Possible scenario
Limited De-Escalation
+0.3%
Backchannel diplomacy accelerates because both sides want to limit attacks that disrupt civilian aviation or energy infrastructure before winter. This does not end the war, but it lowers near-term fears of an uncontrolled escalation around Moscow.
What it moves
- Technology+0.4%
- Consumer Services+0.4%
- Riskier companies' borrowing costs
- Market volatility
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