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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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GLOBAL: Trump Details Call With Ukraine's Zelenskyy, Meeting Set for Friday
- Latest from Trump on his call with Zelenskyy (via Truth social):
- "I just spoke to President Volodymyr Zelenskyy of Ukraine. The conversation went very well. He, like President Putin, wants to make PEACE. We discussed a variety of topics having to do with the War, but mostly, the meeting that is being set up on Friday in Munich, where Vice President JD Vance and Secretary of State Marco Rubio will lead the Delegation. I am hopeful that the results of that meeting will be positive."
US: White House Press Conference Underway Shortly
White House Press Secretary Kaoline Leavitt is shortly due to hold a press conference at the White House. LIVESTREAM
- The presser comes ahead of an executive order signing ceremony at 14:30 ET 19:30 GMT where US President Donald Trump may announce new 'reciprocal' tariff measures.
- Allies of the United States are concerned that measures could include actions to target non-tariff trade barriers, “such as value-added taxes, government subsidies for foreign companies in their home countries, or regulations that prevent U.S. companies from doing business in foreign countries,” according to WSJ sources.
- Trump’s key trade advisor Peter Navarro told CNN this week: “What’s going to happen is we’re going to look at all of our trading partners, starting with the ones with which we run the biggest deficits, find out if they’re cheating the American people, and if they are, we’re going to take measures to correct that wrong.”
- Nations likely to be struck hardest by new tariff measures have already begun jockeying for preferential treatment. Promising concessions, highlighting areas of mutual benefit, or pledging retaliatory measures. See today's edition of the MNI US Daily Brieffor additional analysis.
US-RUSSIA: Trump Confirms Putin Call, Ukraine Talks To Start 'Immediately'
US President Donald Trump has confirmed on the Truth Social platform his call this morning with Russian President Vladimir Putin. Link here.
- Trump confirms that "We agreed to work together, very closely, including visiting each other’s Nations."
- Trump: "We have also agreed to have our respective teams start negotiations immediately, and we will begin by calling President Zelenskyy, of Ukraine, to inform him of the conversation, something which I will be doing right now."
- Trump: "I have asked Secretary of State Marco Rubio, Director of the CIA John Ratcliffe, National Security Advisor Michael Waltz, and Ambassador and Special Envoy Steve Witkoff, to lead the negotiations which, I feel strongly, will be successful."
- Trump: "No more lives should be lost! I[...] I believe this effort will lead to a successful conclusion, hopefully soon!"
Such talks would mark the most concrete move towards an eventual conclusion of the war in Ukraine since the short-lived peace talks that took place in Feb-Mar 2022 in the immediate aftermath of the outbreak of the war. There has been significant speculation regarding the prospect of Trump's 'peace plan' for Ukraine being presented, or at least outlined by Trump's envoy Keith Kellogg at the Munich Security Conference starting 14 Feb.
- Indeed, shortly before the call was reported MNI noted the war in Ukraine and the possible peace process entering a key time period amid US Treasury Secretary Scott Bessent's meeting with President Zelenskyy in Kyiv (see 'SECURITY: Bessent Says US Stands w/Ukraine Ahead Of Key Week For Peace Process', 1637GMT) and Secretary of Defense Pete Hegseth's comments at the Ukraine Defense Contact Group meeting in Brussels (see 'SECURITY: Return To Ukraine's Pre-2014 Borders "Unrealistic" - Hegseth", 1402GMT).
SECURITY: Bessent Says US Stands w/Ukraine Ahead Of Key Week For Peace Process
Reuters reporting comments from Ukrainian President Volodymyr Zelenskyy and US Treasury Secretary Scott Bessent following a meeting in Kyiv today.
- Amid uncertainty over US President Donald Trump’s long-term commitment to Kyiv, Bessent said he, “would like to send a signal to the world the US stands with Ukraine in the face of Russian aggression.” Adding that his first visit being to Ukraine, “shows the war is a top priority for the Trump administration.”
- Zelenskyy characterised the discussion as “productive and constructive” noting that he will study a natural resources agreement presented by Bessent ahead of Friday’s Munich Security Conference. Zelenskyy confirmed that resources in territories occupied by Russia were not discussed.
- An agreement between the US and Ukraine to provide US firms with rights to Ukrainian resources, including rare earths, is seen as facilitating continued US assistance, with Bessent noting a critical minerals deal is “part of a larger peace deal…”
- Trump wrote in a message on Truth Social ahead of the meeting: “The U.S. has spent BILLIONS of Dollars Globally, with little to show.”
- Trump’s national security advisor Mike Walz told NBC this week: “We need to recoup those costs and that is going to be a partnership with the Ukrainians in terms of their rare earths, their natural resources and their oil and gas, and also buying ours. Those conversations are going to happen this week.”
MNI REAL-TIME COVERAGE
EM LATAM CREDIT: Marfrig's Ba2 rating Affirmed by Moody's; Outlook is Stable
AMERICAS OIL: Average Gas Output in Lower 48 U.S. States Up So Far in February
EM LATAM CREDIT: Fitch Ratings Affirmation: Republic of Chile (CHILE; A2/A/A-)

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Chicago Business Barometer™ - Advances to 39.5 in January
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.