FirstFT: Ukraine prepared to just accept 30-day US-brokered truce

Right now’s agenda: US metals tariffs kick in; FCA ditches “name and shame”; PwC’s document UK associate exodus; Trump Jr’s Maga investments; and S&P 500 in correction territory

Good morning. We begin immediately in Jeddah, Saudi Arabia, the place Ukraine has stated it is able to settle for a US proposal for a right away 30-day ceasefire with Russia. Washington has in flip agreed to “immediately” resume intelligence sharing and army help to Kyiv.

What was mentioned: The US has proposed a “complete ceasefire for 30 days, not only regarding missiles, drones and bombs, not only in the Black Sea, but also along the entire front line”, based on Volodymyr Zelenskyy, going past the partial truce urged by the Ukrainian president. US nationwide safety adviser Mike Waltz stated in addition they mentioned how the warfare would completely finish, together with “what guarantees they’re going to have for their long-term security and prosperity”. A senior Ukrainian official stated the minerals cope with the US was additionally mentioned.

Trying forward: With Ukraine able to agree a truce, “the ball is now in Russia’s court”, stated European Fee president Ursula von der Leyen. A Ukrainian official stated there would even be additional talks on particulars of the vital minerals cope with the US. Waltz has stated he plans to talk to his Russian counterpart “in the coming days”, whereas Russia’s overseas ministry stated Moscow did “not exclude contacts with US representatives in the next few days”, state media reported.

Listed here are extra particulars from the a number of hours of talks in Jeddah.

• Taking on America’s mantle: If Europe doesn’t mobilise shortly in its personal defence, liberal democracy may founder altogether, writes Martin Wolf.

Right here’s what else we’re watching immediately:

• Financial information: Opec publishes its month-to-month oil market report, whereas the US studies February shopper worth inflation.

• Taoiseach meets Trump: Eire’s chief Micheál Martin meets the president on the White Home St Patrick’s Day celebrations.

• Outcomes: Adobe, Balfour Beatty, Forterra, Inditex, Mercedes-Benz and Porsche report.

Be part of FT specialists on March 27 for a subscriber-only webinar, as they focus on Ukraine’s future with Russia’s full-scale invasion getting into its fourth 12 months. Register without cost.

5 extra high tales

1. Some European and Asian metal producers have emerged as unlikely winners from Donald Trump’s import tariffs as they’ve giant footprints within the US. The levies had been designed to be a boon for struggling American steelmakers hit by low demand and excessive inflation, however listed here are some abroad firms that might additionally profit.

• Metals tariffs: Trump’s 25 per cent levies on metal and aluminium imports into the US have taken impact, regardless of rising concern over the danger of a home recession.

2. The US Home of Representatives has narrowly handed laws to maintain the federal authorities funded till the tip of September. The invoice now heads to the Senate, the place it would require the backing of a minimum of eight Democrats to safe passage. If it fails to move by Friday, when present funding expires, the federal government will shut down.

3. Unique: Britain’s monetary watchdog is about to largely abandon its controversial plan to “name and shame” extra firms that it investigates. The Monetary Conduct Authority plans to announce immediately that it has scrapped the proposal, based on individuals accustomed to the matter, marking a significant U-turn.

4. Unique: A document variety of PwC’s UK companions exited the enterprise final 12 months whereas the Massive 4 agency has additionally halted one among its apprenticeship programmes. The cuts to its high and backside ranks come because the agency battles to shield its annual revenue pool of near £1mn per associate.

5. Palantir’s Alex Karp has been catapulted to close the highest of the wealthiest US tech firm bosses after the unorthodox chief govt bought $1.9bn value of inventory within the information intelligence group. Karp has made a fortune because of a 350 per cent surge in Palantir’s share worth final 12 months, which made it the best-performing inventory within the S&P 500.

Information in-depth

Since his father’s 2024 election victory, Donald Trump Jr has joined forces with a small group of financiers who’re dedicated to the president’s imaginative and prescient of America. This implies firms that promote environmental, social and governance or range, fairness and inclusion are out — and investments based mostly on “entrepreneurship, innovation and growth” are in.

We’re additionally studying . . . 

Chart of the day

Wall Avenue shares sank yesterday, briefly placing the S&P 500 into so-called correction territory, as Trump’s newest commerce broadside towards Canada fanned investor fears over the financial fallout from his protectionist agenda. All 11 sectors within the benchmark index ended the day in damaging territory.

Take a break from the information . . . 

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