Meanwhile in markets, punters are sticking with their glass-is-half-view of the war in Ukraine. And justifiably so as we have seen the contours of political compromises on both sides. Russia with starting to walk back on its ‘denazification’ (=regime change) demand, while realism is finally dawning in Kiev that NATO membership is not and will not be a possibility ever.

If events do not intrude, Ukraine-Russia talks will move to a higher level, with the foreign ministers of the two countries meeting in Turkey today (if nothing goes wrong, it must be stressed). At the same time, NATO cannot even agree on pushing some old Russian Mig-29 Fulcrum jets across the border with Ukraine. Meaning odds of a shooting war between Russia and NATO are even lower (not that it was a likely prospect anyway).



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