Markets are slightly more optimistic this morning as peace appears closer between Russia and Ukraine. Turkish President Recep Tayyip Erdan claimed Thursday that Russian President Vladimir Putin, Ukraine President Volodymyr Zeleskyy, and other key figures in the Russia-Ukraine conflict are close to “consensus”. Turkey hosts diplomatic talks between the countries.
According to Erdogan’s presidential office, “We will continue talks with both Mr. Putin & Mr. Zelensky” “All of our efforts are aimed at creating an atmosphere for peace by bringing together both leaders.”
Zelenskyy stated that “With every day of our defense we are bringing peace so much closer.” We are closer to victory. We can’t lose in this war.
BREAKING — Erdogan says Ukraine and Russia reached an understanding on four of the six topics of disagreement
Somewhat agreed on:
• Partial disarmament
• Collective security
• Russian language
— Ragıp Soylu (@ragipsoylu) March 25, 2022
Other key market news:
- Senator Joe Manchin (D-WV), was reported to have supported a reduced version of the White House’s Build Back Better plan. This plan focuses on deficit reduction.
- In an effort to pressurize Moscow to stop the invasion of Ukraine, the U.S. and its European allies announced a new round of sanctions against Russian individuals and companies.
- Domestic economic data showed that manufacturing- and services-sector activity expanded faster.
- Federal Reserve Bank of Chicago President Charles Evans stated that he was open to increasing interest rates by half-point increments.
- French President Emmanuel Macron said he would work alongside Turkish President Recep Erdogan to find a diplomatic solution to the conflict between Russia and Ukraine.
- The NATO leaders’ summit called for Vladimir Putin, Russian President, to immediately call a truce in Ukraine and reach a solution with the government of Kyiv.
- European Central BankExecutive Board Member Isabel Schnabel stated that the central bank could purchase more assets if the Ukraine conflict causes significant economic damage.
- Mario Centeno, a European Central Bank Governing council member, stated that it will gradually normalize monetary policies starting at the end of this year.
- Bank of Japan Governor Haruhiko Koroda stated that monetary policy is still focused on steady expansion and that recent yen weakness should help economic growth.
- China’s Commerce Ministry expressed positive views about the U.S.’s reinstatement of exclusions from tariffs for products, saying that it would help to return to normal trade flows.
- NATO issued a joint statement inviting China to stop providing assistance to Russia in order to avoid sanctions related to the invasion.
- South Korea’shealth Ministry stated that the daily rate of COVID-19-related cases has likely peaked and should slow down.