Trump: I held two calls with Putin and Zelensky regarding Ukraine

Former President Donald Trump disclosed he held separate calls with Vladimir Putin and Volodymyr Zelensky to discuss Ukraine, signaling a self-initiated diplomatic role ahead of a potential 2024 return to the White House. This development introduces political uncertainty into Eastern European geopolitics, with market implications channeled through shifts in risk appetite and expectations for U.S. foreign policy under a possible second Trump administration. Russian and Ukrainian sovereign risk indicators, including local currency debt and CDS spreads, may face volatility as investors reassess the likelihood of de-escalation or renewed engagement. U.S. equities with exposure to Eastern European supply chains or defense contracts could see sentiment-driven moves based on perceived changes in conflict trajectory. Traders will watch upcoming remarks from the Kremlin and Kyiv, as well as U.S. State Department responses, for confirmation of dialogue and potential policy shifts.

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