Radical shift to the right

Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.After years of trying, Geert Wilde [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. After years of trying, Geert Wilders has finally succeeded in persuading the Netherlands to fall in with his brand of right-wing, anti-Islam populism. The question now is whether he can translate his election win into a viable coalition, and what such a government might mean for Europe. Wilders has been threatening to break through for over a decade. The fact he managed it during hard economic times is less of a surprise than the margin of his victory on a platform including opposition to European Union climate policies and the promise of a referendum on EU membership. France’s far-right leader Marine Le Pen was quick to hail his achievement as a sign that anti-EU sentiment is on the march. But any coalition deal would involve policy compromise, and it’s hard to see any electorate rushing to emulate the UK’s experience of quitting the bloc. Still, the symbolism of the vote in a founding EU member state is hard to avoid. The Netherlands has often been a forerunner of European politics, with its splintered party system — some 15 parties won seats in parliament yesterday — and its early advocates of libertarian, anti-immigration policies. Back in 2017, Mark Rutte defeated Wilders in an election that was seen as a bellwether for Europe after the shocks of the Brexit vote and Donald Trump’s victory in the US. That year, Emmanuel Macron went on to beat Le Pen to the French presidency, then Angela Merkel held off Germany’s anti-immigration forces that came to the fore in the wake of the crisis of 2015-16. Circumstances now are different, with the far right on the ascendancy in Germany, in power in Italy and unbowed in much of Europe. Trump is vying for the US presidency once more. Wilders may be having a moment. Whether it presages a broader political trend remains to be seen. —[April Roach]( and [Alan Crawford]( Wilders speaks at an election night party in The Hague yesterday.  Photographer: Peter Boer/Bloomberg Global Must Reads The deal between Israel and Hamas for the release of hostages and prisoners may be delayed until tomorrow as talks over [a short-term truce]( continue. The agreement, mainly mediated by Qatar, would see Hamas free 50 women and children held in Gaza while Israel will let go 150 women and Palestinians under the age of 19 from jail. The war is [costing Israel]( an estimated $270 million a day. A presentation of 240 empty yellow chairs with the eyes of Israeli hostages outside the Tel Aviv Museum of Art yesterday. Photographer: Kobi Wolf/Bloomberg The EU is finalizing a decision to release as much as €1 billion ($1.1 billion) [in funds]( for Hungary just as Prime Minister Viktor Orban is stepping up his attacks against the bloc and threatening to derail aid to Ukraine. In Budapest, meanwhile, a college endowed with more than $1 billion by Orban’s government is training a [new generation]( of leaders of his “illiberal democracy.” China’s government is pushing hard to [end the nation’s property crisis](, ramping up pressure on banks to plug an estimated $446 billion shortfall in funding needed to stabilize the industry. As Chinese President Xi Jinping steps up support for the economy, moves this week indicate [increased urgency]( to stop a downward spiral in the property sector from derailing growth. The EU promised to shut down the flow of President Vladimir Putin’s propaganda after Russia invaded Ukraine, slapping sanctions on state-backed media RT and Sputnik days after the attack. Nearly two years on, the Kremlin [appears to be having the last laugh](. RT.com may be inaccessible in the EU, but a series of less popular mirror sites provides the same content, including one that’s spelt RT News in reverse. North Korea said it’s ending a 2018 agreement to reduce military tensions with the South, a [sign ties are fraying]( after Pyongyang placed a spy satellite into orbit for the first time. Seoul vowed to punish the North “immediately, strongly and to the end” based on its defense partnership with the US, if the country engages in further provocations. Taiwan’s main opposition contenders for president have assembled in downtown Taipei in what looks like a [last-ditch attempt]( to agree on a joint ticket ahead of January’s election. Turkey’s ratification of Sweden’s membership in NATO won’t be completed in time for a meeting of the alliance’s foreign ministers next week, [dashing the hopes]( of some allies who expected it to be done by then. Brazilian senators approved a constitutional amendment to [curb some powers]( of the country’s Supreme Court, escalating a dispute between Congress and the judiciary. Washington Dispatch President Joe Biden’s administration has raised allegations with top officials in New Delhi that India was involved in a thwarted plot [to assassinate a Sikh separatist]( living in America, adding a new source of friction between the two nations. The US charges come just two months after Canadian Prime Minister Justin Trudeau accused the Indian government of involvement in the murder of a Sikh separatist leader on Canadian soil. It also puts the US in an awkward spot as Washington sees India as an increasingly important strategic partner in the region as it works to counter China’s influence. Indian officials “expressed surprise and concern” about the US’s allegations and are investigating, said Adrienne Watson, a spokeswoman for the White House National Security Council. One person to watch today: Biden and his family are spending the Thanksgiving holiday on the island of Nantucket. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day Finland will leave just one border crossing open on its frontier with Russia to [stem a flow of asylum seekers](. Prime Minister Petteri Orpo had warned that more border crossings would be closed if migrants from countries including Yemen and Afghanistan continue to be brought there by Russian officials. And Finally Carbon capture technology has long been the petroleum industry’s favored solution to dealing with climate change. But Big Oil’s investment in it has been slow and largely aimed at helping produce more fossil fuels. In the mini-documentary Carbon Capture’s Reality Check, Bloomberg Originals [explores the technology’s potential](, its shortcomings and why fossil fuel giants have championed it. 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