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The latest Bank of America Fund Manager Survey shows a record rotation from US to European equities, driven by Germany’s fiscal stimulus and rising defence spending. A net 60% of investors expect stronger European growth, marking a sharp sentiment shift.

Ukraine became the world’s largest importer of major arms in the period 2020–2024, with its imports increasing nearly a hundredfold compared with 2015–19. The country has also reformed its own arms industry, ramping up production since Russia’s full-scale invasion.

Madagascar is in the grip of harsh climate change and after five years of extreme drought in the south it’s now enduring a chronic food crisis.