The touted Trump-Putin meeting next week has re-focused attention on efforts to bring the war in Ukraine to an end, but we are sceptical much will be achieved given Putin’s maximalist territorial ambitions. Meanwhile, the exemptions that Trump has outlined for semiconductor tariffs should help to limit the effects on Israel’s economy (which is a big exporter of semiconductors). Finally, the Czech National Bank’s communications this week support our view (which at least until yesterday was non-consensus) that no further rate cuts will be delivered this year.
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