Framework Breaks Down
−0.7%
The concurrent-talks format fails because security guarantees and territorial questions cannot be separated in practice. The collapse would not automatically mean a wider war, but it would reverse some of the de-escalation premium created by the U.S. proposal.
What it moves
- Industrials+1.6%
- Technology−1.1%
- Riskier companies' borrowing costs
- Market volatility
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