• There are grounds for cautious optimism
  • Signs from Moscow that diplomacy should continue
  • We have not seen any signs of de-escalation on the ground
  • Not seeing any reduced military presence by Russia on Ukraine borders
  • Everything is in place for a new attack on Ukraine

The headline is a bit of a pushback to the Russian claims from earlier but we'll see how things go in the hours/days ahead. For now, markets are still hanging on to that sense of relief with equities holding gains and oil prices and gold sinking.