Markets Rebound as Ukraine Agrees to U.S.-Brokered Ceasefire Proposal
What started as another turbulent day for markets took a sharp turn on Tuesday afternoon after Ukraine agreed to a U.S.-proposed 30-day ceasefire in its ongoing war with Russia.
While Russia has yet to respond, the ceasefire hinges on Moscow’s acceptance, according to a joint statement issued by Ukraine and the U.S. following diplomatic talks in Saudi Arabia.
As part of the agreement, the U.S. will lift its pause on intelligence sharing and military aid to Ukraine, the statement noted.
Trade Tensions Between U.S. and Canada Ease
Investor sentiment also received a boost after Ontario Premier Doug Ford announced the suspension of a 25% electricity export surcharge imposed on certain U.S. states.
The surcharge was a retaliatory measure against the 25% tariffs that President Trump placed on Canadian imports last week. In response, Trump had earlier threatened to double the tariff to 50% for steel and aluminum imports.
Markets Rally, Crypto Surges
Markets, which had been deep in the red following Monday’s major losses, turned positive on the news. The Nasdaq climbed 1.25%, while the S&P 500 gained 0.4%.
The cryptocurrency market also saw a sharp rebound, with bitcoin (BTC) surging 7% in the past 24 hours to $83,300 after hitting a low of $76,000 overnight. Ether (ETH) gained 5.6%, while Solana (SOL) led the charge with a 10% jump.
