It takes two to make a ceasefire
USO•Oil markets were unsettled after Donald Trump announced an energy ceasefire between Ukraine and Russia without confirmation from Russia; Brent fell almost 2% to around $103 a barrel. The market update also highlighted US CPI due Wednesday and the start of major US bank earnings from Tuesday.
1. Oil markets react
Trump announced an energy ceasefire between Ukraine and Russia, but the announcement surprised Ukraine and had not been confirmed by Russia. Analysts suspected Trump was trying to make a deal real by announcing it, while Russia continued to hit Ukrainian power infrastructure. The prospect of additional Russian supply sent Brent down almost 2% to around $103 a barrel in choppy trading.
2. Market calendar
Asian shares were mostly lower, while US and European stock futures edged higher in thin trading. Major US banks are due to report earnings from Tuesday, and US CPI is due Wednesday; the update cited expectations for 3.7% headline inflation and 2.5% core inflation.
