Ukraine ready to accept 30-day US-brokered truce

Today’s agenda: US metals tariffs kick in; FCA ditches “name and shame”; PwC’s record UK partner exodus; Trump Jr’s Maga investments; and S&P 500 in correction territory

Good morning. We start today in Jeddah, Saudi Arabia, where Ukraine has said it is ready to accept a US proposal for an immediate 30-day ceasefire with Russia. Washington has in turn agreed to “immediately” resume intelligence sharing and military aid to Kyiv.

What was discussed: The US has proposed a “complete ceasefire for 30 days, not only regarding missiles, drones and bombs, not only in the Black Sea, but also along the entire front line”, according to Volodymyr Zelenskyy, going beyond the partial truce suggested by the Ukrainian president. US national security adviser Mike Waltz said they also discussed how the war would permanently end, including “what guarantees they’re going to have for their long-term security and prosperity”. A senior Ukrainian official said the minerals deal with the US was also discussed.

Looking ahead: With Ukraine ready to agree a truce, “the ball is now in Russia’s court”, said European Commission president Ursula von der Leyen. A Ukrainian official said there would also be further talks on details of the critical minerals deal with the US. Waltz has said he plans to speak to his Russian counterpart “in the coming days”, while Russia’s foreign ministry said Moscow did “not exclude contacts with US representatives in the next few days”, state media reported.

Here are more details from the several hours of talks in Jeddah.

• Taking up America’s mantle: If Europe does not mobilise quickly in its own defence, liberal democracy might founder altogether, writes Martin Wolf.

Here’s what else we’re watching today:

• Economic data: Opec publishes its monthly oil market report, while the US reports February consumer price inflation.

• Taoiseach meets Trump: Ireland’s leader Micheál Martin meets the president at the White House St Patrick’s Day celebrations.

• Results: Adobe, Balfour Beatty, Forterra, Inditex, Mercedes-Benz and Porsche report.

Join FT experts on March 27 for a subscriber-only webinar, as they discuss Ukraine’s future with Russia’s full-scale invasion entering its fourth year. Register for free.

Five more top stories

1. Some European and Asian steel producers have emerged as unlikely winners from Donald Trump’s import tariffs as they have large footprints in the US. The levies were designed to be a boon for struggling American steelmakers hit by low demand and high inflation, but here are some overseas companies that could also benefit.

• Metals tariffs: Trump’s 25 per cent levies on steel and aluminium imports into the US have taken effect, despite growing concern over the risk of a domestic recession.

2. The US House of Representatives has narrowly passed legislation to keep the federal government funded until the end of September. The bill now heads to the Senate, where it will require the backing of at least eight Democrats to secure passage. If it fails to pass by Friday, when current funding expires, the government will shut down.

3. Exclusive: Britain’s financial watchdog is set to largely abandon its controversial plan to “name and shame” more companies that it investigates. The Financial Conduct Authority plans to announce today that it has scrapped the proposal, according to people familiar with the matter, marking a major U-turn.

4. Exclusive: A record number of PwC’s UK partners exited the business last year while the Big Four firm has also halted one of its apprenticeship programmes. The cuts to its top and bottom ranks come as the firm battles to protect its annual profit pool of close to £1mn per partner.

5. Palantir’s Alex Karp has been catapulted to near the top of the wealthiest US tech company bosses after the unorthodox chief executive sold $1.9bn worth of stock in the data intelligence group. Karp has made a fortune thanks to a 350 per cent surge in Palantir’s share price last year, which made it the best-performing stock in the S&P 500.

News in-depth

Since his father’s 2024 election victory, Donald Trump Jr has joined forces with a small group of financiers who are devoted to the president’s vision of America. This means companies that promote environmental, social and governance or diversity, equity and inclusion are out — and investments based on “entrepreneurship, innovation and growth” are in.

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Chart of the day

Wall Street stocks sank yesterday, briefly putting the S&P 500 into so-called correction territory, as Trump’s latest trade broadside against Canada fanned investor fears over the economic fallout from his protectionist agenda. All 11 sectors in the benchmark index ended the day in negative territory.

Take a break from the news . . . 

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