Over the weekend, Ukrainian negotiators have met US officials in Florida to thrash out details of Washington's proposed framework to end Russia's war in Ukraine. Diplomats focused on revisions to a proposed 28-point plan developed in negotiations between Washington and Moscow. That plan has been criticised as being too weighted toward Russian demands. Meanwhile, EU ministers are meeting in Brussels for talks on foreign and defence issues,
European equities opened higher on Wednesday, extending the rebound triggered by renewed hopes of US monetary easing and signs of diplomatic progress in the Ukraine conflict. Softer US data yesterday has strengthened expectations for a Federal Reserve rate cut in December, helping to ease pressure on global risk assets. Meanwhile, Ukrainian President Volodymyr Zelenskiy's endorsement of a US-backed peace framework added a layer of geopolitical relief.
Trump assured that China has agreed to delay its restrictions on rare earth exports, one of the main points of conflict, for a period of one year, and announced an immediate reduction from 20% to 10% on the tariffs imposed in February on Chinese products due to Washington's claim Beijing is not doing enough to stop exports of fentanyl precursors.