Today, March 18, 2025, the expected telephone conversation between US President Donald Trump and Russian President Vladimir Putin will take place. The main topic of the conversation will be the search for a way to end the conflict in Ukraine. This phone call follows previous talks during which Trump proposed a 30-day ceasefire, which Ukraine has already accepted. However, the Russian side has put conditions on territorial issues and security guarantees.
This would be the second phone call between the two presidents since Trump returned to office in January.
Ahead of the talks, Trump said “many elements” of a peace deal were already in place, although he conceded that “much remains” to be worked out. The prospect of a deal – and the potential lifting of long-standing sanctions on Russia’s energy sector – could help lower gas prices in Europe and give the euro a bit of a boost.
Over the weekend, Trump noted that he would talk to Putin about “land” and “power plants,” adding that they are already discussing “the division of certain assets.” The phone call will be a test of Trump’s vaunted deal-making abilities and his prized relationship with the Russian leader, which has raised concerns among traditional U.S. allies.
Analysts warn that the outcome of the call could have a significant impact on global financial markets. Positive developments, such as a ceasefire being reached or progress in peace talks, could boost investor confidence and lead stock markets, particularly in Europe and the US, to rise. Conversely, if the talks fail to produce concrete results or if the conflict escalates, this could trigger volatility in the markets and negatively affect investors.
Current state of the markets:
Markets are showing a slowdown in anticipation of the call. US equity futures headed lower after stocks showed signs of stabilisation in the previous session following weeks of volatile trading.
Major U.S. indexes rose on Monday, helped by investors looking for bargains after several weeks of falling stock markets. Traders also factored in data that showed a slight rebound in retail sales in February – albeit below expectations – and breathed a bit of a sigh of relief when the near-continuous stream of events surrounding President Trump’s tariff plans came to a halt. Media reports also suggest that the White House is reassessing its overall approach to trade, which so far has included a series of Trump-era threats and increasing levies against traditional U.S. allies Canada and Mexico.
European stocks are also slowly moving into the green, not only in light of the upcoming phone call but also in anticipation of a series of central bank decisions due later this week.
