IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,409.65 ▼ 0.18% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL5.07▼ 0.14% USD/MXN17.41▲ 0.16% USD/CLP925.20▼ 0.09% USD/COP3,218▼ 1.28% USD/PEN3.39▲ 0.12% USD/ARS1,475▲ 0.32% USD/UYU40.15▲ 1.04% USD/PYG6,039▲ 1.28% USD/BOB10.65▲ 5.99% USD/DOP58.36▲ 0.10% USD/CRC447.49▲ 0.88% USD/GTQ7.62▲ 2.09% USD/HNL26.73▼ 0.01% USD/NIO36.62▲ 0.34% USD/VES725.63▲ 0.11% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.48▼ 0.01% USD/TTD6.76▲ 1.32% EUR/BRL5.82▲ 0.14% BRENT 84.52 ▼ 0.51% WTI 79.49 ▼ 0.14% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.55% GOLD 4,037 ▼ 0.19% SILVER 57.17 ▲ 0.10% SOY 1,204 ▲ 0.17% CORN 471.25 ▲ 5.31% WHEAT 687.50 ▲ 1.48% COFFEE 305.00 ▼ 8.81% SUGAR 14.74 ▼ 0.74% ORANGE JUICE 140.45 ▲ 0.14% COTTON 80.74 ▲ 0.22% COCOA 6,061 ▲ 7.08% BEEF 226.00 ▼ 2.34% CATTLE 349.95 ▲ 0.33% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.60 ▲ 0.73% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 177.25 ▼ 1.47% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,136 ▼ 0.89% ETH 1,891 ▼ 1.33% SOL 76.28 ▼ 1.27% XRP 1.11 ▼ 0.53% BNB 577.06 ▼ 0.52% ADA 0.16 ▼ 1.76% DOGE 0.07 ▼ 1.28% AVAX 6.59 ▼ 1.58% LINK 8.45 ▼ 1.00% DOT 0.84 ▼ 1.11% LTC 44.76 ▼ 0.81% BCH 224.00 ▲ 0.38% TRX 0.32 ▼ 0.26% XLM 0.19 ▲ 0.71% HBAR 0.07 ▼ 0.88% NEAR 2.04 ▼ 1.26% ATOM 1.54 ▼ 0.93% AAVE 94.32 ▼ 1.58% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40% IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,409.65 ▼ 0.18% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL 5.07 ▼ 0.14% USD/MXN 17.41 ▲ 0.13% USD/CLP 925.20 ▼ 0.15% USD/COP 3,218 ▼ 1.28% USD/PEN 3.39 ▲ 0.12% USD/ARS 1,475 ▲ 0.32% USD/UYU 40.15 ▲ 1.04% USD/PYG 6,039 ▲ 1.28% USD/BOB 10.65 ▲ 5.99% USD/DOP 58.36 ▲ 0.10% USD/CRC 447.49 ▲ 0.88% USD/GTQ 7.62 ▲ 2.09% USD/HNL 26.73 ▼ 0.01% USD/NIO 36.62 ▲ 0.34% USD/VES 725.63 ▲ 0.11% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.48 ▲ 0.31% USD/TTD 6.76 ▲ 1.56% EUR/BRL 5.82 ▲ 0.14% BRENT 84.52 ▼ 0.51% WTI 79.49 ▼ 0.14% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.55% GOLD 4,037 ▼ 0.19% SILVER 57.17 ▲ 0.10% SOY 1,204 ▲ 0.17% CORN 471.25 ▲ 5.31% WHEAT 687.50 ▲ 1.48% COFFEE 305.00 ▼ 8.81% SUGAR 14.74 ▼ 0.74% ORANGE JUICE 140.45 ▲ 0.14% COTTON 80.74 ▲ 0.22% COCOA 6,061 ▲ 7.08% BEEF 226.00 ▼ 2.34% CATTLE 349.95 ▲ 0.33% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.60 ▲ 0.73% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 177.25 ▼ 1.47% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,136 ▼ 0.89% ETH 1,891 ▼ 1.33% SOL 76.28 ▼ 1.27% XRP 1.11 ▼ 0.53% BNB 577.06 ▼ 0.52% ADA 0.16 ▼ 1.76% DOGE 0.07 ▼ 1.28% AVAX 6.59 ▼ 1.58% LINK 8.45 ▼ 1.00% DOT 0.84 ▼ 1.11% LTC 44.76 ▼ 0.81% BCH 224.00 ▲ 0.38% TRX 0.32 ▼ 0.26% XLM 0.19 ▲ 0.71% HBAR 0.07 ▼ 0.88% NEAR 2.04 ▼ 1.26% ATOM 1.54 ▼ 0.93% AAVE 94.32 ▼ 1.58% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40%
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10 Key Military and Defense Developments (December 2–7, 2025)

By · December 7, 2025 · 5 min read

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The week was shaped by a huge Russian strike on Ukraine’s energy grid, a parallel Ukrainian drone campaign against Russian ports, and intense U.S.–brokered peace diplomacy.

At the same time, Europe moved ahead with a long-range missile shield and looser export rules, while Washington pushed allies to take over more of NATO’s conventional defence.

Further afield, China deepened security ties with Russia and pushed its military presence further into the Pacific, prompting sharper reactions from Australia and Japan.

New fighter and submarine projects in Europe and the Middle East signalled how defence industries are re-wiring for long, contested rivalries.

1. Russia launches massive drone-and-missile barrage on Ukraine (Dec 5–6)

On the night of December 5–6, Russia fired more than 650 drones and 51 missiles at targets across at least eight Ukrainian regions, hitting power plants, rail hubs and other infrastructure.

Blackouts and heating cuts spread in cities such as Odesa and Kremenchuk, and the attack forced nuclear plants to reduce output as operators switched to emergency procedures. Polish jets were scrambled as a precaution, highlighting spillover risks along NATO’s eastern flank.

Summary: The strike shows Russia is still ready to spend large stockpiles of missiles and drones to pressure Ukraine’s civilians and energy system while talks continue.

2. Peace talks and bombardment move in parallel over Ukraine (Dec 2–7)

As the barrage hit, U.S. envoy Keith Kellogg said a peace deal with Russia was “really close,” after several days of talks in Miami and follow-up contacts in Kyiv.

President Volodymyr Zelensky reported “constructive” calls with U.S. negotiators, but European leaders prepared their own summit in London to push back against any settlement that trades Ukrainian territory for vague guarantees.

Kyiv’s message remained that a “bad peace” could invite a larger war later.

Summary: Diplomacy is accelerating, but the combination of heavy Russian strikes and deep territorial questions makes any deal politically explosive for Ukraine and its allies.

10 Key Military and Defense Developments (December 2–7, 2025)
10 Key Military and Defense Developments (December 2–7, 2025)
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3. Ukraine steps up drone pressure on Russian ports and energy sites (Dec 5–6)

In the early hours of December 5, Ukrainian drones struck Russia’s Azov Sea port of Temryuk, triggering fires at facilities that handle oil products, liquefied gas and other commodities.

The same night, separate strikes hit an oil refinery in Syzran, deep inside Russia, causing further blazes and disruptions. Moscow said its air defences shot down dozens of drones but confirmed damage at both sites.

Summary: The attacks show Ukraine can now reach deeper into Russia’s energy and logistics infrastructure, raising costs for Moscow far from the front line.

4. China and Russia hold joint anti-missile drills on Russian soil (early Dec)

China’s defence ministry confirmed in early December that Chinese and Russian forces carried out their third joint anti-missile exercise on Russian territory.

The drills focused on missile defence and were officially described as not aimed at any third country, but they follow earlier joint activities in the Sea of Japan and a “no-limits” partnership agreement signed before the 2022 invasion of Ukraine.

Both capitals link this cooperation to concerns over U.S. plans for a global missile shield and potential renewed nuclear testing.

Summary: Regular joint anti-missile drills underline how Beijing and Moscow are slowly knitting together elements of their strategic defence against U.S. missile and nuclear policies.

5. U.S. sets 2027 deadline for Europe to lead NATO’s conventional defence (Dec 5)

Pentagon officials told European counterparts that by 2027 they expect European allies to provide most of NATO’s conventional capabilities, from ground forces to key missile and intelligence assets.

If that benchmark is not met, Washington may scale back its role in some NATO coordination mechanisms, though details remain vague.

European officials accept the need to spend more but question whether industrial capacity and politics will allow them to hit such an ambitious date.

Summary: The deadline raises pressure on Europe to turn defence promises into hard capabilities or risk a thinner U.S. security umbrella in the next few years.

6. Germany activates Arrow 3 long-range missile shield (Dec 3)

On December 3, Germany put the first Arrow 3 battery on duty at a base south of Berlin, becoming the first country outside Israel to deploy the system.

The exo-atmospheric interceptor is designed to stop long-range ballistic missiles at very high altitude and will form a key pillar of Europe’s emerging missile shield alongside Patriot and IRIS-T.

Berlin plans to expand Arrow 3 to several sites and integrate it into NATO’s wider air-and-missile-defence network.

Summary: Arrow 3 gives Germany and its neighbours a new layer of protection against long-range missiles, signalling that Europe is treating this threat as structural, not temporary.

7. Switzerland relaxes long-standing arms-export restrictions (Dec 3–4)

The Swiss parliament approved changes to the War Materials Act that will make it easier for domestic firms to export weapons and components to a group of mainly Western countries.

The new rules also loosen some re-export restrictions that had blocked allies from passing Swiss-made ammunition and parts to Ukraine.

Supporters argue the shift is needed to keep Swiss defence companies competitive, while critics say it erodes the country’s traditional neutrality.

Summary: Switzerland is edging away from its strictest neutrality practices in order to keep its defence industry alive in a more militarised Europe.

8. Russia begins building Su-35 fighters for Iran under multi-billion-dollar deal (reported Dec 2)

Leaked Russian defence correspondence and follow-up reporting indicated that Russian factories have started producing the first 16 Su-35 multirole fighters for Iran under a deal worth well over $6 billion.

The documents point to deliveries running through 2027 and suggest additional batches could follow, potentially giving Tehran dozens of advanced jets after years of relying on aging aircraft.

Analysts warn the move could shift air-power balances across the Gulf and eastern Mediterranean.

Summary: Concrete progress on the Su-35 deal turns Russia–Iran military cooperation into a long-term structural factor in Middle Eastern air warfare.

9. China’s Pacific reach prompts warnings from Australia and radar incidents with Japan (Dec 2–6)

In a December 2 speech, Australian Foreign Minister Penny Wong warned that China is projecting military power “further and more frequently” into the Pacific without the transparency neighbours expect.

Days later, Japan protested after Chinese carrier-borne jets allegedly locked fire-control radar on Japanese aircraft near Okinawa, an incident Tokyo called dangerous and unprecedented.

Canberra and Tokyo both stressed the need for calm but also pledged to deepen security cooperation.

Summary: Expanded Chinese presence from the Pacific Islands to waters near Okinawa is pushing U.S. allies to tighten their own defence ties and prepare for more frequent close encounters.

10. Turkey starts building its first indigenous submarine and lands new export deal (Dec 4)

Turkey’s defence ministry announced that construction has begun on the country’s first fully indigenous submarine, known as MILDEN, at the Gölcük shipyard.

Ankara also confirmed its first sale of a domestically produced corvette to a NATO ally, Romania, marking a milestone for its shipbuilding industry.

Both moves are part of a wider push to reduce reliance on foreign suppliers and position Turkey as a competitive naval exporter.

Summary: Indigenous submarine work and new export contracts show Turkey turning naval modernisation into a tool for strategic autonomy and defence-industry growth.

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