Trump accepts meeting with Putin without Zelenski and wants to discuss nuclear weapons with Xi

Former US President Donald Trump has reportedly agreed to a meeting with Russian President Vladimir Putin that would exclude Ukrainian President Volodymyr Zelensky, and he has also expressed interest in discussing nuclear weapons with Chinese President Xi Jinping. The transmission mechanism runs primarily through geopolitical risk premia and risk appetite: a bilateral US-Russia channel that bypasses Kyiv raises questions about the trajectory of the Ukraine conflict and the durability of Western sanctions coordination, which can shift capital flows toward or away from defense equities, energy, and regional sovereign debt. Russian assets, including ruble-denominated instruments and Russian sovereign credit, are the most directly exposed, since any perceived easing of sanctions or negotiated settlement would reprice their risk. European defense stocks and energy-sensitive markets are also sensitive, as outcomes could alter the European security outlook and gas supply expectations, while Ukrainian sovereign instruments face their own repricing. Traders should watch whether the meeting is formally scheduled and whether any agenda on sanctions relief or

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