Meeting between Foreign Minister of Ukraine and Russia in Antalya, Turkey has ended and leaders of both delegations held press conferences. Main takeaway is that no major progress was made. Russian Foreign Minister Lavrov had no authority to agree on ceasefire or humanitarian corridors as Russia thinks that real negotiations are taking place in Belarus. Ukraine Foreign Minister Kuleba said that Russia expects Ukraine to surrender but it will not happen. However, he said that he is open to more high-level meetings. Russian counterpart Lavrov also said that more meetings are welcome but only if they have added value. Lavrov also said that Ukraine does not want to meet its demand and therefore the offensive will continue. Both Kuleba and Lavrov said that a Zelensky-Putin meeting could be organized sometime in the future.
Market reaction showed that investors hope for a somewhat more optimistic and substantive outcome. Indices pulled back with DE30 dropping over 1%. Gold gained and is once again looking towards $2,000.
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DE30 pulled back following press conferences of Russia and Ukraine Foreign Ministers. DE30 broke below a lower limit of the local market geometry, hinting at reversal of short-term trend. Source: xStation5
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