‘Wars will only strengthen our faith': Clerics in Qom respond to US strikes
Days after the US struck key nuclear facilities across Iran, clerics in Qom - the province where Fordow Fuel Enrichment Plant is based - share their thoughts on the standoff between the two nations. CNN's Frederik Pleitgen reports.
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Fragile Middle East Truce Heightens Geo-political, Macroeconomic Risks, Including for Europe
Israel and Iran have agreed on a tenuous truce this week following the recent hostilities. Nevertheless, the risk of further regional escalation – and the possible effect on oil markets and international trade – remains given the lack of international consequences for Israel and the United States from their attacks on Iran and uncertainty over what impact the joint military action has had in curtailing Iran's nuclear activities. In addition, the shift by the US away from a traditional role as the post-war guarantor of international norms raises the risks of broader conflicts elsewhere. The issue is particularly acute for Europe considering the ongoing war in Ukraine where there are limited signs the Kremlin is interested in pursuing a full ceasefire or longer-lasting truce. In the longer run, the Iran-Israel crisis may raise the risk of nuclear proliferation in the Middle East and beyond. The crisis may furthermore accelerate increases in regional military expenditure just as NATO members themselves have agreed to increase defence spending to 5% of GDP – more than double a former target of 2%. Such heightened geo-political risk is a core downside risk highlighted by Scope Ratings (Scope)'s latest global macro and credit outlook, not least for Europe. Growth in the region remains more moderate than that of the United States and China while increasing defence budgets risk creating extra fiscal strain for sovereigns already struggling to cut budget deficits and reverse increasing public debt. Germany's stagnant performance this year should drag euro-area growth to a less-than-expected 1.1%, 0.5pps below Scope Ratings' October-2024 forecasts, before a slight rebound in 2026 to 1.5%. By contrast, US growth remains comparatively resilient even though Scope has nevertheless lowered its projections to 1.8% for 2025 from a previous projection of 2.7%. China's economic growth is forecast at a better-than-anticipated 4.8% this year, supported by the ambitious government target for this year of 'around 5%' economic growth and the recent temporary easing of US-China trade tensions. Inflation remains another potential source of economic weakness, including for Europe, given Scope Ratings' consistent view that borrowing rates are likely to stay relatively higher for longer, given the higher structural price pressures than before the pandemic. Here, Europe's dependence on energy imports continues to be a vulnerability, not least if oil prices stay volatile amid the heightened and unresolved tensions within the Middle East region. This means continued risks for inflation and external-sector balances globally – especially for significant energy importers, which, inside the EU, include economies such as Malta, Cyprus, Luxembourg, Belgium and Greece. 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Defense Secretary Pete Hegseth alleges that several media outlets, including CNN, are misrepresenting the Iran nuclear program in their coverage. Watch our montage of what he said and what we said.
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Donald Trump Makes Legal Threat To CNN And The New York Times Over Their Reporting On Iran Intel Assessment
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