Meanwhile in markets, despite even more doom and gloom – this time the rapidly spreading Covid wave in China – things are remarkably firm as positive undertones in the Ukrainian war are drawing all the attention. News from the Ukraine war is coming in hard and fast. We start with the positive, namely the positive assessment given by the Ukrainians and Russians that bilateral
talks over the weekend have been the most successful yet to date. Recall that the warring sides have already agreed on humanitarian corridors. While there is no agreement on anything beyond that, the two sides have instituted working groups
to start hashing out *something*. Note that last Friday President Putin ad-libbed that there “positive shifts” in the talks. And earlier last week we had his Ukrainian counterpart Zelensky cooling on NATO membership.

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