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Putin is hosting Chinese President Xi Jinping and other leaders in Moscow
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Vladimir Putin is hosting Chinese President Xi Jinping and other leaders in Moscow for 80th anniversary celebrations of the victory over Nazi Germany in World War II.

They’ll join him for the annual May 9 Victory Day military parade on Red Square tomorrow, an event the Russian leader has used as an opportunity to bash the West in the past.

A rehearsal for the Victory Day military parade in Moscow yesterday. Photographer: Kirill Kudryavtsev/AFP/Getty Images

As President Donald Trump seeks a deal to end Russia’s war in Ukraine, the US and Europe will be watching closely to see if Putin offers a different message this year after resisting White House efforts to secure a ceasefire so far.

War has shaped Putin. Born in 1952, he has recounted how a brother he never knew died at age two as his parents endured the Nazi siege of Leningrad (now St. Petersburg).

Putin had a front-row view of the Soviet Union’s defeat in the Cold War as a KGB agent in East Germany. He’s spent the past 25 years as Russia’s ruler attempting to restore its superpower status.

Now his legacy as president is being defined by the war he started in Ukraine. It turned him into an accused war criminal and a pariah in the West, at least until Trump returned to the presidency and restored ties with Russia.

Much has gone wrong for Putin since he ordered the 2022 full-scale invasion, with Russia’s army suffering massive casualties and humiliating reverses as the US and Europe armed Ukraine with billions of dollars in weapons.

Yet Trump has made multiple concessions to Putin to try to seal a deal, including offering to recognize his illegal 2014 seizure of Crimea and to leave Moscow in de-facto control of occupied territory in eastern and southern Ukraine.

It all may allow Putin to declare himself a war victor to Russians at future Red Square parades. — Tony Halpin

Xi and Putin ahead of talks at the Kremlin today. Photographer: Evgenia Novozhenina/Getty Images

Global Must Reads

Trump is expected to announce the outline of a trade agreement with the UK today, as he faces political pressure to find an off-ramp from his plan to raise US tariffs to their highest level in a century. The US president signaled the deal he’ll discuss would be the first of many. Separately, the administration plans to rescind some Biden-era AI chip curbs as part of a broader effort to revise global semiconductor trade restrictions.

Poland’s prime minister pushed back against plans by Germany’s new Chancellor Friedrich Merz to tighten border controls with its European Union neighbors. Donald Tusk said his country won’t accept Berlin sending back migrants, saying the focus should rather be on reinforcing the bloc’s outside frontier.

The UK is drawing up plans to make it harder for migrants to get permanent residency in Britain. Taking a tougher stance on immigration has become a priority for Prime Minister Keir Starmer as he tries to respond to the electoral threat from Nigel Farage’s populist Reform UK party, which has been riding high in polls. Meanwhile, Starmer said British workers would benefit from plans to boost military spending.

India and Pakistan yesterday hit each other with military strikes for the sixth time since 1947, when Britain pulled out of the subcontinent and both nations won independence. Yet while militarily both countries have the ability to inflict untold damage, India has much more at stake in economic terms, with its surging gross domestic product now over eight times the size of Pakistan’s.

A protest in response to India’s military strikes in Karachi, Pakistan, yesterday. Photographer: Asim Hafeez/Bloomberg

Argentina’s Congress rejected a bill authored by President Javier Milei yesterday, leaving open the possibility that former leader Cristina Fernandez de Kirchner could again run for the nation’s top office. Known locally as ficha limpia, or “clean slate,” the bill would have effectively barred Fernandez de Kirchner and others convicted of corruption charges from running for or being appointed to any national office.

Denmark summoned the US ambassador in Copenhagen to discuss alleged espionage against Greenland amid a growing push to gain control of the Arctic island. 

Taiwan President Lai Ching-te warned that the territory and Europe are under threat from new totalitarian powers in a speech aimed at underscoring Taipei’s alignment with the West amid growing threats from China.

South African President Cyril Ramaphosa unveiled the second phase of a reform program aimed at firing up an economy that’s grown by an average of less than 1% annually over the past decade, with measures planned to fix dysfunctional municipalities and drive the adoption of digital technologies. 

The Trump administration’s purge of federal workers has impacted offices inside at least a dozen US government agencies that are responsible for fielding Freedom of Information Act requests. In all, it stands to jeopardize the public’s ability to access government documents. What questions do you have for Bloomberg’s senior investigative reporter and FOIA expert Jason Leopold? Join us for a Live Q&A on May 9 at 1pm EDT.

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Chart of the Day

The Philippines’ midterm election is putting investors on alert for any changes to government policies, as the global trade war exposes weaknesses in one of Asia’s fastest-growing economies. The Monday vote to pick 12 senators, more than 300 congressmen and almost 18,000 local officials comes as policymakers seek to boost investment and consumption. It will also be a crucial test for both President Ferdinand Marcos Jr. and his estranged Vice President Sara Duterte, who are backing competing candidates.

And Finally

Chinese electric vehicles are losing momentum in Europe, but the nation’s automakers are selling more cars than ever in the region with more deliveries of hybrids and combustion engine-powered models. The number of Chinese-brand cars registered across Europe hit record levels in the first three months of the year, according to figures provided by Dataforce. The monthly total hit an all-time high in March, although EVs were just 30% of registrations in the first quarter, the smallest portion since at least the start of 2020.

Workers assemble a BYD Dolphin compact hatchback electric vehicle in a plant in Thailand. Photographer: Valeria Mongelli/Bloomberg

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