Of note, Lavrov mentioned that "I propose to continue our diplomatic work" and that while "indefinite talks are not possible, there is always a chance for an agreement". That is giving the market some comfort as equities and risk trades rebound from earlier losses.
S&P 500 futures have turned around from being down 0.8% to positive territory now. Meanwhile, AUD/USD has also pared declines from 0.7100 to 0.7130 - nearly flat on the day currently.
