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The last couple days have exemplified that uncertainty. On Thursday, news emerged that talks in Turkey between the Russia and Ukraine yielded no positive result. But on Friday, Reuters reported that Russian President Vladimir Putin said there had been some “positive shifts” in talks between the two sides. Apparently upbeat developments in Russia's discussions with Ukraine helped at least temporarily send investors back into risk assets. Russian President Vladimir Putin said during a meeting with his Belarusian counterpart Alexander Lukashenko that there were "certain positive developments" occurring in the talks with Ukraine, according to a transcript of their meeting. Putin added that discussions were happening "almost on a daily basis." The picture was mixed overseas. Hong Kong’s Hang Seng Index fell 1.6%, under pressure from U.S. regulatory scrutiny on New York-listed Chinese companies. Stocks were more buoyant in Europe, where Frankfurt’s DAX surged 1.4%. At the start of 2018, the company attempted to launch an Initial Coin Offering (ICO) which would enable it to enable payments (and earn the cash that comes from doing so). The initial signals were promising, especially given Telegram’s user base is already fairly crypto-savvy. It raised an initial tranche of cash – worth more than a billion dollars – to help develop the coin before opening sales to the public. Unfortunately, third-party sales of coins bought in those initial fundraising rounds raised the ire of the SEC, which brought the hammer down on the whole operation. In 2020, officials ordered Telegram to pay a fine of $18.5 million and hand back much of the cash that it had raised. "The inflation fire was already hot and now with war-driven inflation added to the mix, it will grow even hotter, setting off a scramble by the world’s central banks to pull back their stimulus earlier than expected," Chris Rupkey, chief economist at FWDBONDS, wrote in an email. "A spike in inflation rates has preceded economic recessions historically and this time prices have soared to levels that once again pose a threat to growth."
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