
Global Express | September 25, 2026 — Danish Intelligence Warns Russia Could Strike a NATO Country Within Months
Today's Global Express: Denmark's defence intelligence warns Russia could strike a NATO member within months; Italy approves a decree banning face coverings in schools; and the UAE halts Iranian airline flights. Trump hosts Xi Jinping. US Treasury yields hit their highest since 2007 and mortgage rates top 7%. Starvation deepens in occupied southern Ukraine; El Nino could cause 451,000 heat deaths by February. New Jersey fines a data center $1.1M; the UN says rebuilding Gaza will cost $71.5B.
1. Danish Intelligence Warns Russia Could Strike a NATO Country Within Months
Source: CNBC
Denmark's Defence Intelligence Service (DDIS) said on Thursday that Russia could launch a "limited" military attack on a NATO member in the coming months, describing the risk as "low but growing" and saying the Kremlin appears more willing to take risks after more than four and a half years of war in Ukraine.
The report said Russia could carry out isolated long-range strikes on infrastructure critical to supporting Ukraine, aiming to divert European resources away from Kyiv and sow division within NATO if the alliance fails to agree on a collective response. DDIS said it saw no indications of an outright invasion but could not rule it out, adding that Russia could also send a limited number of troops — possibly without national insignia — into bordering NATO countries, though such a buildup would be hard to conceal and take months to prepare.
The assessment echoes warnings from European security officials in recent days. Poland's government said on Thursday that a fire at a Starlink ground station was an act of sabotage; Deputy Prime Minister Krzysztof Gawkowski said no culprit had been identified but that "many signs suggest this aligns with Russia's new doctrine of attack." Denmark's intelligence also warned that Russia will intensify hybrid warfare, including major cyberattacks and sabotage carrying a high risk of casualties.

2. Italy Approves Decree Banning Face Coverings in Schools and Capping Foreign Students
Source: Al Jazeera
Italy's government is moving ahead with plans to ban face coverings in schools and cap the number of foreign students in classrooms, with fines of up to $1,140 for breaches. Prime Minister Giorgia Meloni first outlined the changes on Sunday at a gathering of the youth wing of her Brothers of Italy (FdI) party, and on Thursday her cabinet adopted the decree-law, making burqas and niqabs in schools illegal and introducing a 30-percent cap on non-Italian speakers in classrooms from next year.
The decree-law takes effect immediately but must be ratified by parliament within 60 days. President Sergio Mattarella, who must also sign off, flagged this week that he was wary of placing barriers on education. Writing on X, Meloni called providing the "tools" to learn the Italian language and "stopping" burqas and niqabs in schools "common sense that do not divide."
Opponents say the government is using the rules to counter the growing appeal of the far-right National Future (FN) party led by former army general Roberto Vannacci ahead of next year's elections. Education Minister Giuseppe Valditara said the measure would affect about 1,000 classrooms, or roughly 0.3 percent of the nationwide total. Teachers' unions criticised a lack of consultation and resources, while school principals questioned how it would work in areas with large migrant populations.

3. UAE Bars Iranian Airlines as US Sanctions Squeeze Iran's Aviation Sector
Source: Al Jazeera
The United Arab Emirates has halted flights operated by Iranian airlines, joining several other countries in enforcing US sanctions aimed at pressuring Tehran's aviation sector. In a statement carried by the Emirati WAM news agency on Thursday, the General Civil Aviation Authority announced the suspension of all flights operated by Iranian airlines to and from the UAE, citing US sanctions that prevent them from using airports around the world.
The UAE joins Oman, Iraq, Azerbaijan, Georgia and Turkmenistan in restricting or suspending access for Iranian carriers. Dubai is a major destination for Iranian airlines, with multiple daily flights, a large Iranian community and close business ties. According to AFP, an Iran Airtour flight from Tehran to Dubai was cancelled shortly before its scheduled departure on Thursday morning, after tickets had already been issued.
The UAE suspended trade and financial exchanges with Iran last month; on Wednesday its central bank blocked transactions involving Iran's Bank Melli. The US Treasury announced sweeping sanctions on Iran's aviation sector earlier this month, targeting 27 airlines and dozens of supporting companies. A spokesman for Iran's Civil Aviation Organization, Majid Akhavan, said diplomatic and aviation talks are under way to remove the restrictions and restore flights.

4. Trump Rolls Out the Red Carpet for Xi Jinping, a Stark Contrast to His Past Rhetoric
Source: NBC News
Though he has accused China of meddling in US elections and plundering its wealth, President Donald Trump showered China's leader, Xi Jinping, with tributes and affection during their White House summit this week. On Wednesday, Trump met Xi on the tarmac at Joint Base Andrews in Maryland rather than wait at the White House — the first time he has shown a visiting world leader that courtesy. The two leaders walked side by side down a 100-foot-long red carpet after Xi's plane landed, and another red carpet was laid out on Thursday morning when Xi and his wife, Peng Liyuan, arrived at the White House.
On Thursday evening, Trump feted Xi at a state dinner featuring sesame-crusted sea bass and braised bok choy, with a dessert of vanilla cremeux and honey ice cream. At the dinner, Trump said the two leaders "represent different systems" but that "the ties between our people endure," and he gave his guest a statue of a bald eagle as a gift.
Trump, who has long believed that personal relationships are key to managing geopolitical tensions, set out to charm the Chinese leader. Xi struck a cordial tone, saying he and Trump had developed a "personal rapport." Xi also announced that China will soon send two giant pandas, Ping Ping and Fu Shang, to the Atlanta zoo.

5. US Treasury Yields Edge Higher as Global Bond Rout Slows
Source: CNBC
US Treasury yields inched higher on Friday as recent selling pressure intensified following hawkish Fed commentary and stronger-than-expected economic data. The benchmark 10-year note was up less than one basis point at 5.17%, after reaching its highest level since June 2007 on Thursday; the 30-year bond was flat at 5.463%, after surging to levels not seen since 2004; and the 2-year note was little changed at 4.899%.
A global bond selloff this week pushed Japanese government bonds, UK gilts, German bunds and other eurozone bonds to fresh highs, though eurozone and Japanese yields edged lower on Friday. Treasury yields have been driven higher by hawkish comments from Fed Governor Michael Barr, who said on Wednesday that "further policy adjustments" can be expected to bring inflation to target, as well as stubbornly high oil prices and a purchasing managers' index reading at its highest in more than four years. Traders last priced in a nearly 71% chance of a rate hike in October, according to the CME FedWatch tool.
On Friday, investors will watch the University of Michigan consumer sentiment report and durable goods data. ING's Padhraic Garvey and Benjamin Schroeder wrote that enough rate-hike fears are now discounted to cover perceived inflation risks, but that "government bond yields are primed to remain under pressure on a pure debt dynamic theory."

6. US Mortgage Rates Top 7% for the First Time in 20 Months
Source: The Guardian
US mortgage rates surpassed 7% for the first time since January 2025, according to the federal lender Freddie Mac, aggravating a housing market that has endured years of high interest rates and low supply. The increase follows the Federal Reserve's first rate hike since 2023, citing high inflation. On 16 September the Fed raised rates by a quarter of a point to a range of 3.75% to 4%; in new projections, a majority of its rate-setting committee predicted at least one more hike before year-end.
Last year the Freddie Mac 30-year rate had been trending down from 7.79%, a generational high reached in late 2023, but rates have crept back up since late February, when the US and Israel launched their war with Iran. The conflict drove inflation to its highest in three years and sharply raised energy prices; Brent crude topped $105 earlier on Thursday. On Thursday the 10-year Treasury yield also reached its highest since July 2007, while the 30-year yield hit its peak since 2004.
Anthony Smith, a senior economist at Realtor.com, said "a 7% handle is as much psychological as mathematical," arriving at the point in the season when leverage usually shifts toward buyers. High rates are just one reason Americans struggle to buy homes, with wages failing to keep pace with inflation. Nearly three-quarters of Americans disapprove of Trump's handling of the economy, per a CNN poll by SSRS, and two-thirds of registered voters rate the economy as "extremely important" to their vote.

7. Starvation Deepens in Occupied Southern Ukraine as Residents Flee on Foot
Source: ABC News
One Ukrainian official told ABC News that Oleshky, a southern Ukrainian city under Russian occupation since 2022, has become "hell on earth," as thousands of remaining residents face starvation and hundreds flee through a war zone littered with mines and bodies. Oleshky lies close to the eastern bank of the Dnipro River, which since Ukraine's liberation of Kherson in the fall of 2022 has formed the frontline between Ukrainian and Russian forces in the south.
Tetiana Hasanenko, who heads the Oleshky Military Administration from the western side of the Dnipro, told ABC News that the area's prewar population of around 40,000 has fallen to as low as 6,000, with only about 2,000 remaining in Oleshky city. "We are not talking about them surviving the winter," she said. Messages from residents describe careful rationing of remaining food, a chronic shortage of medicine and moving from one abandoned house to the next to escape drone attacks and Russian troops.
Kseniia Arkhipova, a volunteer on the Ukrainian-controlled side who helps coordinate those hoping to flee, said a recent collapse in food supplies prompted a new wave of evacuees. Russia blamed Ukraine's forces for an attack on a food convoy heading to the city on Sept. 1, while Kyiv blamed Moscow's troops. "They were blown up. And then they were shot," she said, adding that drivers then walked 100 kilometers. After that, more locals began leaving the only way they could — on foot. "Because there is simply nothing to eat," she said.

8. Super-Sized El Nino Could Cause More Than 450,000 Heat Deaths by February, Study Says
Source: ABC7 Los Angeles
Nearly half a million people worldwide could lose their lives by February due to El Nino-driven extreme heat, according to a sobering new report. El Nino, a natural climate pattern that typically ramps up global temperatures, has now crossed into super-sized territory and is on its way to becoming record-breakingly strong. Combined with the global warming the planet is already experiencing from fossil fuel pollution, the heat consequences could be devastating, according to the analysis from the Climate Impact Lab, headquartered at the University of Chicago, published on Wednesday.
The report estimates the heat from El Nino could take 451,000 lives between June 2026 and February 2027, on top of the usual number of heat-related deaths. Researchers believe the figure is likely to rise, since El Nino is expected to last until the Northern Hemisphere spring. "This is such a large number that it can be numbing, but it is made up of parents and children, grandparents and neighbors, people going to work, caring for families, and living their lives," said report author Michael Greenstone, a co-founder of the Climate Impact Lab and an economics professor at the University of Chicago.
Scientists project El Nino will push global land temperatures 1.2 degrees Celsius above normal in the coming months, leading to 44% more days of extreme heat than in a normal year. The regions expected to be most affected are overwhelmingly in the Global South: Nigeria is projected to see the most heat deaths, at 31,400, with Indonesia, Sudan, India and Brazil also at high risk, while the United States is in the top 20 with a projected 3,500 deaths. The report has not yet been peer-reviewed but uses peer-reviewed methodology. It recommends early heat warnings, health action plans, cooling and hydration centers and expanded healthcare coverage.

9. New Jersey Fines Data Center $1.1M After Drone Footage Exposes 62 Gas Generators
Source: Ars Technica
This week New Jersey ordered the operator of one of the East Coast's largest planned data centers to pay a $1.1 million fine for secretly installing and operating gas generators in violation of the state's Air Pollution Control Act. DataOne was fined after an August investigation by The Guardian and Floodlight News shared thermal drone footage showing that 45 of its 62 gas generators were operating. None had the permits required for generators with 37-kilowatt capacity or higher, despite running at 1,982-kw capacities more than 50 times higher than the state limit.
New Jersey Department of Environmental Protection officials said the state tracks such generators because they emit "carbon dioxide, nitrogen oxides, carbon monoxide, and other combustion-related pollutants" that can worsen asthma, trigger heart attacks and cause early deaths. DEP Commissioner Ed Potosnak called it "by far the largest ever taken against a data center in New Jersey" and vowed that data centers would not be "constructed or operated with impunity in this state."
The state's action does not immediately ease residents' concerns. DataOne was given 45 days to apply for the permits or cease operations, but it can continue operating the engines while seeking them. Nichole Gardner, co-chair of the local nonprofit Sustain SJ, told Ars that the penalty is "insufficient, both in dollar amount and enforcement." In a statement to The New York Times, DataOne said it would apply for the air permits, "disagreed" with the fine and would ultimately transition to low-emission, quiet fuel cells. Residents worry the data center is powering Microsoft's AI tools such as Copilot.

10. UN Report: Rebuilding Gaza Will Require About $71.5 Billion
Source: Xinhua (via Xiamen Net)
A report released by the UN Conference on Trade and Development (UNCTAD) on September 24 said the Palestinian economy and public finances face severe pressure, estimating that Gaza's recovery and reconstruction will require about $71.5 billion. The report said Israel's prolonged occupation constrains Palestinian economic development, and that the economic cost of the occupation has risen sharply since the latest Israel-Hamas conflict erupted in October 2023.
The report said Palestinian GDP grew 4.3% in 2025 after a sharp contraction in 2024, but remained 20% below its 2022 level. Since October 2023, hundreds of thousands of jobs have been lost in the occupied Palestinian territory, with cumulative labour income losses estimated at $2.8 billion. Displacement in the West Bank has worsened: 38 Palestinian communities have been vacated since 2023, and the number displaced in the first quarter of 2026 exceeded all of 2025.
Gaza's economy is especially dire: 92% of economic entities have been damaged or destroyed since October 2023; Gaza's GDP per capita in 2025 was $212, or about $0.58 per person per day, just 17% of its 2022 level; and unemployment stood at 78%, with more than 90% of the working-age population out of work. Citing an assessment by the World Bank, the EU and the UN, the report put physical infrastructure damage in Gaza at $35.2 billion and economic and social losses at $22.7 billion as of early 2026, and listed three priorities: handing over withheld Palestinian revenue, stabilizing the banking system and providing reconstruction support.
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