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Ukraine Claims Russian Summer Offensive Falls Short of Strategic Goals

A firefighter works at the site of an apartment building hit during a Russian drone and missile strike, amid Russia's attack on Ukraine, in Zaporizhzhia, Ukraine in this handout picture released August 30, 2025. Ukraine’s armed forces have declared that Russia’s much-publicized summer offensive failed to secure full control of any major Ukrainian city, despite Moscow’s claims of significant territorial gains. Russian Chief of General Staff Valery Gerasimov stated that since March, Russian forces had captured over 3,500 square kilometers of territory and taken control of 149 settlements. However, Ukraine’s General Staff dismissed these figures as “grossly exaggerated,” asserting that no major urban centers were fully occupied by Russian troops. Military analysts note that Russia’s campaign, aimed at seizing the Donbas region and forcing Ukraine into concessions, devolved into a slow, attritional struggle rather than the decisive breakthrough Moscow had anticipated. While Russian ...
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ECB Holds Rates Steady Amid Trade Uncertainty and Inflation Stabilization

 


ECB Pauses Rate Cuts in July Decision

The European Central Bank (ECB) opted to keep its key interest rates unchanged during its July 2025 policy meeting, signaling a cautious approach amid ongoing global trade tensions and a stabilizing inflation outlook.

Key Highlights

  • Rates Held Steady:

    • Deposit Facility: 2.00%
    • Main Refinancing Operations: 2.15%
    • Marginal Lending Facility: 2.40%

  • Inflation at Target:
    Annual inflation in the eurozone reached the ECB’s medium-term target of 2% in June, prompting the bank to pause its rate-cutting cycle after eight consecutive reductions over the past year.

  • Economic Resilience:
    Despite geopolitical and trade uncertainties, the eurozone economy has shown resilience, supported by strong labor markets, rising wages, and increased public investment.

  • Trade Tensions Loom:
    The ECB cited the ongoing tariff negotiations between the EU and the U.S. as a major source of uncertainty. A potential 15% tariff on EU exports could impact growth and inflation, influencing future monetary policy decisions.

  • Forward Guidance:
    ECB President Christine Lagarde emphasized a “data-dependent and meeting-by-meeting” approach, with no pre-commitment to a specific rate path. The bank will reassess its stance in September when updated forecasts are available.

Market Reaction

The euro showed mild volatility following the announcement, trading slightly lower against the U.S. dollar. Investors are now watching closely for signs of further easing later this year, especially if trade negotiations falter or inflation dips below target.


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