TRUMP, ASKED ON CALLING MUSK, SAYS HE DOES NOT WANT TO SAY BUT THAT HIS RELATIONSHIP WITH MUSK IS A GOOD ONE, ADDING ON RUSSIA AND UKRAINE THAT “WE’LL SEE HOW IT WORKS OUT”

Former President Donald Trump, asked whether he had called Elon Musk, declined to elaborate but described their relationship as "a good one," and when pressed on Russia and Ukraine said "we'll see how it works out." The remarks contain no policy detail, no named deal, and no timeline, so the headline itself does not establish a concrete change in U.S. policy toward either conflict. The transmission channel for markets is geopolitical risk premia rather than direct fundamentals: ambiguous signals about potential shifts in Western support for Ukraine can move European energy prices, defense equities, and Eastern European sovereign spreads, while Musk-linked names such as Tesla and SpaceX-adjacent exposures react mainly to headline-driven sentiment. Ukraine-related sovereign and currency instruments, along with European natural gas benchmarks, tend to be the most sensitive to any hint of altered U.S. commitments, while the Russian ruble responds to perceived easing of sanctions pressure. Traders will watch for follow-up statements specifying any negotiation framework, as well as scheduled Ukraine-related diplomatic meetings and any changes in U.S.

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