When Russian President Vladimir Putin ordered up to 200,000 soldiers into Ukraine, his aim was to sweep into the capital, Kyiv, in a matter of days. He wanted to overthrow the pro-Western government and return Ukraine to Russia's sphere of influence.

While few of the deal’s details have been reported, any continuation of American support for Ukraine would be a good thing. But reports of the agreement give the impression that it is not designed to help Ukraine win—which,

Now America is attempting to force a resolution to the war, investors must try to gauge the consequences of its success or failure. The most obvious shifts have been in the markets for European assets,