Investment Conclusion
Markets will ignore the outcome of the Washington talks. There are no implications for higher tariffs on Russian oil trade and its beneficiaries. So oil will settle down in the high US$ 60’s/bbl. The extra tariffs of 25% on India for buying Russian oil now have no logic; I doubt they will be implemented. China will not be targeted. There’s a long Brent position in the Wealth Preservation Portfolio (at the end of this report) as an insurance policy. Otherwise, the change as a result of the US-European meetings is to buy US Defence stocks that could benefit from expenditure to constitute the Ukrainian armed forces and the defence sector.