Chinese exporters charge Russia more for war supplies as sanctions bite

European stocks remained steady, recovering from losses primarily caused by a significant drop in Novo Nordisk A/S shares following the failure of its Ozempic pill in Alzheimer's trials. Investors are also closely monitoring potential peace negotiations between Ukraine and Russia, which could impact market dynamics.

Oil prices have continued to decline, marking the largest weekly loss since early October, as traders assess the potential for a peace deal between Ukraine and Russia that could increase crude oil supplies in an already saturated market. This drop reflects ongoing market uncertainty regarding geopolitical tensions and their impact on oil prices.

Finnish President Alexander Stubb, alongside Italian leader Giorgia Meloni, has engaged in discussions with former US President Donald Trump regarding a 28-point peace plan aimed at resolving the ongoing conflict in Ukraine. Stubb, who has a favorable rapport with Trump, refrained from disclosing specific details about their conversation during an interview at the Group of 20 leaders meeting in Johannesburg. He emphasized the need for patience in peace negotiations and noted that European nations were not previously informed of Trump's proposal.

An overnight drone strike at the Shatura power plant, which supplies Moscow, resulted in a significant fire, highlighting the ongoing escalation of attacks on energy infrastructure amid the conflict between Russia and Ukraine. This incident coincides with a peace plan being advocated by the Trump administration.

Russia's stock market closed lower, with the MOEX Russia Index remaining unchanged, indicating a period of stagnation in trading activity. This development reflects ongoing market uncertainties and investor sentiment in the region.

The Kremlin has devised a strategy to distance President Putin from the unpopular VAT tax increase, instructing state-controlled media to avoid linking him personally to the rise. This move comes amid growing discontent among the Russian populace regarding economic policies.

Oil prices have settled at their lowest in a month as the U.S. intensifies efforts to negotiate a peace deal between Russia and Ukraine. This development has led to a reduction in the risk premium associated with oil prices, reflecting market uncertainty regarding future supply and geopolitical stability.

Oil futures closed lower as the U.S. urged Ukraine to accept a peace plan to resolve the ongoing conflict with Russia. This decline reflects market concerns over geopolitical tensions and their impact on oil prices.