Market data not provided in this intraday commentary.
No Fed or Treasury market information provided in this commentary.
EU and US equities caught an early morning bid on peace deal speculation, but don't get too excited. While we're confident in the durability of the US-Iran ceasefire, we remain skeptical about any imminent breakthrough in the Russia-Ukraine conflict. The market's reaction to headlines continues to outpace actual developments on the ground.
• Ukraine-Russia peace deal speculation emerged after Bloomberg reported Zelensky's top aide sees Ukraine nearing a deal with Putin, though the headline appears somewhat incongruous with the aide's actual remarks (Bloomberg). Kyrylo Budanov expressed optimism but didn't reveal any new developments in negotiations, simply noting Russia can't continue fighting at the current pace indefinitely.
• The two sides implemented a brief ceasefire around Orthodox Easter, but this is consistent with years past and doesn't signal any shift in relations. Zelensky's own comments earlier in the week were much more skeptical than this morning's Bloomberg article suggests (NYT).
• Ukraine continues performing well on the battlefield, thanks in part to Elon Musk's contributions, making a near-term deal less likely (The Atlantic).
No individual company news provided in this commentary.
No upcoming macro or Fed dates provided in this commentary.
No earnings information provided in this commentary.
No earnings information provided in this commentary.