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What to Watch: Geopol Headlines, UofM Sentiment

MARKET INSIGHT
Limited data Friday with Univ of Michigan sentiment at 1000ET, Fed in blackout until after next week's FOMC policy annc on Wednesday, leaving headline watching to keep market on edge: plenty of example this morning.
  • Earlier risk-on in reaction to headlines that Russia Pres Putin sees "certain positive shifts in talks with Ukraine", underscored by Ukraine Pres Zelensky's "Ukraine has reached a strategic turning point in war" several minutes later.
  • Ukrainian Foreign Minister Kuleba likely to address when he appears on Bloomberg TV at 1130ET.
  • At 1015ET, President Joe Biden is set to announce plans to strip Russia of its 'most favorable nation' status at the World Trade Organization to remove preferential treatment associated with developing nation status. This could be followed by a raft of tariffs on Russian exports.
  • Biden held a phone call with Turkish President Recep Tayyip Erdogan yesterday. Erdogan asked Biden to remove US defense sanctions on Turkey imposed in 2020 by the Trump administration in response to the Turkish purchase of a Russia s-400 missile defense system. There was no word or whether the two leaders discussion the closing of the Bosporus to Russian warships, a potential flashpoint between NATO and Russia.

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