Hopes for peace but what about sanctions?
Markets reacted strongly yesterday to Russia’s announcement of a significant reduction in military activity in the Kiev region. Many saw this as confirmation of progress…
Purchasing managers’ indices continue to be close or at historical highs in the manufacturing industry, pointing to strong growth in this sector. The small decline in the US ISM only shows that activity has ceased to accelerate in April. Bond yields are marginally down and the USD is rather stable: the EUR/USD exchange rate is trading in a narrow range around 1.2030.
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