and uncertainty over the country's political and Western trajectory ahead of a tense May 18 runoff.

Romania Faces Turmoil After Far-Right Win in Presidential First Round

Canada

Canadian Prime Minister and Liberal Party leader Mark Carney speaks to his supporters in Ottawa, Canada, on April 29, 2025, after winning the country’s early general elections. 

Global Elections

Canada's newly elected Liberal government, led by Prime Minister Mark Carney, is poised to tackle an economic slowdown with tax cuts, domestic industry protection, and closer ties to Europe despite falling just short of a parliamentary majority.

Liberals Win Canada Election, but Minority Government Will Complicate Legislation

Russia

People walk past an electronic panel, promoting the contract service in the Russian armed forces, with a sign that reads "Our profession is to defend the Fatherland" in a shopping mall on May 11, 2024, in Moscow, Russia. 

Russia is signaling it may welcome back Western companies, but strict conditions, ongoing sanctions and reputational risks are likely to deter a widespread return.

Russia Opens Door to Western Firms, But With Major Strings Attached

France

United Kingdom

Ukraine

U.S. Special Envoy Steve Witkoff (2 L) and U.S. Secretary of State Marco Rubio (C) attend a meeting with European and Ukrainian officials on April 17 at the Elysee presidential palace in Paris.

Russia-Ukraine Conflict

Ukraine will be forced to choose between compromising on its supposed red lines to de-escalate its war with Russia, or risk losing U.S. support and its battlefield position. 

Growing U.S. Pressure for a Peace Deal Puts Ukraine in a Difficult Position

Kuwait

Kuwaiti traders follow the stock market activity at the Boursa Kuwait stock exchange building in Kuwait City on April 7, 2025. 

Energy

The law will enable external borrowing to finance the country's deficits and Vision 2035 investments, but Kuwait's growing reliance on debt markets to increase capital expenditure could eventually prove problematic. 

After Eight Years of Gridlock, Kuwait Finally Passes a New Debt Law

Argentina

Aerial view of 9 de Julio Avenue in Buenos Aires, Argentina, is seen on April 10, 2025, during a 24-hour strike called by workers' unions against the economic policies of President Javier Milei. 

The $20 billion bailout package will reduce financial risks amid Argentina's ongoing macroeconomic adjustment, but the threat of policy slippage will increase ahead of the 2027 presidential election.

What To Make of Argentina's Latest IMF Deal

South Africa

Democratic Alliance leader John Steenhuisen holds a press conference in Johannesburg, South Africa, on Jan. 28, 2025.

Rising tensions between the ruling ANC and its key coalition partner over the 2025 budget are raising the risk of a coalition breakdown, which would threaten policy paralysis and a marked depreciation of the rand.

What the Democratic Alliance's Exit From Government Would Mean for South Africa

Cranes unload shipping containers from a ship at a port in Qingdao, in eastern China's Shandong province, on April 2, 2025. 

The timing and scope of Beijing's retaliatory measures signal a significant escalation of its trade war with Washington, which may nonetheless increase the long-term chance of a trade deal.

China Abandons Restraint With Latest Trade Salvo Against the U.S.

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