Russia launched an overnight strike on Ukraine’s energy infrastructure, causing power outages for at least 600,000 residents in the Kyiv and Kharkiv regions, according to President Volodymyr Zelenskyy.

Zelenskyy said there was extensive damage to 26 power system facilities and four oil and gas installations, as posted on X.

He said the missile attack on the energy sector was deliberate and large‑scale, noting that it contradicted the supposed energy ceasefire announced by President Donald Trump on Sunday.

Zelenskyy emphasized that the strike was meant to show disrespect toward the United States, something Russia had not done before.

The assault follows accusations from the Ukrainian president that Russia breached Trump’s proposal for both sides to halt attacks on each other’s energy facilities in order to lower oil and diesel prices.

Initially, both Russian and Ukrainian officials denied any knowledge of an energy ceasefire, but Ukraine has welcomed the concept while Russia says negotiations are continuing without confirming an agreement.

Foreign Minister Sergey Lavrov stated that, regarding the agreement’s status, they refer to Zelenskyy’s reaction, adding that Zelenskyy claimed he had not heard of such an agreement, welcomed clarification, and was open to a ceasefire, according to the Russian Ministry of Foreign Affairs.

This is breaking news; please refresh for updates.

BANGKOK — To combat inflation hitting three-year peaks, the Philippine central bank is preparing for a catastrophic “Godzilla” El Niño alongside a persistent oil price shock.

Governor Eli Remolona explained that the Bangko Sentral ng Pilipinas is now utilizing scenario-based policy planning that accounts for weather severity and oil costs. Speaking Wednesday during a panel at the IMF and World Bank annual meetings in Bangkok, he distinguished between a standard El Niño and the “Godzilla” version, which he described as being significantly more damaging.

Remolona warned that the peak impact on pricing is likely between November and February, emphasizing that the central bank’s primary goal remains maintaining price stability.

“We’re holding our breath,” he remarked, “but we have to be prepared for the worst.”

These weather threats are placing additional strain on a highly susceptible Southeast Asian economy. Data from the Philippine Statistics Authority shows inflation climbed to 7.2% in September, up from 6.1% in August, driven partly by an 18% surge in rice costs.

As the top global importer of rice, the Philippines faces significant food security risks. Agriculture Secretary Francisco Tiu Laurel has cautioned that new droughts could deplete local supplies.

Increased imports from the Philippines may further strain a global market already impacted by export restrictions and El Niño. This trend is reflected in the UN Food and Agriculture Organization’s rice price index, which has risen for six straight months to its highest level in 20 months.

In an effort to control rising prices, the central bank increased its benchmark interest rate by 25 basis points to 5% in August.

In a note released Wednesday, HSBC Bank’s senior ASEAN economist Aris Dacanay suggested that the BSP will likely implement another 25-basis-point increase to 5.25% next week, followed by a similar hike in December.

This content is blocked because you are not allowing cookies.

To view this content, click on Cookie Preferences here or at the bottom of the page to allow all cookies.

Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC’s Daily Open.

Taiwan has agreed to purchase 30% of gas sourced from a proposed liquefied natural gas project in Alaska, according to U.S. President Donald Trump.

The latest economic data coming out of Asia on Wednesday offers clues to the region’s growth outlook, with China’s producer prices rising at its fastest pace in over four years.

Meanwhile, over in Europe, the U.K. is set to host Ukrainian President Volodymyr Zelenskyy.

What you need to know today

U.S. President Trump said at a rally that Taiwan has agreed to purchase 30% of gas sourced from a proposed liquefied natural gas project in Alaska, adding that the deal “guarantees a success.”

Trump has been increasing pressure on South Korea to participate in the project, cautioning earlier that he would charge the country more and threaten to double charges if Seoul failed to sign soon. South Korean media outlets speculated that Trump was referring to higher tariffs.

Zelenskyy to meet UK Prime Minister

U.K. Prime Minister Andy Burnham is set to host Ukrainian President Volodymyr Zelenskyy as European leaders rally to show support for the country. Zelenskyy will reportedly meet with EU leaders on Friday, on the second day of the European Council summit.

Burnham is expected to tell Zelenskyy that he has asked his ministers to draw up further sanctions, military support and fiscal packages to provide urgent support in the coming weeks.

It comes after Russia unleashed an attack on Ukrainian energy infrastructure overnight, leaving at least 600,000 people without power in the Kyiv and Kharkiv regions.

ASML results

ASML, a bellwether for the global chip industry, posted its third-quarter results on Wednesday. The Dutch semiconductor equipment maker said that some of its customers are expressing interest in placing orders for its critical semiconductor tools for 2029 and 2030 as AI demand remains buoyant.

The comments will likely comfort investors who have been looking to assess the longer-term demand outlook for ASML’s lithography machines.

Asia’s economic data

On Wednesday, traders continue to digest the latest economic data coming out of Asia, as they look for clues about the region’s economic outlook.

China’s producer prices in September rose at its fastest pace in over four years, due to higher fuel prices driving costs up for businesses.

Data out of Singapore on Wednesday showed that GDP growth softened to 5.4% in the third quarter, after hitting a four-year high in the prior quarter. A decline in the city-state’s manufacturing sector contributed to the slowdown, though this was offset by an expansion in the construction sector.

Over in the Philippines, the country’s central bank is bracing itself for a “Godzilla” El Niño, which is exacerbating the effects of a prolonged oil shock, as it tries to tame inflation from three-year highs.

Meanwhile, Korean automaker Hyundai Motor revealed it is planning a “strategic” $15.5 billion investment in the country by 2032. The company said India is a strategic core market to the firm’s emerging-market growth and expansion plans.

Higher oil prices weigh on sentiment

In the oil markets, Brent and WTI prices rose Wednesday amid concerns over supply disruptions as tensions in the Middle East continue to heat up between Iran-backed Houthis and Saudi Arabia.

And finally…

Judge indefinitely blocks Trump White House from banning 3 media outlets

A federal judge in Washington, D.C., late Tuesday night issued an order indefinitely blocking the White House from enforcing the ban on three media outlets announced by President Donald Trump in mid-September.

The preliminary injunction by Judge Timothy Kelly extends his existing block on Trump’s ban of MS NOW, CNN and Politico from the White House complex.

Kelly, in a written opinion, said the three outlets were likely to succeed on a claim in their lawsuit challenging the ban that they were denied due process by Trump having summarily ordered them barred from the White House without a chance to argue against that action first.

— Dan Mangan

This content is blocked because you are not allowing cookies.

To view this content, click on Cookie Preferences here or at the bottom of the page to allow all cookies.