*PUTIN'S AIDE SAYS WAR IN UKRAINE MOVING TOWARD AN END: VESTI

A Russian state-linked media outlet, Vesti, reported that an aide to President Vladimir Putin said the war in Ukraine is moving toward an end, though the headline gives no details on terms, timing, or verifiable commitments from either side. The transmission channel for markets runs primarily through risk appetite and geopolitical risk premia, since a credible de-escalation signal tends to compress safe-haven demand for gold, the Swiss franc, and U.S. Treasuries while supporting European equities and currencies more exposed to energy and reconstruction spending. Energy markets are the most directly sensitive, as lower perceived supply-disruption risk can pressure European natural gas benchmarks and oil risk premia, while Russian and Ukrainian sovereign debt and the ruble would react most sharply to any change in sanctions expectations. Because the source is a state-aligned outlet and the statement is unconfirmed by primary Russian government channels or Ukrainian officials, traders would likely discount the headline's credibility until corroborated. The key catalyst to watch is any formal ceasefire negotiation announcement or official statement from the Kremlin or Kyiv, al

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