The US-Russia talks lasted for 3 hours, and as we expected, no substantial results were achieved, but the significance behind it is profound.

First, on the Russian side, they brought back important strategic consensus, that is, US-Russia easing, with plans to restore air travel, jointly develop Arctic shipping routes, and even explore outer space.

As for peace between Russia and Ukraine, there is no rush; they will talk slowly, and the situation at least will not escalate seriously.

Russia's demands, besides territory, include how to extract more benefits and leverage from Europe and the US.

The US demands revolve around the 'Nobel Peace Prize' for the one who understands it, withdrawing from conflicts, and cheaper energy to reduce inflation.

Impact on global major assets: - Weak dollar

This is the most direct effect, as the one who understands it and Bessent focus more on internal manufacturing prosperity and bubbles, which is beneficial for the midterm elections.

Further depreciation of the dollar is a trend.

- Beneficial for the euro and European stocks

Europe will continue to expand its fiscal policies, further support Ukraine's security, and has a $500 billion reconstruction plan for the next 10 years.

The decline of the dollar will also support the rise of the euro.

- Energy

With expectations for peace and US-Russia cooperation on Arctic shipping routes, oil prices are expected to fall further or remain low.

- Gold

In the short term, it will be negatively affected by easing, but in the long term, the trend of dollar depreciation + the debt cycle will still drive benefits for gold and cryptocurrencies; a strategy of watching for dips can be considered.

- Commodities

Copper and industrial metals will benefit from the expectations of Russia-Ukraine reconstruction. As for when to trade, it may slowly unfold, and we still need to see the recovery of US PMI and China PPI.

Moreover, achieving comprehensive peace between Russia and Ukraine may still take a year or even several years, including the underlying forces from both sides, as there are still elements that do not wish for a ceasefire; we should not underestimate this.