US equity futures are slightly higher. European markets opened firmer and Asian equities ended mixed. Markets continue to digest the hotter-than-expected US January CPI report, which reinforced concerns that disinflation momentum has stalled, leading markets to push back expectations for the first rate cut to December from September. Meanwhile, investors remain on watch for Trump’s expected reciprocal tariff announcement, with reports indicating potential exemptions for autos and pharmaceuticals. In geopolitical developments, Trump announced that he has ordered US officials to begin peace talks with Russia and Ukraine , but noted it is unlikely Ukraine would return to its pre-2014 borders. His Defense Secretary Hegseth told a NATO summit that Ukraine has no prospect of joining the military alliance.

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