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Ukrainian President Volodymyr Zelenskiy has called for months for more powerful weapons to deploy against Russia’s invading forces, and he w [View in browser]( [Bloomberg]( Follow Us [Get the newsletter]( Ukrainian President Volodymyr Zelenskiy has called for months for more powerful weapons to deploy against Russia’s invading forces, and he will press his case directly today to the leaders of allies including the US, UK, France and Germany. He may find his requests continue to be met with high caution. The barrage of missiles that Russia unleashed on multiple cities across Ukraine yesterday (with some follow-up strikes today) was telling of the even darker turn that President Vladimir Putin is taking in a conflict that is nearing the eight-month mark. Key reading: - [Putin Threatens More Missile Attacks on Ukraine as Cities Hit]( - [Biden Condemns ‘Utter Brutality’ of Russian Strikes on Civilians]( - [China Expresses Concern on Ukraine After Russian Missile Strikes]( - [Ukraine’s Allies Can’t Get Arms Fast Enough as Stockpiles Shrink]( - [Eight Years of Fighting Hardened Ukraine’s Army Into a Winner]( - Follow our rolling coverage of the war in Ukraine [here](. Having annexed a swath of Ukrainian territory and as he mobilizes hundreds of thousands more Russian men (and as his military regroups again in neighboring ally Belarus), Putin is digging in. He needs to defuse the growing shrieks from hardliners at home who are unhappy with the endless setbacks for Russian troops on the ground. Putin is also warning of potential escalation including the use of nuclear weapons, although there is no sign he is mobilizing his atomic arsenal. All of that leaves some of Ukraine’s allies leery about actions that might be viewed as a direct provocation by the Kremlin. Especially sending Ukraine more advanced weaponry including NATO-standard tanks, or fighter jets, or the ATACMS long-range missile system. Zelenskiy says he needs such arms to back Russia into a corner before winter sets in and brings muddy conditions that make fighting more difficult. He says Ukraine has the advantage and needs to press it. But that is the very dilemma for the US and others — with Putin on the back foot, would such weapons be seen as NATO confronting Moscow? Expect Group of Seven leaders to pledge continued unity and support for Ukraine, as well as to maintain financial and military aid. But they may remain wary about the big-bang weapons that Zelenskiy says he needs the most. — [Rosalind Mathieson]( Firefighters at the scene of a Russian missile attack in Zaporizhzhia today. Photo Credit: Ukrainian State Emergency Services Click [here]( to subscribe to our weekly newsletter Next Africa. And if you’re enjoying this newsletter, click [here]( to sign up for Balance of Power.  Global Headlines Growth trajectory | Policies on the table at this month’s Communist Party congress, where President Xi Jinping is set to secure his rule until at least 2027, will help determine how quickly China [surpasses]( the US as the world’s biggest economy, or whether it ever will. Bloomberg Economics sketched out four long-term growth scenarios for China, with different implications for the world. - The party’s [flagship newspaper]( endorsed China’s Covid Zero policy for the second straight day, dousing hopes that Xi may relax controls after the congress. Widening split | Senate Foreign Relations Chair Robert Menendez urged a [freeze]( on all US cooperation with Saudi Arabia, saying the kingdom’s backing of OPEC+ oil production cuts is helping Russia finance its invasion of Ukraine. Menendez said he’d oppose arms sales and other security cooperation until Riyadh “reassesses its position” on the war, declaring “there simply is no room to play both sides of this conflict.” - The ruler of the United Arab Emirates holds [talks]( today in Russia with Putin. Liquor makers hit a bout of market volatility amid speculation China will [ban civil servants from drinking alcohol](, even when they’re off the clock. While a report from media portal NetEase didn’t specifically say a new policy was coming, it sparked a sell-off in markets spooked by bleak Chinese holiday-spending data and rising Covid cases. The liquor sector has previously been targeted for officials’ lavish spending on entertaining. Deep impact | US President Joe Biden’s decision to restrict China’s access to semiconductor technology pushed down chip-related stocks in Japan, South Korea and Taiwan, contributing to [a wipeout]( of more than $240 billion from the industry’s global market value. The rules are set to fuel a knock-on impact across the supply chain and add to challenges for technology shares. Best of Bloomberg Opinion - [A China Reopening Can Happen Soon, and Quickly Too: Shuli Ren]( - [The US Defense of Saudi Arabia Is No Liability: David Fickling]( - [Putin Is Already Attacking the West: Andreas Kluth]( Legal opinion | The debate over Scottish [independence]( is bubbling back up again just when beleaguered British Prime Minister Liz Truss needs it least. The UK Supreme Court will today begin deliberating on a case brought by the semi-autonomous Scottish government on whether it can hold an independence referendum without Westminster’s permission. Truss refuses to sanction such a vote. - After a [rout]( in the UK bond market, the Bank of England issued an early morning statement saying it will widen its bond buying to include inflation-linked gilts, a move that intensified questions over whether the central bank is behind the curve. Explainers you can use - [PC Shipments Plummet as Macroeconomic Worries Bite]( - [London’s Deadly, Polluted Air Turned the City Into an EV Pioneer]( - [Sweden’s ‘Sustainability Valley’ Breeds Clean-Transport Leaders]( Strategic shift | Venezuela’s main opposition parties plan to compete in 2024 presidential elections no matter what conditions the government [imposes](. In a reversal of strategy, the opposition, which previously boycotted elections, will unite behind a single candidate to challenge the Socialist Party’s pick, widely expected to be President Nicolas Maduro. Bloomberg TV and Radio air Balance of Power with [David Westin]( weekdays from 12 to 1pm ET, with a second hour on Bloomberg Radio from 1 to 2pm ET. You can watch and listen on Bloomberg channels and online [here]( or check out prior episodes and guest clips [here](. News to Note - Mahathir Mohamad, 97, who was Malaysia’s longest serving leader, said he will [defend]( his parliamentary seat in the upcoming general election expected later this year. - Japan began accepting [vaccinated visitors]( from 68 countries without visas today, ending almost three years of tighter border controls that kept tourists out of the island nation. - Israel and Lebanon have reached a “[historic](” agreement to settle their maritime dispute, Israeli Prime Minister Yair Lapid’s office said. - German Chancellor Olaf Scholz plans to travel to China around Nov. 3-4 in a delicate [balancing act]( to discuss business interests and human rights violations, sources say. And finally ... China was emerging as the epicenter of the crypto world until Beijing declared the sector largely illegal a year ago. Instead of disappearing, what has followed is a mix of companies that hew to the Communist Party’s agenda promoting state-sanctioned blockchains and the digital yuan; some rogue Bitcoin miners; and crypto entrepreneurs trying to expand their fledgling firms without [crossing]( any perceived red lines. Crypto enthusiasts at a conference in Dali in southwestern China in August. Photo Credit: Summer of Wamo Organizing Committee Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices]( Bloomberg L.P. 731 Lexington, New York, NY, 10022