The Day at a Glance | March 29 2022
*Russia assures it will reduce military operations close to Kyiv, pointing out a de-escalation in the conflict.
*The power reform is expected to be discussed in the Chamber of Deputies starting on April 11th.
*Consumer confidence data will be made public in the U.S.; it`s expected to log deterioration in light of high inflation (107e.).
Optimism regarding the conflict in Ukraine. Russian negotiators acknowledged that there have been constructive diplomatic conversation with Ukraine in Istanbul on Tuesday. Russia has proposed reducing military operations close to Kyiv and Chernihiv, as part of an effort to de-escalate the conflict. They even remained open to allowing a direct meeting between Russian President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskiy to reach a possible peace agreement. Russian Chief Negotiator Vladimir Medinsky assured that he will present Ukraine`s proposals to Putin for him to assess them. According to Vice-Minister of Defense, Alexander Fomin, an important scale down of military operations close to the capital will be carried out immediately, under the agreement that Ukrainian forces will do the same. Since last week, Russian officials have stated their intentions to completely focus on the Donbas region in the eastern part of the country. Markets have reacted with optimism. This morning, oil is trading below $100 dollars per barrel, wheat receded 8%, corn continued to log a decreasing trend and equity markets kicked off with positive yields. It`s still unclear what repercussions a peace agreement could have on central banks, which have adopted more aggressive stances in recent weeks in order to contain inflationary risks made worse by the conflict.