Just got word about a phone call between Germany's Chancellor Merz and Trump. The key takeaway? Merz made it crystal clear: any deal on Ukraine's territory has to be Ukraine's call. No outsiders drawing lines on maps.

This matters because Trump's been floating peace deal ideas lately, and how these negotiations unfold could ripple through global markets. When major powers push back on territorial concessions, it signals we're not heading for a quick resolution.

For those watching macro trends, geopolitical stability (or lack thereof) continues to be a major factor in risk assets. Keep an eye on how this conversation develops—it's not just about borders, it's about the broader power dynamics shaping our financial landscape.