The euro traded near a five-month high on Wednesday after Ukraine agreed to a US-proposed month-long ceasefire, while global markets remained volatile amid shifting US tariff policies. European equity futures jumped 1.1 per cent, and FTSE futures rose 0.5 per cent on news that the US would restore military aid to Ukraine. Meanwhile, US tariffs on steel and aluminium took effect, prompting countermeasures from the EU. Wall Street ended lower, with the S&P 500 down 0.8 per cent, while Asian markets saw mixed performance. Investor concerns over US recession risks grew, with J.P. Morgan estimating a 40 per cent probability for the year. The Canadian dollar fluctuated ahead of a key central bank decision, and Brent crude held just under $70 per barrel. Attribution: Reuters Subediting: M. S. Salama
