The euro reached near five-month highs following Ukraine’s readiness to accept a month-long ceasefire proposal, while stocks fluctuated due to U.S. tariff plans on steel and aluminium imports. European equity futures surged 1.1%, and FTSE futures rose 0.5% after the U.S. agreed to restore military aid and intelligence sharing with Ukraine following Kyiv’s acceptance of a ceasefire proposal. Russian Foreign Minister Sergei Lavrov mentioned that Moscow would avoid compromises endangering lives in the context of a possible peace deal. The euro hit its highest point since October at $1.0947 and remained steady at $1.0913 in Asia trade. Meanwhile, U.S. steel and aluminium tariffs of 25% took effect, drawing counter-tariffs from Europe. President Donald Trump initially threatened to double these tariffs on Canada to 50% but later backed down after Ontario suspended plans for a surcharge on exported electricity. Concerns about tariffs and policy uncertainty have led to a significant sell-off in U.S. stocks, raising recession risks. Later in the day, U.S. inflation data for February is expected, though it may be too early to reflect much of a tariff impact. The central bank meeting in Canada will be closely monitored to understand monetary policymakers’ stance amidst Trump’s trade war. — news from Reuters